Weatherford International (NASDAQ:WFRD) Stock Price Down 5.9% on Analyst Downgrade

Weatherford International plc (NASDAQ:WFRD)’s share price was down 5.9% on Wednesday after Citigroup lowered their price target on the stock from $155.00 to $130.00. Citigroup currently has a buy rating on the stock. Weatherford International traded as low as $88.77 and last traded at $88.89. Approximately 425,289 shares traded hands during trading, a decline of 52% from the average daily volume of 879,010 shares. The stock had previously closed at $94.46.

Several other research firms also recently weighed in on WFRD. Barclays lifted their price target on shares of Weatherford International from $160.00 to $165.00 and gave the company an “overweight” rating in a research note on Thursday, July 25th. Bank of America lifted their price objective on shares of Weatherford International from $145.00 to $150.00 and gave the company a “buy” rating in a report on Monday, July 15th. Raymond James cut their price objective on shares of Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating on the stock in a report on Thursday, July 25th. Finally, Benchmark reissued a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a report on Wednesday, July 24th. Seven analysts have rated the stock with a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $150.75.

Insiders Place Their Bets

In other Weatherford International 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 value of $639,397.80. The transaction was disclosed in a document filed with the SEC, which is available through this link. Corporate insiders own 1.60% of the company’s stock.

Hedge Funds Weigh In On Weatherford International

Several institutional investors and hedge funds have recently bought and sold shares of the company. Fifth Third Bancorp grew its holdings in Weatherford International by 31.0% in the second quarter. Fifth Third Bancorp now owns 359 shares of the company’s stock worth $44,000 after purchasing an additional 85 shares during the last quarter. Mitsubishi UFJ Trust & Banking Corp lifted its stake in shares of Weatherford International by 8.2% during the first quarter. Mitsubishi UFJ Trust & Banking Corp now owns 1,585 shares of the company’s stock worth $188,000 after buying an additional 120 shares during the period. Oliver Luxxe Assets LLC lifted its stake in shares of Weatherford International by 1.1% during the first quarter. Oliver Luxxe Assets LLC now owns 11,324 shares of the company’s stock worth $1,307,000 after buying an additional 125 shares during the period. GAMMA Investing LLC lifted its stake in shares of Weatherford International by 50.4% during the second quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock worth $47,000 after buying an additional 128 shares during the period. Finally, Covestor Ltd lifted its stake in shares of Weatherford International by 23.4% during the first quarter. Covestor Ltd now owns 918 shares of the company’s stock worth $106,000 after buying an additional 174 shares during the period. 97.23% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Stock Down 7.8 %

The company’s 50 day moving average price is $105.64 and its 200 day moving average price is $114.51. The company has a quick ratio of 1.47, a current ratio of 1.99 and a debt-to-equity ratio of 1.31. The firm has a market capitalization of $6.37 billion, a price-to-earnings ratio of 14.28, a P/E/G ratio of 0.69 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 return on equity of 49.69% and a net margin of 9.19%. The company had revenue of $1.41 billion for the quarter, compared to analyst estimates of $1.42 billion. During the same quarter in the previous year, the firm posted $1.12 earnings per share. The company’s quarterly revenue was up 10.3% on a year-over-year basis. As a group, research analysts forecast that Weatherford International plc will post 6.81 earnings per share for the current fiscal year.

Weatherford International Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, September 12th. Investors of record on Tuesday, August 13th were given a dividend of $0.25 per share. 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 1.15%. Weatherford International’s dividend payout ratio is presently 16.18%.

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.