Oppenheimer Asset Management Inc. Cuts Stock Holdings in Weatherford International plc (NASDAQ:WFRD)

Oppenheimer Asset Management Inc. lowered its stake in Weatherford International plc (NASDAQ:WFRD) by 0.9% during the 3rd quarter, Holdings Channel reports. The institutional investor owned 17,877 shares of the company’s stock after selling 160 shares during the period. Oppenheimer Asset Management Inc.’s holdings in Weatherford International were worth $1,518,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of WFRD. Transcendent Capital Group LLC bought a new stake in Weatherford International in the first quarter valued at approximately $29,000. Farther Finance Advisors LLC increased its stake in shares of Weatherford International by 364.9% in the third quarter. Farther Finance Advisors LLC now owns 358 shares of the company’s stock worth $30,000 after buying an additional 281 shares during the period. nVerses Capital LLC purchased a new stake in Weatherford International during the 3rd quarter valued at $34,000. Fifth Third Bancorp grew its holdings in Weatherford International by 31.0% in the 2nd quarter. Fifth Third Bancorp now owns 359 shares of the company’s stock worth $44,000 after acquiring an additional 85 shares during the last quarter. Finally, GAMMA Investing LLC raised its stake in shares of Weatherford International by 36.9% during the third quarter. GAMMA Investing LLC now owns 523 shares of the company’s stock valued at $44,000 after acquiring an additional 141 shares during the last quarter. Institutional investors own 97.23% of the company’s stock.

Insider Activity

In other Weatherford International news, CAO Desmond J. Mills sold 6,531 shares of the firm’s stock in a transaction that occurred on Friday, October 25th. The stock was sold at an average price of $79.86, for a total transaction of $521,565.66. Following the completion of the transaction, the chief accounting officer now owns 11,680 shares in the company, valued at $932,764.80. This trade represents a 35.86 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Also, EVP David John Reed sold 6,805 shares of the company’s stock in a transaction that occurred on Thursday, September 5th. The stock was sold at an average price of $93.96, for a total value of $639,397.80. The disclosure for this sale can be found here. Company insiders own 1.60% of the company’s stock.

Weatherford International Stock Performance

Shares of NASDAQ WFRD opened at $81.86 on Monday. The company has a quick ratio of 1.49, a current ratio of 2.04 and a debt-to-equity ratio of 1.20. The firm’s 50-day moving average price is $87.59 and its 200-day moving average price is $105.96. Weatherford International plc has a 52-week low of $77.00 and a 52-week high of $135.00. The company has a market cap of $5.95 billion, a PE ratio of 11.50, a PEG ratio of 0.69 and a beta of 0.60.

Weatherford International (NASDAQ:WFRD) last released its quarterly earnings results on Tuesday, October 22nd. The company reported $2.06 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $1.65 by $0.41. Weatherford International had a return on equity of 46.25% and a net margin of 9.65%. The firm had revenue of $1.41 billion for the quarter, compared to the consensus estimate of $1.42 billion. During the same period last year, the business posted $1.66 EPS. The company’s revenue for the quarter was up 7.3% on a year-over-year basis. As a group, analysts anticipate that Weatherford International plc will post 6.91 EPS for the current year.

Weatherford International Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, December 5th. Investors of record on Wednesday, November 6th will be paid a dividend of $0.25 per share. The ex-dividend date is Wednesday, November 6th. This represents a $1.00 annualized dividend and a yield of 1.22%. Weatherford International’s payout ratio is 14.04%.

Wall Street Analysts Forecast Growth

WFRD has been the subject of a number of recent analyst reports. Barclays lowered their price target on Weatherford International from $154.00 to $147.00 and set an “overweight” rating for the company in a research report on Friday, October 25th. Citigroup decreased their price target on shares of Weatherford International from $130.00 to $115.00 and set a “buy” rating for the company in a research note on Thursday. Bank of America dropped their price target on Weatherford International from $145.00 to $130.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Benchmark reiterated a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a research note on Thursday, October 24th. Finally, Raymond James lowered their price target on Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating for the company in a research report on Thursday, July 25th. Six investment analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the company has a consensus rating of “Buy” and a consensus price target of $147.29.

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.