Canoe Financial LP Invests $50.05 Million in Weatherford International PLC $WFRD

Canoe Financial LP bought a new position in Weatherford International PLC (NASDAQ:WFRD) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund bought 529,200 shares of the company’s stock, valued at approximately $50,052,000.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. Smartleaf Asset Management LLC raised its holdings in shares of Weatherford International by 127.1% during the 4th quarter. Smartleaf Asset Management LLC now owns 318 shares of the company’s stock worth $25,000 after acquiring an additional 178 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Weatherford International in the fourth quarter valued at $26,000. EverSource Wealth Advisors LLC increased its position in Weatherford International by 83.5% in the second quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company’s stock worth $28,000 after purchasing an additional 253 shares during the last quarter. Leonteq Securities AG bought a new stake in Weatherford International in the fourth quarter worth $39,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Weatherford International during the third quarter valued at $41,000. 97.23% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts have commented on WFRD shares. Zacks Research raised shares of Weatherford International from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Weiss Ratings upgraded shares of Weatherford International from a “hold (c)” rating to a “hold (c+)” rating in a research report on Friday. The Goldman Sachs Group increased their price target on shares of Weatherford International from $83.00 to $107.00 and gave the company a “neutral” rating in a report on Wednesday, March 4th. Citigroup dropped their price target on Weatherford International from $137.00 to $115.00 and set a “buy” rating for the company in a research report on Friday. Finally, Wall Street Zen raised Weatherford International from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. One research analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and three have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $108.22.

Weatherford International Stock Performance

WFRD stock opened at $82.75 on Monday. The company has a quick ratio of 1.73, a current ratio of 2.31 and a debt-to-equity ratio of 0.83. Weatherford International PLC has a twelve month low of $49.37 and a twelve month high of $113.15. The stock has a market capitalization of $5.95 billion, a price-to-earnings ratio of 12.95, a price-to-earnings-growth ratio of 0.74 and a beta of 0.82. The firm’s fifty day simple moving average is $102.33 and its two-hundred day simple moving average is $95.42.

Weatherford International (NASDAQ:WFRD) last released its earnings results on Tuesday, April 21st. The company reported $1.49 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.02 by $0.47. Weatherford International had a net margin of 9.49% and a return on equity of 28.31%. The firm had revenue of $1.15 billion during the quarter, compared to analyst estimates of $1.14 billion. During the same quarter last year, the business earned $1.03 EPS. The business’s revenue was down 3.4% on a year-over-year basis. As a group, analysts anticipate that Weatherford International PLC will post 6.13 earnings per share for the current year.

Weatherford International Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, June 4th. Shareholders of record on Wednesday, May 6th were paid a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, May 6th. This represents a $1.10 annualized dividend and a yield of 1.3%. Weatherford International’s dividend payout ratio (DPR) is presently 17.21%.

Weatherford International 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.