Weatherford International (NASDAQ:WFRD) Shares Up 5.2% on Earnings Beat

Weatherford International plc (NASDAQ:WFRD) shares shot up 5.2% on Wednesday following a better than expected earnings announcement. The company traded as high as $126.00 and last traded at $124.18. 242,464 shares traded hands during mid-day trading, a decline of 70% from the average session volume of 812,216 shares. The stock had previously closed at $118.09.

The company reported $1.50 EPS for the quarter, topping analysts’ consensus estimates of $1.41 by $0.09. Weatherford International had a net margin of 8.12% and a return on equity of 56.68%. The company had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.33 billion. During the same period in the prior year, the business posted $0.97 EPS. The company’s quarterly revenue was up 14.5% on a year-over-year basis.

Analyst Ratings Changes

A number of brokerages have recently issued reports on WFRD. Piper Sandler upped their target price on shares of Weatherford International from $138.00 to $180.00 and gave the company an “overweight” rating in a report on Monday, April 8th. Bank of America upped their target price on shares of Weatherford International from $123.00 to $135.00 and gave the company a “buy” rating in a report on Monday, April 15th. TheStreet raised shares of Weatherford International from a “c” rating to a “b” rating in a report on Monday, March 11th. Benchmark increased their price target on shares of Weatherford International from $115.00 to $155.00 and gave the company a “buy” rating in a report on Monday, April 1st. Finally, Raymond James increased their price target on shares of Weatherford International from $134.00 to $152.00 and gave the company a “strong-buy” rating in a report on Tuesday, April 16th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Buy” and an average target price of $131.00.

Insider Buying and Selling at Weatherford International

In other Weatherford International news, Director Benjamin Duster sold 12,000 shares of the firm’s stock in a transaction that occurred on Friday, February 9th. The shares were sold at an average price of $97.58, for a total value of $1,170,960.00. Following the sale, the director now owns 24,801 shares in the company, valued at $2,420,081.58. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other news, EVP Scott C. Weatherholt sold 40,455 shares of Weatherford International stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $98.91, for a total transaction of $4,001,404.05. Following the transaction, the executive vice president now owns 125,019 shares in the company, valued at $12,365,629.29. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, Director Benjamin Duster sold 12,000 shares of Weatherford International stock in a transaction on Friday, February 9th. The stock was sold at an average price of $97.58, for a total transaction of $1,170,960.00. Following the transaction, the director now owns 24,801 shares in the company, valued at approximately $2,420,081.58. The disclosure for this sale can be found here. Insiders have sold 135,455 shares of company stock worth $13,628,764 over the last quarter. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Weatherford International

Hedge funds have recently bought and sold shares of the company. McGlone Suttner Wealth Management Inc. bought a new position in Weatherford International during the fourth quarter worth $27,000. Parallel Advisors LLC increased its stake in Weatherford International by 189.0% in the fourth quarter. Parallel Advisors LLC now owns 289 shares of the company’s stock valued at $28,000 after purchasing an additional 189 shares in the last quarter. Rise Advisors LLC bought a new stake in Weatherford International in the first quarter valued at $34,000. Quadrant Capital Group LLC increased its stake in Weatherford International by 539.1% in the fourth quarter. Quadrant Capital Group LLC now owns 294 shares of the company’s stock valued at $29,000 after purchasing an additional 248 shares in the last quarter. Finally, CWM LLC increased its stake in Weatherford International by 145.7% in the fourth quarter. CWM LLC now owns 312 shares of the company’s stock valued at $31,000 after purchasing an additional 185 shares in the last quarter. Institutional investors own 97.23% of the company’s stock.

Weatherford International Trading Up 6.2 %

The company has a quick ratio of 1.37, a current ratio of 1.79 and a debt-to-equity ratio of 1.86. The stock has a market capitalization of $9.07 billion, a P/E ratio of 22.19, a P/E/G ratio of 0.91 and a beta of 0.73. The firm’s 50 day simple moving average is $112.35 and its two-hundred day simple moving average is $100.16.

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.