Zacks Investment Research upgraded shares of Weatherford International PLC (NYSE:WFT) from a sell rating to a hold rating in a research note published on Monday morning.
According to Zacks, “Weatherford enjoys a leading position in the global oilfield services market. Its broad and technologically complex product/service offerings and growing presence in the Eastern Hemisphere are also encouraging. We appreciate the company’s cost-cutting initiatives, such as reduced headcount, consolidating facilities, to counter the prolonged oil price weakness. Despite these efforts, the company’s price chart underperformed the broader market indices over the last three months. Volatile gas prices also remain a drag. Given these headwinds, we expect shares of Weatherford to be under pressure in the near future. Moreover, Weatherford’s debt-heavy balance sheet and weakness in generating free cash are other concerns.”
Several other research analysts have also recently issued reports on WFT. Sanford C. Bernstein cut shares of Weatherford International PLC from an outperform rating to a market perform rating and lowered their target price for the company from $7.00 to $5.00 in a report on Thursday, July 6th. UBS AG restated a buy rating and issued a $6.00 target price (down previously from $8.00) on shares of Weatherford International PLC in a report on Thursday, July 6th. Scotiabank set a $6.00 target price on shares of Weatherford International PLC and gave the company a hold rating in a report on Friday, July 7th. BMO Capital Markets restated a buy rating and issued a $4.75 target price (down previously from $7.00) on shares of Weatherford International PLC in a report on Thursday, July 13th. Finally, BidaskClub upgraded shares of Weatherford International PLC from a strong sell rating to a sell rating in a report on Wednesday, July 19th. Three investment analysts have rated the stock with a sell rating, five have given a hold rating, twenty have assigned a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of Buy and a consensus price target of $6.19.
Weatherford International PLC (NYSE:WFT) last issued its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.22) earnings per share (EPS) for the quarter, beating the consensus estimate of ($0.23) by $0.01. Weatherford International PLC had a negative net margin of 53.49% and a negative return on equity of 65.33%. The business had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.49 billion. During the same quarter in the prior year, the business posted ($0.39) EPS. The company’s revenue for the quarter was up 7.1% on a year-over-year basis.
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In other Weatherford International PLC news, VP Douglas M. Mills sold 17,500 shares of the firm’s stock in a transaction dated Friday, September 15th. The shares were sold at an average price of $4.43, for a total transaction of $77,525.00. Following the completion of the transaction, the vice president now directly owns 279,125 shares in the company, valued at approximately $1,236,523.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 1.16% of the company’s stock.
Large investors have recently bought and sold shares of the business. Driehaus Capital Management LLC purchased a new position in Weatherford International PLC during the 1st quarter valued at about $129,000. Quantitative Systematic Strategies LLC purchased a new position in Weatherford International PLC during the 3rd quarter valued at about $123,000. GABELLI & Co INVESTMENT ADVISERS INC. increased its holdings in Weatherford International PLC by 1.5% during the 2nd quarter. GABELLI & Co INVESTMENT ADVISERS INC. now owns 33,000 shares of the oil and gas company’s stock valued at $128,000 after acquiring an additional 500 shares in the last quarter. Crawford Investment Counsel Inc. increased its holdings in Weatherford International PLC by 68.8% during the 2nd quarter. Crawford Investment Counsel Inc. now owns 36,797 shares of the oil and gas company’s stock valued at $142,000 after acquiring an additional 15,000 shares in the last quarter. Finally, Private Advisor Group LLC increased its holdings in Weatherford International PLC by 63.2% during the 2nd quarter. Private Advisor Group LLC now owns 39,207 shares of the oil and gas company’s stock valued at $146,000 after acquiring an additional 15,178 shares in the last quarter.
Weatherford International PLC Company Profile
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