Weatherford International PLC $WFRD Shares Sold by Envestnet Asset Management Inc.

Envestnet Asset Management Inc. lowered its holdings in shares of Weatherford International PLC (NASDAQ:WFRD) by 13.5% during the 3rd quarter, Holdings Channel reports. The fund owned 147,598 shares of the company’s stock after selling 23,038 shares during the period. Envestnet Asset Management Inc.’s holdings in Weatherford International were worth $10,100,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds also recently modified their holdings of WFRD. Hantz Financial Services Inc. raised its stake in shares of Weatherford International by 95.7% during the third quarter. Hantz Financial Services Inc. now owns 1,282 shares of the company’s stock valued at $88,000 after purchasing an additional 627 shares in the last quarter. Cornerstone Planning Group LLC lifted its stake in shares of Weatherford International by 12,540.0% in the 3rd quarter. Cornerstone Planning Group LLC now owns 1,896 shares of the company’s stock worth $130,000 after acquiring an additional 1,881 shares during the period. Callan Family Office LLC bought a new position in shares of Weatherford International in the third quarter valued at approximately $257,000. State of Wyoming increased its stake in shares of Weatherford International by 195.4% during the third quarter. State of Wyoming now owns 4,756 shares of the company’s stock valued at $325,000 after acquiring an additional 3,146 shares during the period. Finally, Arizona State Retirement System raised its holdings in Weatherford International by 0.9% during the third quarter. Arizona State Retirement System now owns 21,431 shares of the company’s stock worth $1,467,000 after purchasing an additional 190 shares in the last quarter. Institutional investors own 97.23% of the company’s stock.

Weatherford International Stock Performance

Shares of WFRD opened at $104.85 on Thursday. The company has a 50-day moving average of $88.46 and a two-hundred day moving average of $74.28. The stock has a market cap of $7.52 billion, a price-to-earnings ratio of 17.68 and a beta of 0.79. The company has a debt-to-equity ratio of 0.86, a current ratio of 2.19 and a quick ratio of 1.65. Weatherford International PLC has a one year low of $36.74 and a one year high of $106.41.

Weatherford International (NASDAQ:WFRD) last issued 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. Weatherford International had a net margin of 8.76% and a return on equity of 28.07%. The business had revenue of $1.29 billion during the quarter, compared to the consensus estimate of $1.26 billion. During the same quarter in the prior year, the firm earned $1.50 EPS. The firm’s quarterly revenue was down 3.9% on a year-over-year basis. On average, equities research analysts expect that Weatherford International PLC will post 5.89 earnings per share for the current year.

Weatherford International Increases Dividend

The firm also recently declared 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. The ex-dividend date of this dividend is Friday, February 6th. This is a positive change from Weatherford International’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a yield of 1.0%. Weatherford International’s payout ratio is presently 18.55%.

Insider Activity

In related news, CEO Girish Saligram sold 100,000 shares of the firm’s 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 legal filing with the Securities & Exchange Commission, which is available through this link. Also, EVP Kristin Ruzicka sold 2,129 shares of the business’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 transaction, the executive vice president directly owned 15,673 shares in the company, valued at $1,210,739.25. The trade was a 11.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 2.09% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

WFRD has been the subject of a number of research reports. Citigroup increased their price target on Weatherford International from $93.00 to $115.00 and gave the company a “buy” rating in a research note on Friday, February 13th. Zacks Research lowered Weatherford International from a “strong-buy” rating to a “hold” rating in a report on Wednesday, January 14th. Barclays cut their price target on shares of Weatherford International from $111.00 to $109.00 and set an “overweight” rating for the company in a report on Friday, January 23rd. Piper Sandler lifted their price objective 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. Finally, Wall Street Zen raised shares of Weatherford International from a “buy” rating to a “strong-buy” rating in a research note on Sunday. Six investment analysts have rated the stock with a Buy rating and four have issued a Hold rating to the company. According to MarketBeat, Weatherford International has an average rating of “Moderate Buy” and a consensus price target of $93.25.

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.