Weatherford International (NASDAQ:WFRD) Shares Gap Up on Strong Earnings

Weatherford International plc (NASDAQ:WFRD)’s share price gapped up before the market opened on Wednesday after the company announced better than expected quarterly earnings. The stock had previously closed at $83.97, but opened at $88.32. Weatherford International shares last traded at $84.96, with a volume of 221,001 shares.

The company reported $2.06 earnings per share for the quarter, beating analysts’ consensus estimates of $1.65 by $0.41. Weatherford International had a return on equity of 49.69% and a net margin of 9.19%. The firm had revenue of $1.41 billion during the quarter, compared to analyst estimates of $1.42 billion. During the same quarter last year, the firm earned $1.66 EPS. Weatherford International’s quarterly revenue was up 7.3% on a year-over-year basis.

Analysts Set New Price Targets

Several research analysts have weighed in on the stock. Benchmark reissued a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a report on Wednesday, July 24th. Citigroup reduced their price target on shares of Weatherford International from $155.00 to $130.00 and set a “buy” rating for the company in a report on Wednesday, September 25th. Raymond James cut their target price on shares of Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 25th. Barclays cut their price target on shares of Weatherford International from $165.00 to $154.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. Finally, Bank of America reduced their price objective on Weatherford International from $145.00 to $130.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company’s stock. Based on data from MarketBeat.com, the stock has an average rating of “Buy” and a consensus target price of $146.88.

Insider Buying and Selling at Weatherford International

In other Weatherford International news, EVP David John Reed sold 6,805 shares of the company’s stock in a transaction dated Thursday, September 5th. The shares were sold at an average price of $93.96, for a total transaction of $639,397.80. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company insiders own 1.60% of the company’s stock.

Institutional Inflows and Outflows

Several large investors have recently bought and sold shares of the company. Transcendent Capital Group LLC acquired a new stake in Weatherford International in the first quarter worth about $29,000. Fidelis Capital Partners LLC bought a new stake in shares of Weatherford International during the first quarter worth approximately $33,000. Fifth Third Bancorp raised its stake in shares of Weatherford International by 31.0% during the second quarter. Fifth Third Bancorp now owns 359 shares of the company’s stock worth $44,000 after buying an additional 85 shares during the last quarter. GAMMA Investing LLC raised its position in shares of Weatherford International by 50.4% during the 2nd quarter. GAMMA Investing LLC now owns 382 shares of the company’s stock valued at $47,000 after acquiring an additional 128 shares during the last quarter. Finally, St. Johns Investment Management Company LLC acquired a new position in shares of Weatherford International in the 1st quarter valued at $46,000. Institutional investors and hedge funds own 97.23% of the company’s stock.

Weatherford International Price Performance

The company has a debt-to-equity ratio of 1.31, a quick ratio of 1.47 and a current ratio of 1.99. The company has a 50-day moving average price of $95.47 and a 200-day moving average price of $110.88. The firm has a market capitalization of $6.24 billion, a P/E ratio of 13.86, a price-to-earnings-growth ratio of 0.87 and a beta of 0.58.

Weatherford International Company Profile

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.