Weatherford International (NASDAQ:WFRD) Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of Weatherford International (NASDAQ:WFRD) from a strong-buy rating to a hold rating in a research report released on Tuesday morning,Zacks.com reports.

WFRD has been the topic of several other reports. Citigroup decreased their target price on shares of Weatherford International from $137.00 to $115.00 and set a “buy” rating on the stock in a report on Friday, June 26th. Barclays increased their price target on shares of Weatherford International from $111.00 to $156.00 and gave the stock an “overweight” rating in a research report on Friday, May 8th. Piper Sandler boosted their price objective on shares of Weatherford International from $115.00 to $118.00 and gave the company an “overweight” rating in a research report on Thursday, April 23rd. Royal Bank Of Canada began coverage on Weatherford International in a research note on Wednesday, March 18th. They set an “outperform” rating and a $105.00 target price for the company. Finally, UBS Group raised their target price on Weatherford International from $105.00 to $113.00 and gave the company a “neutral” rating in a report on Thursday, April 23rd. Seven investment analysts have rated the stock with a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat.com, Weatherford International presently has an average rating of “Moderate Buy” and an average price target of $113.78.

Weatherford International Stock Performance

NASDAQ:WFRD opened at $80.42 on Tuesday. The company has a market cap of $5.77 billion, a price-to-earnings ratio of 12.59, a PEG ratio of 0.75 and a beta of 0.86. Weatherford International has a fifty-two week low of $52.33 and a fifty-two week high of $113.15. The company has a debt-to-equity ratio of 0.83, a quick ratio of 1.73 and a current ratio of 2.31. The stock has a fifty day moving average price of $95.97 and a 200-day moving average price of $95.75.

Weatherford International (NASDAQ:WFRD) last issued its quarterly earnings results on Tuesday, April 21st. The company reported $1.49 EPS for the quarter, topping analysts’ consensus estimates of $1.02 by $0.47. Weatherford International had a return on equity of 28.31% and a net margin of 9.49%.The company had revenue of $1.15 billion for the quarter, compared to analysts’ expectations of $1.14 billion. During the same quarter last year, the business earned $1.03 earnings per share. Weatherford International’s revenue was down 3.4% on a year-over-year basis. As a group, equities analysts anticipate that Weatherford International will post 6.01 EPS for the current fiscal year.

Institutional Investors Weigh In On Weatherford International

Hedge funds have recently made changes to their positions in the stock. TD Private Client Wealth LLC increased its position in Weatherford International by 4.2% during the 4th quarter. TD Private Client Wealth LLC now owns 3,219 shares of the company’s stock worth $252,000 after purchasing an additional 130 shares in the last quarter. EverSource Wealth Advisors LLC boosted its position in Weatherford International by 24.2% in the fourth quarter. EverSource Wealth Advisors LLC now owns 704 shares of the company’s stock valued at $55,000 after buying an additional 137 shares in the last quarter. Corient Private Wealth LLC boosted its position in Weatherford International by 3.1% in the fourth quarter. Corient Private Wealth LLC now owns 4,914 shares of the company’s stock valued at $385,000 after buying an additional 146 shares in the last quarter. PNC Financial Services Group Inc. boosted its position in Weatherford International by 4.1% in the first quarter. PNC Financial Services Group Inc. now owns 3,851 shares of the company’s stock valued at $364,000 after buying an additional 151 shares in the last quarter. Finally, CWM LLC grew its stake in shares of Weatherford International by 2.3% during the fourth quarter. CWM LLC now owns 7,711 shares of the company’s stock worth $603,000 after buying an additional 170 shares during the last quarter. 97.23% of the stock is currently owned by institutional investors and hedge funds.

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.