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

Weatherford International (NASDAQ:WFRD) had its target price dropped by analysts at Citigroup from $110.00 to $95.00 in a research note issued on Friday,Benzinga reports. The firm presently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 41.58% from the stock’s current price.

A number of other research analysts also recently commented on the stock. The Goldman Sachs Group downgraded shares of Weatherford International from a “buy” rating to a “neutral” rating and dropped their price objective for the company from $132.00 to $98.00 in a research note on Friday, December 13th. Bank of America dropped their price target on shares of Weatherford International from $145.00 to $130.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Barclays decreased their price target on shares of Weatherford International from $147.00 to $105.00 and set an “overweight” rating on the stock in a report on Wednesday. Piper Sandler started coverage on Weatherford International in a report on Thursday. They set a “neutral” rating and a $87.00 price objective for the company. Finally, Benchmark reiterated a “buy” rating and issued a $155.00 target price on shares of Weatherford International in a report on Thursday, October 24th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Weatherford International has an average rating of “Moderate Buy” and a consensus target price of $121.25.

Weatherford International Stock Down 2.1 %

WFRD stock opened at $67.10 on Friday. The company has a 50 day moving average price of $81.97 and a two-hundred day moving average price of $98.92. The company has a debt-to-equity ratio of 1.20, a quick ratio of 1.49 and a current ratio of 2.04. The stock has a market capitalization of $4.87 billion, a P/E ratio of 9.42, a PEG ratio of 0.64 and a beta of 0.58. Weatherford International has a one year low of $66.23 and a one year high of $135.00.

Weatherford International (NASDAQ:WFRD) last announced its quarterly earnings data on Tuesday, October 22nd. The company reported $2.06 EPS for the quarter, beating analysts’ consensus estimates of $1.65 by $0.41. The business had revenue of $1.41 billion during the quarter, compared to the consensus estimate of $1.42 billion. Weatherford International had a return on equity of 46.25% and a net margin of 9.65%. The business’s revenue for the quarter was up 7.3% on a year-over-year basis. During the same quarter in the previous year, the business earned $1.66 earnings per share. As a group, sell-side analysts expect that Weatherford International will post 6.85 EPS for the current year.

Insider Activity at Weatherford International

In other news, CAO Desmond J. Mills sold 6,531 shares of the company’s stock in a transaction dated Friday, October 25th. The stock was sold at an average price of $79.86, for a total value of $521,565.66. Following the completion of the sale, the chief accounting officer now owns 11,680 shares of the company’s stock, valued at $932,764.80. This represents a 35.86 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 1.60% of the stock is owned by insiders.

Institutional Investors Weigh In On Weatherford International

Several hedge funds have recently modified their holdings of WFRD. FMR LLC grew its position in Weatherford International by 36.7% in the third quarter. FMR LLC now owns 3,573,003 shares of the company’s stock valued at $303,419,000 after acquiring an additional 959,783 shares in the last quarter. State Street Corp boosted its stake in shares of Weatherford International by 3.1% in the third quarter. State Street Corp now owns 2,267,484 shares of the company’s stock valued at $192,555,000 after purchasing an additional 68,553 shares during the period. Pacer Advisors Inc. grew its holdings in Weatherford International by 551.1% during the 3rd quarter. Pacer Advisors Inc. now owns 1,440,837 shares of the company’s stock valued at $122,356,000 after purchasing an additional 1,219,553 shares in the last quarter. Jennison Associates LLC increased its stake in Weatherford International by 30.6% during the 3rd quarter. Jennison Associates LLC now owns 1,324,101 shares of the company’s stock worth $112,443,000 after buying an additional 310,259 shares during the period. Finally, Renaissance Technologies LLC lifted its holdings in Weatherford International by 6.2% in the 2nd quarter. Renaissance Technologies LLC now owns 657,953 shares of the company’s stock worth $80,566,000 after buying an additional 38,700 shares in the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

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.