Weatherford International (NASDAQ:WFRD) Trading Down 5.3% - Here's Why

Key Points

• Weatherford International's stock fell by 5.3% to $66.16, with trading volume dropping significantly to 322,975 shares, down 74% from its daily average.
• Raymond James Financial has restated an "outperform" rating with an increased price target of $70.00, while Melius Research has initiated coverage with a "buy" rating and a target price of $108.00.
• The company recently declared a quarterly dividend of $0.25 per share, which translates to an annual yield of 1.5% based on a payout ratio of 15.48%.

Weatherford International PLC (NASDAQ:WFRD - Get Free Report)'s stock price was down 5.3% during trading on Thursday . The company traded as low as $66.53 and last traded at $66.16. Approximately 322,975 shares were traded during mid-day trading, a decline of 74% from the average daily volume of 1,239,761 shares. The stock had previously closed at $69.87.

Analyst Ratings Changes

A number of equities analysts have commented on WFRD shares. Raymond James Financial restated an "outperform" rating and issued a $70.00 price target (up from $69.00) on shares of Weatherford International in a research report on Thursday, July 24th. Zacks Research upgraded shares of Weatherford International from a "strong sell" rating to a "hold" rating in a research report on Monday, August 25th. Melius began coverage on shares of Weatherford International in a research report on Wednesday, August 20th. They set a "buy" rating and a $108.00 target price on the stock. Melius Research began coverage on shares of Weatherford International in a research report on Wednesday, August 20th. They set a "buy" rating and a $108.00 target price on the stock. Finally, Piper Sandler upgraded shares of Weatherford International from a "neutral" rating to an "overweight" rating and upped their target price for the stock from $62.00 to $73.00 in a research report on Monday, July 28th. Nine investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat.com, Weatherford International presently has an average rating of "Moderate Buy" and an average price target of $99.70.

Weatherford International Price Performance

The company has a market capitalization of $4.77 billion, a P/E ratio of 10.29, a price-to-earnings-growth ratio of 1.87 and a beta of 0.79. The company's 50-day moving average price is $61.10 and its two-hundred day moving average price is $53.05. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.21 and a quick ratio of 1.63.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its earnings results on Tuesday, July 22nd. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $0.97 by $0.90. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. Weatherford International had a net margin of 9.35% and a return on equity of 34.87%. The business's quarterly revenue was down 14.3% compared to the same quarter last year. During the same period last year, the firm earned $1.66 EPS. As a group, sell-side analysts expect that Weatherford International PLC will post 5.89 EPS for the current year.

Weatherford International Announces Dividend

The business also recently declared a quarterly dividend, which was paid on Thursday, September 4th. Investors of record on Wednesday, August 6th were given a dividend of $0.25 per share. The ex-dividend date was Wednesday, August 6th. This represents a $1.00 annualized dividend and a yield of 1.5%. Weatherford International's dividend payout ratio is presently 15.48%.

Institutional Investors Weigh In On Weatherford International

A number of institutional investors and hedge funds have recently modified their holdings of WFRD. Holocene Advisors LP boosted its stake in Weatherford International by 712.8% in the 2nd quarter. Holocene Advisors LP now owns 1,646,034 shares of the company's stock worth $82,812,000 after purchasing an additional 1,443,512 shares in the last quarter. Federated Hermes Inc. increased its holdings in Weatherford International by 1,005.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,056,407 shares of the company's stock worth $53,148,000 after acquiring an additional 960,832 shares in the last quarter. Millennium Management LLC boosted its stake in Weatherford International by 429.2% in the 1st quarter. Millennium Management LLC now owns 1,103,067 shares of the company's stock worth $59,069,000 after purchasing an additional 894,636 shares during the period. Norges Bank bought a new position in Weatherford International in the 2nd quarter worth approximately $41,542,000. Finally, Balyasny Asset Management L.P. boosted its position in shares of Weatherford International by 1,084.6% during the 2nd quarter. Balyasny Asset Management L.P. now owns 686,010 shares of the company's stock valued at $34,513,000 after acquiring an additional 628,100 shares during the last quarter. 97.23% of the stock is owned by hedge funds and other institutional investors.

About Weatherford International

Weatherford International plc, an energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.

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