Canoe Financial LP Takes Position in Weatherford International PLC $WFRD

Canoe Financial LP acquired a new position in Weatherford International PLC (NASDAQ:WFRD) in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor acquired 529,200 shares of the company’s stock, valued at approximately $50,052,000. Canoe Financial LP owned approximately 0.74% of Weatherford International at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently bought and sold shares of WFRD. Smartleaf Asset Management LLC increased its position in Weatherford International by 127.1% in the fourth quarter. Smartleaf Asset Management LLC now owns 318 shares of the company’s stock worth $25,000 after buying an additional 178 shares in the last quarter. Los Angeles Capital Management LLC purchased a new position in shares of Weatherford International during the 4th quarter valued at about $26,000. EverSource Wealth Advisors LLC grew its stake in shares of Weatherford International by 83.5% during the 2nd quarter. EverSource Wealth Advisors LLC now owns 556 shares of the company’s stock valued at $28,000 after acquiring an additional 253 shares during the period. Leonteq Securities AG bought a new position in shares of Weatherford International during the 4th quarter valued at approximately $39,000. Finally, Aster Capital Management DIFC Ltd purchased a new stake in Weatherford International in the 3rd quarter worth approximately $41,000. 97.23% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have commented on WFRD. Wall Street Zen upgraded shares of Weatherford International from a “hold” rating to a “buy” rating in a research note on Saturday, May 30th. Piper Sandler upped their price target on shares of Weatherford International from $115.00 to $118.00 and gave the stock an “overweight” rating in a research report on Thursday, April 23rd. Zacks Research raised shares of Weatherford International from a “hold” rating to a “strong-buy” rating in a research note on Monday, June 15th. Royal Bank Of Canada began coverage on shares of Weatherford International in a research report on Wednesday, March 18th. They set an “outperform” rating and a $105.00 price objective on the stock. Finally, UBS Group lifted their target price on shares of Weatherford International from $105.00 to $113.00 and gave the company a “neutral” rating in a research note on Thursday, April 23rd. One equities research analyst has rated the stock with a Strong Buy rating, seven have given a Buy rating and three have given a Hold rating to the company. According to MarketBeat.com, Weatherford International currently has an average rating of “Moderate Buy” and a consensus target price of $108.22.

Weatherford International Price Performance

NASDAQ WFRD opened at $82.75 on Monday. The stock’s 50 day moving average is $102.33 and its 200 day moving average is $95.42. The company has a current ratio of 2.31, a quick ratio of 1.73 and a debt-to-equity ratio of 0.83. Weatherford International PLC has a 12 month low of $49.37 and a 12 month high of $113.15. The stock has a market cap of $5.95 billion, a PE ratio of 12.95, a P/E/G ratio of 0.74 and a beta of 0.82.

Weatherford International (NASDAQ:WFRD) last posted its quarterly earnings results on Tuesday, April 21st. The company reported $1.49 earnings per share for the quarter, topping the consensus estimate of $1.02 by $0.47. The business had revenue of $1.15 billion during the quarter, compared to the consensus estimate of $1.14 billion. Weatherford International had a return on equity of 28.31% and a net margin of 9.49%.The firm’s revenue for the quarter was down 3.4% compared to the same quarter last year. During the same period in the prior year, the company posted $1.03 EPS. Research analysts predict that Weatherford International PLC will post 6.13 EPS for the current fiscal year.

Weatherford International Announces Dividend

The business also recently announced a quarterly dividend, which was paid on Thursday, June 4th. Investors of record on Wednesday, May 6th were paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a yield of 1.3%. The ex-dividend date of this dividend was Wednesday, May 6th. Weatherford International’s dividend payout ratio (DPR) is presently 17.21%.

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.