KLP Kapitalforvaltning AS Invests $1.07 Million in Weatherford International plc (NASDAQ:WFRD)

KLP Kapitalforvaltning AS purchased a new stake in Weatherford International plc (NASDAQ:WFRD) in the 4th quarter, according to its most recent Form 13F filing with the SEC. The firm purchased 14,900 shares of the company’s stock, valued at approximately $1,067,000.

A number of other institutional investors have also recently modified their holdings of WFRD. Connor Clark & Lunn Investment Management Ltd. acquired a new position in Weatherford International during the third quarter worth about $213,000. FMR LLC boosted its stake in shares of Weatherford International by 36.7% during the 3rd 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 in the last quarter. Zurcher Kantonalbank Zurich Cantonalbank grew its holdings in shares of Weatherford International by 4.2% in the 3rd quarter. Zurcher Kantonalbank Zurich Cantonalbank now owns 17,982 shares of the company’s stock worth $1,527,000 after acquiring an additional 723 shares during the period. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Weatherford International by 402.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 324,482 shares of the company’s stock valued at $27,555,000 after purchasing an additional 259,924 shares in the last quarter. Finally, Verition Fund Management LLC raised its holdings in Weatherford International by 223.3% during the third quarter. Verition Fund Management LLC now owns 26,533 shares of the company’s stock worth $2,253,000 after purchasing an additional 18,326 shares during the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several analysts have weighed in on the company. Citigroup lowered their target price on Weatherford International from $110.00 to $95.00 and set a “buy” rating on the stock in a report on Friday, December 20th. Barclays lowered their price objective on shares of Weatherford International from $100.00 to $92.00 and set an “overweight” rating on the stock in a research note on Thursday, February 13th. The Goldman Sachs Group cut shares of Weatherford International from a “buy” rating to a “neutral” rating and cut their target price for the stock from $132.00 to $98.00 in a research report on Friday, December 13th. Raymond James lowered their price target on shares of Weatherford International from $107.00 to $97.00 and set a “strong-buy” rating on the stock in a research report on Friday, February 7th. Finally, Piper Sandler cut their price objective on Weatherford International from $87.00 to $82.00 and set a “neutral” rating for the company in a research report on Monday, February 10th. Two investment analysts have rated the stock with a hold rating, five have given a buy rating and one has issued a strong buy rating to the company’s stock. According to MarketBeat, Weatherford International currently has an average rating of “Moderate Buy” and a consensus target price of $107.63.

Insider Activity

In other news, EVP Scott C. Weatherholt sold 44,505 shares of the business’s stock in a transaction on Wednesday, January 29th. The shares were sold at an average price of $66.17, for a total transaction of $2,944,895.85. Following the completion of the sale, the executive vice president now directly owns 125,019 shares of the company’s stock, valued at $8,272,507.23. The trade was a 26.25 % decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, CFO Arunava Mitra sold 10,000 shares of the stock in a transaction on Friday, February 7th. The stock was sold at an average price of $67.57, for a total value of $675,700.00. Following the completion of the transaction, the chief financial officer now directly owns 21,072 shares in the company, valued at $1,423,835.04. This trade represents a 32.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold a total of 92,692 shares of company stock valued at $6,207,725 in the last 90 days. 1.60% of the stock is currently owned by insiders.

Weatherford International Stock Performance

NASDAQ:WFRD opened at $53.10 on Monday. Weatherford International plc has a 1-year low of $51.24 and a 1-year high of $135.00. The firm has a 50 day simple moving average of $62.09 and a 200-day simple moving average of $74.78. The firm has a market cap of $3.87 billion, a PE ratio of 7.90, a P/E/G ratio of 1.65 and a beta of 0.61. The company has a debt-to-equity ratio of 1.26, a current ratio of 2.01 and a quick ratio of 1.49.

Weatherford International (NASDAQ:WFRD) last issued its quarterly earnings results on Wednesday, February 5th. The company reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.30). Weatherford International had a net margin of 9.18% and a return on equity of 40.65%. On average, equities analysts expect that Weatherford International plc will post 5.89 EPS for the current year.

Weatherford International Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Wednesday, March 19th. Shareholders of record on Friday, February 21st were issued a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.88%. The ex-dividend date was Friday, February 21st. Weatherford International’s dividend payout ratio (DPR) is 14.88%.

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.