American International Group Inc. Sells 1,996 Shares of Weatherford International plc (NASDAQ:WFRD)

American International Group Inc. reduced its stake in shares of Weatherford International plc (NASDAQ:WFRD) by 1.5% in the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 130,247 shares of the company’s stock after selling 1,996 shares during the period. American International Group Inc. owned 0.18% of Weatherford International worth $15,033,000 at the end of the most recent quarter.

Several other large investors have also bought and sold shares of the stock. Seven Eight Capital LP bought a new position in Weatherford International during the 1st quarter worth $1,199,000. Covestor Ltd raised its position in Weatherford International by 23.4% during the 1st quarter. Covestor Ltd now owns 918 shares of the company’s stock worth $106,000 after purchasing an additional 174 shares during the last quarter. Edgestream Partners L.P. raised its position in Weatherford International by 26.2% during the 1st quarter. Edgestream Partners L.P. now owns 30,774 shares of the company’s stock worth $3,552,000 after purchasing an additional 6,396 shares during the last quarter. Vanguard Group Inc. raised its position in Weatherford International by 0.7% during the 1st quarter. Vanguard Group Inc. now owns 7,599,657 shares of the company’s stock worth $877,152,000 after purchasing an additional 53,017 shares during the last quarter. Finally, Mitsubishi UFJ Trust & Banking Corp raised its position in Weatherford International by 8.2% during the 1st quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,585 shares of the company’s stock worth $188,000 after purchasing an additional 120 shares during the last quarter. 97.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently weighed in on the company. Barclays lifted their price objective on Weatherford International from $160.00 to $165.00 and gave the stock an “overweight” rating in a research report on Thursday. Evercore ISI lifted their price objective on Weatherford International from $130.00 to $151.00 and gave the stock an “outperform” rating in a research report on Thursday, April 25th. Citigroup assumed coverage on Weatherford International in a research report on Tuesday, May 14th. They issued a “buy” rating and a $155.00 price objective for the company. Piper Sandler lifted their price objective on Weatherford International from $180.00 to $184.00 and gave the stock an “overweight” rating in a research report on Thursday, April 25th. Finally, Bank of America lifted their price objective on Weatherford International from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, Weatherford International has an average rating of “Buy” and an average price target of $153.13.

Weatherford International Stock Up 0.9 %

Shares of WFRD traded up $1.13 during trading hours on Thursday, hitting $122.68. The stock had a trading volume of 1,076,524 shares, compared to its average volume of 863,276. The company has a debt-to-equity ratio of 1.48, a current ratio of 1.84 and a quick ratio of 1.37. The firm has a 50 day simple moving average of $120.66 and a 200-day simple moving average of $112.99. The firm has a market capitalization of $8.97 billion, a P/E ratio of 19.81, a price-to-earnings-growth ratio of 0.89 and a beta of 0.64. Weatherford International plc has a 1-year low of $78.53 and a 1-year high of $135.00.

Weatherford International (NASDAQ:WFRD) last issued its earnings results on Tuesday, July 23rd. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.08). The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. Weatherford International had a net margin of 9.19% and a return on equity of 53.86%. The business’s quarterly revenue was up 10.3% on a year-over-year basis. During the same quarter in the prior year, the business earned $1.12 earnings per share. Sell-side analysts predict that Weatherford International plc will post 7.1 EPS for the current fiscal year.

Weatherford International Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 13th will be paid a dividend of $0.25 per share. The ex-dividend date is Tuesday, August 13th. This represents a $1.00 dividend on an annualized basis and a yield of 0.82%.

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.