Weatherford International (NASDAQ:WFRD) Announces Quarterly Earnings Results

Weatherford International (NASDAQ:WFRD) released its quarterly earnings data on Tuesday. The company reported $1.66 earnings per share for the quarter, topping the consensus estimate of $1.30 by $0.36, FiscalAI reports. The business had revenue of $1.14 billion during the quarter, compared to analysts’ expectations of $1.13 billion. Weatherford International had a return on equity of 21.50% and a net margin of 7.66%.

Weatherford International Stock Up 2.9%

Weatherford International stock traded up $2.25 during trading hours on Tuesday, hitting $79.34. 1,602,119 shares of the stock traded hands, compared to its average volume of 1,226,010. The firm’s 50-day moving average price is $86.30 and its two-hundred day moving average price is $92.49. The company has a current ratio of 2.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.81. The company has a market cap of $5.67 billion, a PE ratio of 15.65, a PEG ratio of 1.39 and a beta of 1.05. Weatherford International has a one year low of $64.67 and a one year high of $113.15.

Insiders Place Their Bets

In other news, Director Jacqueline C. Mutschler sold 4,094 shares of the firm’s stock in a transaction that occurred on Monday, August 10th. The stock was sold at an average price of $90.50, for a total value of $370,507.00. Following the completion of the transaction, the director owned 29,093 shares in the company, valued at $2,632,916.50. This trade represents a 12.34% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director Neal P. Goldman sold 16,000 shares of Weatherford International stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $84.84, for a total value of $1,357,440.00. Following the sale, the director owned 12,187 shares in the company, valued at $1,033,945.08. This represents a 56.76% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last quarter, insiders have sold 26,094 shares of company stock worth $2,244,487. Company insiders own 2.08% of the company’s stock.

Analyst Ratings Changes

Several research firms have recently issued reports on WFRD. Piper Sandler reduced their target price on Weatherford International from $118.00 to $110.00 and set an “overweight” rating on the stock in a research note on Monday. Weiss Ratings restated a “hold (c)” rating on shares of Weatherford International in a report on Monday, October 12th. The Goldman Sachs Group dropped their price target on Weatherford International from $106.00 to $94.00 and set a “neutral” rating for the company in a research note on Wednesday, October 14th. Citigroup cut their price target on shares of Weatherford International from $115.00 to $112.00 and set a “buy” rating on the stock in a report on Monday. Finally, Barclays cut their price target on shares of Weatherford International from $151.00 to $148.00 and set an “overweight” rating on the stock in a report on Thursday, October 15th. Six investment analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $115.29.

About Weatherford International

Weatherford International plc is an energy services company that provides equipment, technology and services to the oil and natural gas industry. Its offerings support the life cycle of a well, from drilling and formation evaluation to completion, production, intervention and abandonment.

The company’s product and service portfolio includes drilling systems, well logging and evaluation tools, completion equipment, artificial-lift systems, production optimization technologies, well intervention services and digital solutions.