Wedge Capital Management L L P NC Buys 12,194,205 Shares of Weatherford International PLC (NYSE:WFT)

Wedge Capital Management L L P NC increased its position in shares of Weatherford International PLC (NYSE:WFT) by 71.9% during the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 29,156,413 shares of the oil and gas company’s stock after buying an additional 12,194,205 shares during the period. Weatherford International PLC makes up about 1.1% of Wedge Capital Management L L P NC’s investment portfolio, making the stock its 20th largest position. Wedge Capital Management L L P NC owned 2.96% of Weatherford International PLC worth $112,835,000 as of its most recent filing with the SEC.

Other hedge funds have also modified their holdings of the company. Schwab Charles Investment Management Inc. increased its stake in shares of Weatherford International PLC by 0.3% in the second quarter. Schwab Charles Investment Management Inc. now owns 3,800,273 shares of the oil and gas company’s stock worth $14,708,000 after buying an additional 10,661 shares during the last quarter. Canada Pension Plan Investment Board increased its stake in shares of Weatherford International PLC by 13.6% in the second quarter. Canada Pension Plan Investment Board now owns 681,310 shares of the oil and gas company’s stock worth $2,637,000 after buying an additional 81,400 shares during the last quarter. Janney Montgomery Scott LLC increased its stake in shares of Weatherford International PLC by 18.4% in the second quarter. Janney Montgomery Scott LLC now owns 558,547 shares of the oil and gas company’s stock worth $2,162,000 after buying an additional 86,874 shares during the last quarter. NGAM Advisors L.P. increased its stake in shares of Weatherford International PLC by 28.4% in the second quarter. NGAM Advisors L.P. now owns 2,343,491 shares of the oil and gas company’s stock worth $9,069,000 after buying an additional 518,942 shares during the last quarter. Finally, Reliance Trust Co. of Delaware acquired a new stake in shares of Weatherford International PLC during the second quarter worth $1,019,000.

Weatherford International PLC (NYSE:WFT) opened at 3.95 on Friday. The company’s market cap is $3.91 billion. The firm’s 50 day moving average is $4.11 and its 200 day moving average is $5.20. Weatherford International PLC has a 52-week low of $3.39 and a 52-week high of $7.09. Weatherford International PLC also was the target of some unusual options trading activity on Wednesday. Investors bought 51,442 put options on the company. This is an increase of 1,183% compared to the typical volume of 4,008 put options.

Weatherford International PLC (NYSE:WFT) last announced its quarterly earnings data on Friday, July 28th. The oil and gas company reported ($0.28) earnings per share (EPS) for the quarter, hitting the Zacks’ consensus estimate of ($0.28). The firm had revenue of $1.36 billion during the quarter, compared to analysts’ expectations of $1.46 billion. Weatherford International PLC had a negative net margin of 53.49% and a negative return on equity of 65.33%. The company’s revenue for the quarter was down 2.8% compared to the same quarter last year. During the same period in the prior year, the company posted ($0.28) earnings per share. Analysts forecast that Weatherford International PLC will post ($1.03) EPS for the current fiscal year.

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A number of analysts have weighed in on the company. BidaskClub downgraded Weatherford International PLC from a “sell” rating to a “strong sell” rating in a report on Thursday. Morgan Stanley decreased their price target on Weatherford International PLC from $6.00 to $5.50 and set an “overweight” rating for the company in a report on Monday. BMO Capital Markets increased their price target on Weatherford International PLC from $4.75 to $5.50 and gave the stock an “outperform” rating in a report on Thursday, August 3rd. Zacks Investment Research upgraded Weatherford International PLC from a “sell” rating to a “hold” rating in a report on Wednesday, August 2nd. Finally, Scotiabank set a $6.00 price target on Weatherford International PLC and gave the stock a “hold” rating in a report on Tuesday, August 1st. Two research analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Weatherford International PLC currently has an average rating of “Buy” and an average price target of $6.52.

About Weatherford International PLC

Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates four segments: North America, Latin America, Europe/West Africa/the former Soviet Union (FSU) and Middle East/North Africa/Asia.

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Institutional Ownership by Quarter for Weatherford International PLC (NYSE:WFT)

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