Citigroup Increases Weatherford International (NASDAQ:WFRD) Price Target to $115.00

Weatherford International (NASDAQ:WFRD) had its target price upped by equities researchers at Citigroup from $93.00 to $115.00 in a report released on Friday,Benzinga reports. The firm currently has a “buy” rating on the stock. Citigroup’s price target would suggest a potential upside of 13.39% from the company’s previous close.

Several other equities analysts have also recently commented on WFRD. Zacks Research cut Weatherford International from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 14th. UBS Group raised their target price on Weatherford International from $82.00 to $94.00 and gave the stock a “neutral” rating in a research report on Thursday, February 5th. Piper Sandler boosted their price target on shares of Weatherford International from $80.00 to $95.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Barclays dropped their price objective on shares of Weatherford International from $111.00 to $109.00 and set an “overweight” rating for the company in a research note on Friday, January 23rd. Finally, The Goldman Sachs Group lifted their target price on shares of Weatherford International from $66.00 to $73.00 and gave the company a “neutral” rating in a research report on Wednesday, November 5th. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company’s stock. According to MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus price target of $93.25.

Weatherford International Price Performance

NASDAQ:WFRD opened at $101.42 on Friday. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.19 and a quick ratio of 1.65. Weatherford International has a one year low of $36.74 and a one year high of $106.41. The company has a fifty day moving average price of $87.06 and a 200 day moving average price of $73.31. The stock has a market cap of $7.27 billion, a P/E ratio of 17.10 and a beta of 0.79.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported $1.91 earnings per share (EPS) for the quarter, topping the consensus estimate of $1.42 by $0.49. The company had revenue of $1.29 billion for the quarter, compared to analyst estimates of $1.26 billion. Weatherford International had a net margin of 8.76% and a return on equity of 28.07%. The business’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period last year, the business posted $1.50 EPS. Analysts anticipate that Weatherford International will post 5.89 earnings per share for the current year.

Insider Buying and Selling

In other news, CEO Girish Saligram sold 100,000 shares of Weatherford International stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $105.50, for a total value of $10,550,000.00. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Kristin Ruzicka sold 2,129 shares of the stock in a transaction that occurred on Friday, December 5th. The stock was sold at an average price of $77.25, for a total value of $164,465.25. Following the sale, the executive vice president owned 15,673 shares in the company, valued at approximately $1,210,739.25. This trade represents a 11.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 2.09% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors have recently made changes to their positions in the business. Royal Bank of Canada grew its holdings in Weatherford International by 223.0% during the 1st quarter. Royal Bank of Canada now owns 122,662 shares of the company’s stock worth $6,568,000 after acquiring an additional 84,684 shares during the last quarter. Goldman Sachs Group Inc. lifted its position in shares of Weatherford International by 129.3% during the first quarter. Goldman Sachs Group Inc. now owns 143,703 shares of the company’s stock worth $7,695,000 after purchasing an additional 81,046 shares in the last quarter. United Services Automobile Association acquired a new stake in shares of Weatherford International in the first quarter valued at approximately $258,000. KLP Kapitalforvaltning AS increased its stake in shares of Weatherford International by 7.4% in the 2nd quarter. KLP Kapitalforvaltning AS now owns 16,000 shares of the company’s stock valued at $805,000 after buying an additional 1,100 shares during the period. Finally, IFP Advisors Inc raised its position in shares of Weatherford International by 14.2% during the second quarter. IFP Advisors Inc now owns 1,500 shares of the company’s stock worth $75,000 after acquiring an additional 187 shares during the last quarter. 97.23% of the stock is owned by institutional investors.

About Weatherford International

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.