Citigroup Raises Weatherford International (NASDAQ:WFRD) Price Target to $115.00

Weatherford International (NASDAQ:WFRD) had its price target raised by Citigroup from $93.00 to $115.00 in a research note issued on Friday,Benzinga reports. The brokerage presently has a “buy” rating on the stock. Citigroup’s price target indicates a potential upside of 13.12% from the company’s current price.

Several other analysts also recently commented on the company. The Goldman Sachs Group raised their target price on Weatherford International from $66.00 to $73.00 and gave the company a “neutral” rating in a research note on Wednesday, November 5th. Weiss Ratings reiterated a “hold (c)” rating on shares of Weatherford International in a research note on Wednesday, January 21st. Zacks Research lowered Weatherford International from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 14th. Barclays dropped their price target on Weatherford International from $111.00 to $109.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Finally, Piper Sandler boosted their price objective on shares of Weatherford International from $80.00 to $95.00 and gave the stock an “overweight” rating in a report on Thursday, December 18th. Six analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Weatherford International presently has a consensus rating of “Moderate Buy” and an average price target of $93.25.

Weatherford International Stock Performance

Shares of Weatherford International stock traded up $0.96 during trading on Friday, reaching $101.66. The company’s stock had a trading volume of 537,261 shares, compared to its average volume of 1,259,070. The company has a quick ratio of 1.65, a current ratio of 2.19 and a debt-to-equity ratio of 0.86. The firm has a market cap of $7.29 billion, a PE ratio of 17.20 and a beta of 0.79. Weatherford International has a 52 week low of $36.74 and a 52 week high of $106.41. The business’s 50-day moving average price is $86.56 and its 200-day moving average price is $72.91.

Weatherford International (NASDAQ:WFRD) last released its earnings results on Tuesday, February 3rd. The company reported $1.91 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.49. The firm had revenue of $1.29 billion during the quarter, compared to analysts’ expectations of $1.26 billion. Weatherford International had a return on equity of 28.07% and a net margin of 8.76%.The company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the prior year, the company earned $1.50 earnings per share. Equities analysts forecast that Weatherford International will post 5.89 earnings per share for the current year.

Insider Buying and Selling

In related news, EVP Kristin Ruzicka sold 2,129 shares of the business’s stock in a transaction that occurred on Friday, December 5th. The stock was 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 of the company’s stock, valued at approximately $1,210,739.25. The trade was a 11.96% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Girish Saligram sold 100,000 shares of the stock in a transaction dated Friday, February 6th. The shares were sold at an average price of $105.50, for a total transaction of $10,550,000.00. The SEC filing for this sale provides additional information. 2.09% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of institutional investors have recently added to or reduced their stakes in WFRD. Capital Research Global Investors boosted its position in Weatherford International by 1.8% during the 3rd quarter. Capital Research Global Investors now owns 5,673,603 shares of the company’s stock valued at $388,245,000 after acquiring an additional 98,663 shares in the last quarter. Fuller & Thaler Asset Management Inc. boosted its position in Weatherford International by 3.6% during the fourth quarter. Fuller & Thaler Asset Management Inc. now owns 1,928,226 shares of the company’s stock valued at $150,903,000 after purchasing an additional 66,553 shares in the last quarter. Holocene Advisors LP grew its stake in Weatherford International by 712.8% in the second quarter. Holocene Advisors LP now owns 1,646,034 shares of the company’s stock valued at $82,812,000 after purchasing an additional 1,443,512 shares during the last quarter. First Trust Advisors LP grew its stake in Weatherford International by 43.5% in the third quarter. First Trust Advisors LP now owns 1,572,422 shares of the company’s stock valued at $107,601,000 after purchasing an additional 476,575 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in Weatherford International by 18.3% in the fourth quarter. Dimensional Fund Advisors LP now owns 1,539,727 shares of the company’s stock worth $120,505,000 after purchasing an additional 238,154 shares in the last quarter. Hedge funds and other institutional investors own 97.23% of the company’s stock.

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.