Weatherford International (NASDAQ:WFRD) Hits New 12-Month High Following Analyst Upgrade

Posted by Defense World Staff on Aug 1st, 2023

Weatherford International plc (NASDAQ:WFRD – Get Free Report)’s share price hit a new 52-week high during mid-day trading on Monday after Raymond James raised their price target on the stock from $100.00 to $110.00. The company traded as high as $83.90 and last traded at $83.67, with a volume of 122380 shares traded. The stock had previously closed at $83.04.

A number of other equities research analysts have also issued reports on WFRD. Capital One Financial started coverage on shares of Weatherford International in a report on Wednesday, June 7th. They issued an “overweight” rating and a $100.00 price target on the stock. TheStreet raised shares of Weatherford International from a “d” rating to a “c” rating in a report on Tuesday, April 25th. Deutsche Bank Aktiengesellschaft raised their price target on shares of Weatherford International from $77.00 to $82.00 in a report on Thursday, April 27th. Finally, Piper Sandler raised their price target on shares of Weatherford International from $101.00 to $116.00 in a report on Thursday, July 27th. Six investment analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat.com, the company presently has an average rating of “Buy” and a consensus price target of $89.29.

Insider Activity

In other news, CAO Desmond J. Mills sold 15,000 shares of Weatherford International stock in a transaction dated Thursday, May 18th. The shares were sold at an average price of $57.42, for a total transaction of $861,300.00. Following the sale, the chief accounting officer now owns 26,761 shares of the company’s stock, valued at approximately $1,536,616.62. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CEO Girish Saligram sold 50,750 shares of the business’s stock in a transaction dated Tuesday, May 23rd. The shares were sold at an average price of $59.34, for a total transaction of $3,011,505.00. Following the sale, the chief executive officer now owns 894,909 shares of the company’s stock, valued at $53,103,900.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CAO Desmond J. Mills sold 15,000 shares of the business’s stock in a transaction dated Thursday, May 18th. The stock was sold at an average price of $57.42, for a total transaction of $861,300.00. Following the sale, the chief accounting officer now directly owns 26,761 shares in the company, valued at approximately $1,536,616.62. The disclosure for this sale can be found here. Insiders own 2.20% of the company’s stock.

Institutional Investors Weigh In On Weatherford International

Several hedge funds have recently bought and sold shares of WFRD. JPMorgan Chase & Co. boosted its stake in Weatherford International by 205.1% during the first quarter. JPMorgan Chase & Co. now owns 139,569 shares of the company’s stock worth $4,647,000 after acquiring an additional 93,829 shares in the last quarter. Cambridge Investment Research Advisors Inc. raised its holdings in Weatherford International by 8.5% in the first quarter. Cambridge Investment Research Advisors Inc. now owns 12,198 shares of the company’s stock worth $406,000 after buying an additional 958 shares during the last quarter. Citigroup Inc. raised its holdings in Weatherford International by 2,131.7% in the first quarter. Citigroup Inc. now owns 28,856 shares of the company’s stock worth $961,000 after buying an additional 27,563 shares during the last quarter. BlackRock Inc. raised its holdings in Weatherford International by 1.7% in the first quarter. BlackRock Inc. now owns 1,182,007 shares of the company’s stock worth $39,361,000 after buying an additional 19,287 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Weatherford International by 69.0% in the first quarter. Dimensional Fund Advisors LP now owns 476,799 shares of the company’s stock worth $15,873,000 after buying an additional 194,685 shares during the last quarter. Institutional investors own 97.39% of the company’s stock.

Weatherford International Price Performance

The company has a quick ratio of 1.52, a current ratio of 2.03 and a debt-to-equity ratio of 2.97. The firm has a market capitalization of $5.99 billion, a PE ratio of 23.95 and a beta of 0.84. The firm’s fifty day simple moving average is $67.26 and its 200-day simple moving average is $62.71.

About Weatherford International

(Get Free Report)

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.