Weatherford International (NASDAQ:WFRD) Downgraded by Zacks Research to Hold

Zacks Research lowered shares of Weatherford International (NASDAQ:WFRD) from a strong-buy rating to a hold rating in a research note released on Wednesday morning,Zacks.com reports.

Other equities analysts have also issued research reports about the company. BMO Capital Markets began coverage on Weatherford International in a research report on Friday, October 10th. They issued an “outperform” rating and a $82.00 target price for the company. Barclays lifted their price target on shares of Weatherford International from $81.00 to $111.00 and gave the stock an “overweight” rating in a research note on Wednesday, December 17th. Piper Sandler increased their price objective on shares of Weatherford International from $80.00 to $95.00 and gave the company an “overweight” rating in a research report on Thursday, December 18th. UBS Group began coverage on shares of Weatherford International in a report on Tuesday, December 2nd. They issued a “neutral” rating and a $82.00 target price on the stock. Finally, The Goldman Sachs Group lifted their target price on shares of Weatherford International from $66.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Eight investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and an average target price of $94.70.

Weatherford International Price Performance

Shares of NASDAQ WFRD opened at $84.11 on Wednesday. The firm has a market cap of $6.03 billion, a P/E ratio of 15.24 and a beta of 0.79. Weatherford International has a twelve month low of $36.74 and a twelve month high of $91.23. The company has a quick ratio of 1.55, a current ratio of 2.07 and a debt-to-equity ratio of 0.93. The company has a 50 day moving average of $78.23 and a 200 day moving average of $67.45.

Weatherford International (NASDAQ:WFRD) last issued its earnings results on Tuesday, October 21st. The company reported $1.12 EPS for the quarter, missing the consensus estimate of $1.15 by ($0.03). Weatherford International had a net margin of 8.15% and a return on equity of 28.28%. The business had revenue of $1.23 billion for the quarter, compared to analysts’ expectations of $1.19 billion. During the same quarter in the prior year, the business posted $2.06 earnings per share. The business’s revenue for the quarter was down 12.6% on a year-over-year basis. As a group, research analysts expect that Weatherford International will post 5.89 EPS for the current fiscal year.

Insider Buying and Selling

In other Weatherford International news, EVP Kristin Ruzicka sold 2,129 shares of the stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $77.25, for a total value of $164,465.25. Following the transaction, the executive vice president directly owned 15,673 shares in the company, valued at approximately $1,210,739.25. This trade represents a 11.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 2.09% of the company’s stock.

Institutional Investors Weigh In On Weatherford International

Several hedge funds and other institutional investors have recently modified their holdings of the stock. Royal Bank of Canada lifted its position in Weatherford International by 223.0% during the first quarter. Royal Bank of Canada now owns 122,662 shares of the company’s stock valued at $6,568,000 after purchasing an additional 84,684 shares in the last quarter. Goldman Sachs Group Inc. raised its stake in shares of Weatherford International by 129.3% in the first quarter. Goldman Sachs Group Inc. now owns 143,703 shares of the company’s stock worth $7,695,000 after buying an additional 81,046 shares during the period. United Services Automobile Association purchased a new position in shares of Weatherford International during the 1st quarter valued at about $258,000. Parallel Advisors LLC grew its stake in shares of Weatherford International by 144.3% during the 2nd quarter. Parallel Advisors LLC now owns 3,672 shares of the company’s stock valued at $185,000 after acquiring an additional 2,169 shares during the period. Finally, MassMutual Private Wealth & Trust FSB increased its holdings in Weatherford International by 196.8% in the 2nd quarter. MassMutual Private Wealth & Trust FSB now owns 653 shares of the company’s stock worth $33,000 after acquiring an additional 433 shares in the last quarter. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Weatherford International Company Profile

Weatherford International (NASDAQ: WFRD) is a global oilfield services company specializing in the development, design and manufacturing of equipment and technologies for oil and natural gas drilling, evaluation, completion and production. The company’s core offerings include well construction services such as directional drilling and wellbore positioning, well completion solutions that encompass sand control and zonal isolation technologies, and production enhancement services involving artificial lift systems and well intervention tools.

In addition to its comprehensive service lines, Weatherford provides a range of drilling optimization and reservoir evaluation products.