Daiwa Securities Group Inc. Decreases Stock Holdings in Weatherford International plc (NASDAQ:WFRD)

Daiwa Securities Group Inc. lowered its holdings in shares of Weatherford International plc (NASDAQ:WFRD) by 39.9% in the 4th quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 20,235 shares of the company’s stock after selling 13,441 shares during the quarter. Daiwa Securities Group Inc.’s holdings in Weatherford International were worth $1,980,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also recently made changes to their positions in WFRD. Van ECK Associates Corp purchased a new stake in shares of Weatherford International during the 3rd quarter valued at about $114,430,000. Healthcare of Ontario Pension Plan Trust Fund increased its holdings in Weatherford International by 1,261.1% in the 3rd quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 381,100 shares of the company’s stock worth $34,425,000 after acquiring an additional 353,100 shares in the last quarter. Acadian Asset Management LLC increased its holdings in Weatherford International by 101.1% in the 3rd quarter. Acadian Asset Management LLC now owns 656,738 shares of the company’s stock worth $59,309,000 after acquiring an additional 330,133 shares in the last quarter. Principal Financial Group Inc. increased its holdings in Weatherford International by 1,564.7% in the 3rd quarter. Principal Financial Group Inc. now owns 281,174 shares of the company’s stock worth $25,398,000 after acquiring an additional 264,284 shares in the last quarter. Finally, Jennison Associates LLC increased its holdings in Weatherford International by 28.0% in the 3rd quarter. Jennison Associates LLC now owns 1,092,771 shares of the company’s stock worth $98,710,000 after acquiring an additional 238,806 shares in the last quarter. Hedge funds and other institutional investors own 97.23% of the company’s stock.

Insider Activity

In other news, CEO Girish Saligram sold 60,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the completion of the transaction, the chief executive officer now directly owns 146,895 shares in the company, valued at approximately $15,213,915.15. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CEO Girish Saligram sold 60,000 shares of the stock in a transaction on Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the sale, the chief executive officer now owns 146,895 shares in the company, valued at approximately $15,213,915.15. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, CAO Desmond J. Mills sold 11,000 shares of the stock in a transaction on Thursday, February 8th. The shares were sold at an average price of $98.04, for a total value of $1,078,440.00. Following the sale, the chief accounting officer now owns 18,211 shares in the company, valued at approximately $1,785,406.44. The disclosure for this sale can be found here. In the last ninety days, insiders sold 135,455 shares of company stock worth $13,628,764. 2.20% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several equities research analysts recently issued reports on the stock. TheStreet raised shares of Weatherford International from a “c” rating to a “b” rating in a report on Monday, March 11th. Bank of America increased their target price on shares of Weatherford International from $123.00 to $135.00 and gave the stock a “buy” rating in a report on Monday, April 15th. Raymond James increased their target price on shares of Weatherford International from $134.00 to $152.00 and gave the stock a “strong-buy” rating in a report on Tuesday, April 16th. Barclays assumed coverage on shares of Weatherford International in a report on Wednesday, February 28th. They issued an “overweight” rating and a $135.00 target price for the company. Finally, Piper Sandler upped their price target on Weatherford International from $138.00 to $180.00 and gave the stock an “overweight” rating in a research note on Monday, April 8th. Seven equities research analysts have rated the stock with a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of “Buy” and an average price target of $131.00.

Weatherford International Stock Up 2.0 %

NASDAQ WFRD opened at $115.10 on Tuesday. The company has a debt-to-equity ratio of 1.86, a quick ratio of 1.37 and a current ratio of 1.79. The company has a market capitalization of $8.32 billion, a P/E ratio of 20.37, a P/E/G ratio of 0.89 and a beta of 0.73. Weatherford International plc has a one year low of $55.81 and a one year high of $127.45. The stock has a 50 day moving average price of $111.93 and a 200-day moving average price of $99.95.

Weatherford International (NASDAQ:WFRD) last posted its earnings results on Tuesday, February 6th. The company reported $1.90 EPS for the quarter, beating analysts’ consensus estimates of $1.42 by $0.48. The firm had revenue of $1.36 billion during the quarter, compared to the consensus estimate of $1.34 billion. Weatherford International had a return on equity of 56.68% and a net margin of 8.12%. The company’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the prior year, the company earned $1.12 EPS. As a group, equities analysts predict that Weatherford International plc will post 6.73 EPS for the current fiscal year.

About Weatherford International

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.