Weatherford International (NASDAQ:WFRD) Shares Gap Down Following Analyst Downgrade

Shares of Weatherford International plc (NASDAQ:WFRD) gapped down prior to trading on Thursday after Citigroup lowered their price target on the stock from $155.00 to $130.00. The stock had previously closed at $87.12, but opened at $85.13. Citigroup currently has a buy rating on the stock. Weatherford International shares last traded at $84.45, with a volume of 83,409 shares changing hands.

A number of other research analysts have also issued reports on the company. Raymond James decreased their target price on Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating for the company in a report on Thursday, July 25th. Bank of America lifted their price objective on Weatherford International from $145.00 to $150.00 and gave the company a “buy” rating in a research note on Monday, July 15th. Benchmark reaffirmed a “buy” rating and issued a $155.00 target price on shares of Weatherford International in a report on Wednesday, July 24th. Finally, Barclays lifted their price target on shares of Weatherford International from $160.00 to $165.00 and gave the stock an “overweight” rating in a research note on Thursday, July 25th. Seven investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, Weatherford International presently has an average rating of “Buy” and a consensus price target of $150.75.

Insider Buying and Selling at Weatherford International

In related news, EVP David John Reed sold 6,805 shares of Weatherford International stock in a transaction on Thursday, September 5th. The shares were sold at an average price of $93.96, for a total transaction of $639,397.80. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. 1.60% of the stock is currently owned by insiders.

Institutional Trading of Weatherford International

A number of large investors have recently made changes to their positions in the company. Vanguard Group Inc. lifted its stake in Weatherford International by 0.7% in the first quarter. Vanguard Group Inc. now owns 7,599,657 shares of the company’s stock valued at $877,152,000 after buying an additional 53,017 shares during the last quarter. Price T Rowe Associates Inc. MD increased its holdings in shares of Weatherford International by 2.9% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 6,409,020 shares of the company’s stock valued at $739,730,000 after acquiring an additional 182,120 shares during the period. Boston Partners raised its position in Weatherford International by 19.3% in the 1st quarter. Boston Partners now owns 2,722,281 shares of the company’s stock valued at $315,240,000 after purchasing an additional 439,700 shares during the last quarter. Renaissance Technologies LLC boosted its stake in Weatherford International by 6.2% during the 2nd quarter. Renaissance Technologies LLC now owns 657,953 shares of the company’s stock worth $80,566,000 after purchasing an additional 38,700 shares during the period. Finally, Millennium Management LLC grew its position in Weatherford International by 33.0% during the 2nd quarter. Millennium Management LLC now owns 631,862 shares of the company’s stock worth $77,372,000 after purchasing an additional 156,756 shares during the last quarter. 97.23% of the stock is owned by institutional investors and hedge funds.

Weatherford International Price Performance

The company’s 50-day simple moving average is $104.81 and its 200-day simple moving average is $114.32. The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.47 and a current ratio of 1.99. The company has a market capitalization of $6.17 billion, a PE ratio of 14.10, a P/E/G ratio of 0.67 and a beta of 0.61.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings data on Tuesday, July 23rd. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.08). Weatherford International had a net margin of 9.19% and a return on equity of 49.69%. The company had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.42 billion. During the same period in the prior year, the company earned $1.12 earnings per share. The firm’s revenue was up 10.3% on a year-over-year basis. As a group, sell-side analysts anticipate that Weatherford International plc will post 6.81 earnings per share for the current year.

Weatherford International Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 13th were given a $0.25 dividend. The ex-dividend date of this dividend was Tuesday, August 13th. This represents a $1.00 dividend on an annualized basis and a yield of 1.19%. Weatherford International’s dividend payout ratio (DPR) is 16.18%.

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.