PNC Financial Services Group Inc. Lowers Stock Holdings in Weatherford International PLC $WFRD

PNC Financial Services Group Inc. lowered its holdings in Weatherford International PLC (NASDAQ:WFRD) by 34.3% in the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 2,932 shares of the company’s stock after selling 1,534 shares during the period. PNC Financial Services Group Inc.’s holdings in Weatherford International were worth $157,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also made changes to their positions in WFRD. Fifth Third Bancorp grew its position in Weatherford International by 546.7% during the first quarter. Fifth Third Bancorp now owns 595 shares of the company’s stock valued at $32,000 after acquiring an additional 503 shares during the period. GAMMA Investing LLC grew its position in Weatherford International by 55.8% during the first quarter. GAMMA Investing LLC now owns 645 shares of the company’s stock valued at $35,000 after acquiring an additional 231 shares during the period. Signaturefd LLC grew its position in Weatherford International by 1,002.0% during the first quarter. Signaturefd LLC now owns 1,091 shares of the company’s stock valued at $58,000 after acquiring an additional 992 shares during the period. Meeder Asset Management Inc. purchased a new stake in Weatherford International during the first quarter valued at about $62,000. Finally, IFP Advisors Inc purchased a new stake in Weatherford International during the first quarter valued at about $71,000. Hedge funds and other institutional investors own 97.23% of the company’s stock.

Weatherford International Trading Up 2.4%

Shares of WFRD opened at $56.63 on Tuesday. The company has a debt-to-equity ratio of 1.03, a current ratio of 2.21 and a quick ratio of 1.63. Weatherford International PLC has a 12 month low of $36.74 and a 12 month high of $111.23. The stock’s 50-day moving average is $54.26 and its two-hundred day moving average is $52.67. The stock has a market cap of $4.07 billion, a PE ratio of 8.77, a P/E/G ratio of 1.60 and a beta of 0.77.

Weatherford International (NASDAQ:WFRD) last announced its earnings results on Tuesday, July 22nd. The company reported $1.87 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.97 by $0.90. Weatherford International had a return on equity of 34.87% and a net margin of 9.35%. The company had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period in the prior year, the company posted $1.66 EPS. Weatherford International’s quarterly revenue was down 14.3% on a year-over-year basis. Equities analysts forecast that Weatherford International PLC will post 5.89 earnings per share for the current fiscal year.

Weatherford International Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, September 4th. Investors of record on Wednesday, August 6th will be given a $0.25 dividend. This represents a $1.00 annualized dividend and a yield of 1.8%. The ex-dividend date is Wednesday, August 6th. Weatherford International’s dividend payout ratio (DPR) is currently 15.48%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on WFRD shares. Piper Sandler raised Weatherford International from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $62.00 to $73.00 in a research report on Monday, July 28th. Citigroup lowered their price target on Weatherford International from $90.00 to $70.00 and set a “buy” rating for the company in a research report on Tuesday, May 13th. Barclays lowered their price target on Weatherford International from $77.00 to $73.00 and set an “overweight” rating for the company in a research report on Thursday, July 24th. Finally, Raymond James Financial reissued an “outperform” rating and set a $70.00 price target (up previously from $69.00) on shares of Weatherford International in a research report on Thursday, July 24th. One analyst has rated the stock with a hold rating and seven have issued a buy rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $97.63.

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.