Melius Research Initiates Coverage on Weatherford International (NASDAQ:WFRD)

Melius Research assumed coverage on shares of Weatherford International (NASDAQ:WFRD) in a report released on Wednesday, Marketbeat Ratings reports. The firm set a “buy” rating and a $108.00 price target on the stock. Melius Research’s price objective would indicate a potential upside of 88.45% from the stock’s current price.

Other equities analysts have also issued reports about the company. Citigroup decreased their price objective on Weatherford International from $90.00 to $70.00 and set a “buy” rating for the company in a report on Tuesday, May 13th. Piper Sandler raised Weatherford International from a “neutral” rating to an “overweight” rating and increased their price objective for the stock from $62.00 to $73.00 in a report on Monday, July 28th. Raymond James Financial reissued an “outperform” rating and issued a $70.00 price objective (up from $69.00) on shares of Weatherford International in a report on Thursday, July 24th. Barclays decreased their price objective on Weatherford International from $77.00 to $73.00 and set an “overweight” rating for the company in a report on Thursday, July 24th. Finally, Melius assumed coverage on Weatherford International in a report on Wednesday. They issued a “buy” rating and a $108.00 price objective for the company. Nine analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the stock. According to MarketBeat, Weatherford International presently has a consensus rating of “Moderate Buy” and a consensus target price of $99.70.

Weatherford International Stock Up 1.7%

Shares of Weatherford International stock opened at $57.31 on Wednesday. The company has a current ratio of 2.21, a quick ratio of 1.63 and a debt-to-equity ratio of 1.03. The business’s 50 day simple moving average is $54.53 and its 200-day simple moving average is $52.68. The stock has a market capitalization of $4.12 billion, a price-to-earnings ratio of 8.87, a PEG ratio of 1.63 and a beta of 0.77. Weatherford International has a twelve month low of $36.74 and a twelve month high of $111.23.

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

Institutional Inflows and Outflows

Large investors have recently modified their holdings of the stock. Signaturefd LLC lifted its holdings in shares of Weatherford International by 1,002.0% in the first quarter. Signaturefd LLC now owns 1,091 shares of the company’s stock valued at $58,000 after purchasing an additional 992 shares in the last quarter. Janney Montgomery Scott LLC bought a new position in shares of Weatherford International in the first quarter valued at approximately $445,000. GAMMA Investing LLC lifted its holdings in shares of Weatherford International by 55.8% in the first quarter. GAMMA Investing LLC now owns 645 shares of the company’s stock valued at $35,000 after purchasing an additional 231 shares in the last quarter. Diversified Trust Co bought a new position in shares of Weatherford International in the first quarter valued at approximately $419,000. Finally, Hara Capital LLC bought a new position in shares of Weatherford International in the first quarter valued at approximately $1,845,000. Institutional investors own 97.23% of the company’s stock.

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.