Atlantic Investment Management Inc. Has $24.67 Million Position in Weatherford International PLC $WFRD

Atlantic Investment Management Inc. reduced its holdings in Weatherford International PLC (NASDAQ:WFRD) by 44.3% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 360,566 shares of the company’s stock after selling 286,708 shares during the quarter. Weatherford International accounts for 14.2% of Atlantic Investment Management Inc.’s portfolio, making the stock its 3rd largest position. Atlantic Investment Management Inc. owned about 0.50% of Weatherford International worth $24,674,000 as of its most recent SEC filing.

A number of other institutional investors also recently added to or reduced their stakes in the business. Creative Planning boosted its position in Weatherford International by 23.0% during the 3rd quarter. Creative Planning now owns 16,495 shares of the company’s stock worth $1,129,000 after acquiring an additional 3,087 shares during the period. SummitTX Capital L.P. increased its holdings in shares of Weatherford International by 1,604.9% during the third quarter. SummitTX Capital L.P. now owns 100,588 shares of the company’s stock valued at $6,883,000 after purchasing an additional 94,688 shares during the period. Zacks Investment Management bought a new stake in shares of Weatherford International during the third quarter valued at about $1,409,000. Raymond James Financial Inc. raised its stake in shares of Weatherford International by 33.4% during the third quarter. Raymond James Financial Inc. now owns 147,715 shares of the company’s stock valued at $10,108,000 after purchasing an additional 36,969 shares in the last quarter. Finally, Freestone Grove Partners LP acquired a new stake in Weatherford International in the third quarter worth about $1,207,000. Institutional investors and hedge funds own 97.23% of the company’s stock.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on WFRD shares. Barclays decreased their target price on shares of Weatherford International from $111.00 to $109.00 and set an “overweight” rating for the company in a research report on Friday, January 23rd. Piper Sandler upped 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. Citigroup increased their price objective on shares of Weatherford International from $93.00 to $115.00 and gave the company a “buy” rating in a report on Friday, February 13th. Wall Street Zen upgraded shares of Weatherford International from a “buy” rating to a “strong-buy” rating in a research note on Sunday, March 8th. Finally, UBS Group boosted their target price on Weatherford International from $82.00 to $94.00 and gave the stock a “neutral” rating in a report on Thursday, February 5th. Six equities research analysts have rated the stock with a Buy rating and four have assigned a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $97.50.

Insider Buying and Selling

In related news, CEO Girish Saligram sold 100,000 shares of the stock in a transaction that occurred on Friday, February 6th. The shares were sold at an average price of $105.50, for a total transaction of $10,550,000.00. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. 2.09% of the stock is currently owned by corporate insiders.

Weatherford International Price Performance

NASDAQ:WFRD opened at $86.53 on Friday. The company has a quick ratio of 1.65, a current ratio of 2.19 and a debt-to-equity ratio of 0.86. The business’s 50-day moving average price is $95.02 and its 200 day moving average price is $79.15. Weatherford International PLC has a 52-week low of $36.74 and a 52-week high of $110.57. The firm has a market cap of $6.21 billion, a P/E ratio of 14.59 and a beta of 0.78.

Weatherford International (NASDAQ:WFRD) last issued its quarterly earnings results on Tuesday, February 3rd. The company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates of $1.42 by $0.49. Weatherford International had a net margin of 8.76% and a return on equity of 28.07%. The company had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same period in the prior year, the company earned $1.50 EPS. Weatherford International’s revenue was down 3.9% on a year-over-year basis. As a group, sell-side analysts predict that Weatherford International PLC will post 5.89 earnings per share for the current fiscal year.

Weatherford International Increases Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, March 5th. Investors of record on Friday, February 6th were issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 1.3%. The ex-dividend date was Friday, February 6th. This is an increase from Weatherford International’s previous quarterly dividend of $0.25. Weatherford International’s payout ratio is presently 18.55%.

Weatherford International 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.