Envestnet Asset Management Inc. Cuts Stock Position in Weatherford International PLC $WFRD

Envestnet Asset Management Inc. decreased its holdings in shares of Weatherford International PLC (NASDAQ:WFRD) by 13.5% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 147,598 shares of the company’s stock after selling 23,038 shares during the quarter. Envestnet Asset Management Inc. owned about 0.21% of Weatherford International worth $10,100,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds also recently added to or reduced their stakes in the stock. Holocene Advisors LP boosted its position in shares of Weatherford International by 712.8% in the second quarter. Holocene Advisors LP now owns 1,646,034 shares of the company’s stock worth $82,812,000 after buying an additional 1,443,512 shares during the period. First Trust Advisors LP lifted its position in Weatherford International by 94.9% during the 2nd quarter. First Trust Advisors LP now owns 1,095,847 shares of the company’s stock worth $55,132,000 after acquiring an additional 533,635 shares in the last quarter. Federated Hermes Inc. boosted its holdings in Weatherford International by 1,005.3% in the 2nd quarter. Federated Hermes Inc. now owns 1,056,407 shares of the company’s stock worth $53,148,000 after acquiring an additional 960,832 shares during the period. AQR Capital Management LLC raised its stake in shares of Weatherford International by 196.2% during the second quarter. AQR Capital Management LLC now owns 825,874 shares of the company’s stock valued at $41,343,000 after purchasing an additional 547,044 shares during the period. Finally, Norges Bank acquired a new position in shares of Weatherford International during the second quarter worth $41,542,000. 97.23% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Stock Up 2.6%

Shares of NASDAQ:WFRD opened at $104.85 on Thursday. The stock has a market capitalization of $7.52 billion, a price-to-earnings ratio of 17.68 and a beta of 0.79. Weatherford International PLC has a 1-year low of $36.74 and a 1-year high of $106.41. The company’s fifty day moving average is $88.46 and its two-hundred day moving average is $74.28. The company has a debt-to-equity ratio of 0.86, a quick ratio of 1.65 and a current ratio of 2.19.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings results on Tuesday, February 3rd. The company reported $1.91 EPS for the quarter, beating the consensus estimate of $1.42 by $0.49. The business had revenue of $1.29 billion during 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 company’s quarterly revenue was down 3.9% on a year-over-year basis. During the same period in the previous year, the business posted $1.50 EPS. Equities analysts anticipate that Weatherford International PLC will post 5.89 EPS for the current year.

Weatherford International Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, March 5th. Stockholders of record on Friday, February 6th will be given a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.0%. The ex-dividend date is Friday, February 6th. This is a positive change from Weatherford International’s previous quarterly dividend of $0.25. Weatherford International’s payout ratio is currently 18.55%.

Analyst Ratings Changes

Several research firms recently issued reports on WFRD. Weiss Ratings reaffirmed a “hold (c)” rating on shares of Weatherford International in a research note on Wednesday, January 21st. Wall Street Zen raised Weatherford International from a “buy” rating to a “strong-buy” rating in a report on Sunday. UBS Group lifted their price objective on Weatherford International from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Zacks Research cut Weatherford International from a “strong-buy” rating to a “hold” rating in a research note on Wednesday, January 14th. Finally, Piper Sandler lifted their price target on shares of Weatherford International from $80.00 to $95.00 and gave the stock an “overweight” rating in a research note on Thursday, December 18th. Six research analysts have rated the stock with a Buy rating and four have given a Hold rating to the stock. Based on data from MarketBeat.com, Weatherford International currently has an average rating of “Moderate Buy” and an average target price of $93.25.

Insider Activity at Weatherford International

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

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.