Citigroup Has Lowered Expectations for Weatherford International (NASDAQ:WFRD) Stock Price

Weatherford International (NASDAQ:WFRD) had its price target lowered by stock analysts at Citigroup from $110.00 to $95.00 in a research report issued to clients and investors on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target suggests a potential upside of 39.03% from the stock’s current price.

Other analysts have also issued research reports about the stock. Benchmark restated a “buy” rating and set a $155.00 price target on shares of Weatherford International in a research note on Thursday, October 24th. Bank of America cut their price target on shares of Weatherford International from $145.00 to $130.00 and set a “buy” rating on the stock in a report on Monday, October 14th. Piper Sandler started coverage on Weatherford International in a report on Thursday. They set a “neutral” rating and a $87.00 price target on the stock. Evercore ISI reduced their price objective on Weatherford International from $149.00 to $142.00 and set an “outperform” rating for the company in a research note on Thursday, October 24th. Finally, The Goldman Sachs Group downgraded shares of Weatherford International from a “buy” rating to a “neutral” rating and cut their price target for the stock from $132.00 to $98.00 in a report on Friday, December 13th. Two analysts have rated the stock with a hold rating, five have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average price target of $121.25.

Weatherford International Trading Down 0.3 %

WFRD traded down $0.23 during trading on Friday, reaching $68.33. 298,386 shares of the company’s stock were exchanged, compared to its average volume of 898,333. The stock has a market capitalization of $4.96 billion, a PE ratio of 9.60, a price-to-earnings-growth ratio of 0.64 and a beta of 0.58. The company has a current ratio of 2.04, a quick ratio of 1.49 and a debt-to-equity ratio of 1.20. Weatherford International has a one year low of $67.75 and a one year high of $135.00. The firm has a fifty day moving average price of $82.51 and a two-hundred day moving average price of $99.25.

Weatherford International (NASDAQ:WFRD) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $2.06 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.65 by $0.41. Weatherford International had a net margin of 9.65% and a return on equity of 46.25%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the business earned $1.66 EPS. The company’s revenue was up 7.3% compared to the same quarter last year. As a group, equities research analysts forecast that Weatherford International will post 6.85 earnings per share for the current fiscal year.

Insider Activity at Weatherford International

In related news, CAO Desmond J. Mills sold 6,531 shares of the stock in a transaction that occurred on Friday, October 25th. The shares were sold at an average price of $79.86, for a total transaction of $521,565.66. Following the transaction, the chief accounting officer now owns 11,680 shares in the company, valued at $932,764.80. This represents a 35.86 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 1.60% of the stock is owned by corporate insiders.

Institutional Trading of Weatherford International

Several hedge funds have recently modified their holdings of WFRD. Pacer Advisors Inc. grew its holdings in shares of Weatherford International by 551.1% in the third quarter. Pacer Advisors Inc. now owns 1,440,837 shares of the company’s stock worth $122,356,000 after purchasing an additional 1,219,553 shares during the last quarter. FMR LLC increased its stake in shares of Weatherford International by 36.7% in the third quarter. FMR LLC now owns 3,573,003 shares of the company’s stock worth $303,419,000 after acquiring an additional 959,783 shares during the period. William Blair Investment Management LLC purchased a new position in shares of Weatherford International during the 2nd quarter valued at about $51,287,000. Jennison Associates LLC increased its holdings in Weatherford International by 30.6% in the third quarter. Jennison Associates LLC now owns 1,324,101 shares of the company’s stock valued at $112,443,000 after buying an additional 310,259 shares in the last quarter. Finally, Marshall Wace LLP grew its holdings in Weatherford International by 89.0% in the second quarter. Marshall Wace LLP now owns 612,242 shares of the company’s stock valued at $74,969,000 after purchasing an additional 288,290 shares during the period. 97.23% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Company Profile

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.