Weatherford International (NASDAQ:WFRD) Upgraded by UBS Group to Buy Rating

Key Points

• UBS upgraded Weatherford International to “Buy” from “Neutral” and raised its price target to $114 from $113, implying roughly 36% upside from the prior close.
• Analyst sentiment remains favorable overall, with eight Buy ratings and three Holds; MarketBeat reports a consensus “Moderate Buy” rating and average price target of $113.56.
• Weatherford’s latest quarterly results were mixed: revenue of $1.10 billion exceeded estimates, but EPS of $0.55 fell short of the $0.90 consensus and revenue declined 8.2% year over year.

Weatherford International (NASDAQ:WFRD - Get Free Report) was upgraded by equities researchers at UBS Group from a "neutral" rating to a "buy" rating in a report released on Wednesday,Benzinga reports. The firm currently has a $114.00 price target on the stock, up from their previous price target of $113.00. UBS Group's target price suggests a potential upside of 36.40% from the company's previous close.

WFRD has been the topic of a number of other reports. Wall Street Zen downgraded Weatherford International from a "buy" rating to a "hold" rating in a report on Saturday, July 4th. Citigroup reduced their price target on shares of Weatherford International from $137.00 to $115.00 and set a "buy" rating on the stock in a research report on Friday, June 26th. Zacks Research lowered shares of Weatherford International from a "strong-buy" rating to a "hold" rating in a research report on Tuesday, July 14th. Barclays lowered their price target on Weatherford International from $154.00 to $151.00 and set an "overweight" rating for the company in a report on Friday, July 24th. Finally, Piper Sandler increased their target price on Weatherford International from $115.00 to $118.00 and gave the company an "overweight" rating in a research note on Thursday, April 23rd. Eight research analysts have rated the stock with a Buy rating and three have issued a Hold rating to the stock. Based on data from MarketBeat, Weatherford International currently has an average rating of "Moderate Buy" and an average price target of $113.56.

Weatherford International Stock Down 2.7%

Shares of WFRD opened at $83.58 on Wednesday. Weatherford International has a fifty-two week low of $52.70 and a fifty-two week high of $113.15. The company's fifty day moving average is $92.23 and its two-hundred day moving average is $95.85. The firm has a market cap of $5.99 billion, a PE ratio of 16.49, a price-to-earnings-growth ratio of 1.10 and a beta of 0.86. The company has a quick ratio of 1.77, a current ratio of 2.34 and a debt-to-equity ratio of 0.81.

Weatherford International (NASDAQ:WFRD - Get Free Report) last released its quarterly earnings data on Tuesday, July 21st. The company reported $0.55 EPS for the quarter, missing analysts' consensus estimates of $0.90 by ($0.35). Weatherford International had a return on equity of 21.50% and a net margin of 7.66%.The firm had revenue of $1.10 billion for the quarter, compared to analyst estimates of $1.07 billion. During the same quarter in the previous year, the company earned $1.87 earnings per share. The company's quarterly revenue was down 8.2% on a year-over-year basis. Analysts forecast that Weatherford International will post 5.35 earnings per share for the current year.

Insiders Place Their Bets

In related news, Director Benjamin Duster sold 6,000 shares of Weatherford International stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $86.09, for a total value of $516,540.00. Following the sale, the director directly owned 11,187 shares in the company, valued at $963,088.83. This trade represents a 34.91% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Neal P. Goldman sold 16,000 shares of the stock in a transaction that occurred on Thursday, July 23rd. The stock was sold at an average price of $84.84, for a total value of $1,357,440.00. Following the completion of the transaction, the director directly owned 12,187 shares of the company's stock, valued at $1,033,945.08. This trade represents a 56.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.08% of the stock is currently owned by corporate insiders.

Hedge Funds Weigh In On Weatherford International

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the company. Price T Rowe Associates Inc. MD lifted its holdings in Weatherford International by 5.8% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 5,156,773 shares of the company's stock valued at $403,571,000 after acquiring an additional 281,984 shares during the last quarter. Fuller & Thaler Asset Management Inc. raised its holdings in Weatherford International by 3.6% during the 4th quarter. Fuller & Thaler Asset Management Inc. now owns 1,928,226 shares of the company's stock worth $150,903,000 after buying an additional 66,553 shares during the period. First Trust Advisors LP raised its holdings in shares of Weatherford International by 12.4% during the first quarter. First Trust Advisors LP now owns 1,760,467 shares of the company's stock valued at $166,505,000 after acquiring an additional 194,654 shares during the period. Holocene Advisors LP raised its stake in Weatherford International by 712.8% during the 2nd quarter. Holocene Advisors LP now owns 1,646,034 shares of the company's stock valued at $82,812,000 after purchasing an additional 1,443,512 shares during the period. Finally, Dimensional Fund Advisors LP lifted its stake in Weatherford International by 18.3% in the 4th quarter. Dimensional Fund Advisors LP now owns 1,539,727 shares of the company's stock worth $120,505,000 after acquiring an additional 238,154 shares in the last quarter. 97.23% of the stock is owned by institutional investors.

About Weatherford International

Weatherford International NASDAQ: WFRD is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.

In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.

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