Weatherford International (NASDAQ:WFRD) Hits New 12-Month High Following Strong Earnings

Weatherford International PLC (NASDAQ:WFRD)’s stock price reached a new 52-week high during trading on Wednesday following a better than expected earnings announcement. The company traded as high as $96.16 and last traded at $95.99, with a volume of 1830980 shares trading hands. The stock had previously closed at $92.39.

The company reported $1.91 earnings per share for the quarter, beating analysts’ consensus estimates 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 8.15% and a return on equity of 28.28%. The company’s quarterly revenue was down 3.9% compared to the same quarter last year. During the same period in the previous year, the business earned $1.50 EPS.

Weatherford International Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, March 5th. Investors 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 yield of 1.1%. This is a boost from Weatherford International’s previous quarterly dividend of $0.25. The ex-dividend date is Friday, February 6th. Weatherford International’s dividend payout ratio (DPR) is currently 18.12%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the company. Citigroup boosted their price target on Weatherford International from $77.00 to $93.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Zacks Research downgraded shares of Weatherford International from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 14th. UBS Group initiated coverage on shares of Weatherford International in a research report on Tuesday, December 2nd. They set a “neutral” rating and a $82.00 target price for the company. The Goldman Sachs Group increased their price target on shares of Weatherford International from $66.00 to $73.00 and gave the stock a “neutral” rating in a research report on Wednesday, November 5th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of Weatherford International in a research note on Wednesday, January 21st. Seven analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus target price of $93.00.

Insider Buying and Selling

In other Weatherford International news, EVP Kristin Ruzicka sold 2,129 shares of the firm’s stock in a transaction that occurred on Friday, December 5th. The shares were sold at an average price of $77.25, for a total transaction 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 position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.60% of the company’s stock.

Institutional Trading of Weatherford International

A number of hedge funds and other institutional investors have recently modified their holdings of WFRD. Crossmark Global Holdings Inc. raised its position in shares of Weatherford International by 1.9% during the 4th quarter. Crossmark Global Holdings Inc. now owns 20,242 shares of the company’s stock valued at $1,584,000 after purchasing an additional 382 shares during the period. Sequoia Financial Advisors LLC purchased a new stake in Weatherford International in the 4th quarter worth $241,000. Praxis Investment Management Inc. purchased a new stake in Weatherford International in the 4th quarter worth $342,000. Horizon Investments LLC bought a new stake in Weatherford International during the fourth quarter valued at about $1,389,000. Finally, Oppenheimer Asset Management Inc. bought a new stake in Weatherford International during the fourth quarter valued at about $201,000. 97.23% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Stock Up 3.9%

The firm has a market capitalization of $6.89 billion, a PE ratio of 17.39 and a beta of 0.79. The company has a debt-to-equity ratio of 0.93, a current ratio of 2.07 and a quick ratio of 1.55. The company has a 50-day moving average price of $82.71 and a 200 day moving average price of $70.88.

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.