Weatherford International (NASDAQ:WFRD) Given New $135.00 Price Target at Bank of America

Weatherford International (NASDAQ:WFRD) had its price target hoisted by Bank of America from $123.00 to $135.00 in a report issued on Monday morning, Benzinga reports. They currently have a buy rating on the stock.

Other analysts have also recently issued reports about the company. Benchmark boosted their price target on Weatherford International from $115.00 to $155.00 and gave the stock a buy rating in a report on Monday, April 1st. Barclays started coverage on Weatherford International in a report on Wednesday, February 28th. They issued an overweight rating and a $135.00 target price on the stock. TheStreet upgraded Weatherford International from a c rating to a b rating in a report on Monday, March 11th. Finally, Piper Sandler upped their target price on Weatherford International from $138.00 to $180.00 and gave the company an overweight rating in a report on Monday, April 8th. Seven analysts have rated the stock with a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of Buy and a consensus price target of $131.00.

Weatherford International Stock Performance

NASDAQ:WFRD opened at $110.93 on Monday. The stock has a market cap of $8.02 billion, a P/E ratio of 19.63, a price-to-earnings-growth ratio of 0.90 and a beta of 0.73. The company has a current ratio of 1.79, a quick ratio of 1.37 and a debt-to-equity ratio of 1.86. The stock’s 50-day moving average is $111.26 and its 200-day moving average is $99.41. Weatherford International has a 1-year low of $55.81 and a 1-year high of $127.45.

Weatherford International (NASDAQ:WFRD) last released its quarterly earnings results on Tuesday, February 6th. The company reported $1.90 earnings per share for the quarter, topping the consensus estimate of $1.42 by $0.48. The company had revenue of $1.36 billion for the quarter, compared to analysts’ expectations of $1.34 billion. Weatherford International had a return on equity of 56.68% and a net margin of 8.12%. The business’s quarterly revenue was up 12.7% compared to the same quarter last year. During the same period in the previous year, the business posted $1.12 earnings per share. Equities research analysts anticipate that Weatherford International will post 6.73 earnings per share for the current year.

Insiders Place Their Bets

In other Weatherford International news, CEO Girish Saligram sold 60,000 shares of the stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total transaction of $6,214,200.00. Following the transaction, the chief executive officer now directly owns 146,895 shares in the company, valued at approximately $15,213,915.15. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. In other news, EVP Scott C. Weatherholt sold 40,455 shares of the company’s stock in a transaction that occurred on Thursday, February 8th. The stock was sold at an average price of $98.91, for a total transaction of $4,001,404.05. Following the transaction, the executive vice president now directly owns 125,019 shares of the company’s stock, valued at $12,365,629.29. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CEO Girish Saligram sold 60,000 shares of the company’s stock in a transaction that occurred on Wednesday, February 21st. The stock was sold at an average price of $103.57, for a total value of $6,214,200.00. Following the transaction, the chief executive officer now directly owns 146,895 shares in the company, valued at $15,213,915.15. The disclosure for this sale can be found here. In the last three months, insiders have sold 135,455 shares of company stock worth $13,628,764. Corporate insiders own 2.20% of the company’s stock.

Hedge Funds Weigh In On Weatherford International

A number of institutional investors have recently modified their holdings of WFRD. Price T Rowe Associates Inc. MD raised its position in shares of Weatherford International by 309.4% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 6,226,900 shares of the company’s stock worth $609,179,000 after purchasing an additional 4,706,078 shares during the period. Van ECK Associates Corp purchased a new stake in Weatherford International in the 3rd quarter valued at $114,430,000. State Street Corp raised its position in Weatherford International by 317.1% in the 2nd quarter. State Street Corp now owns 1,571,745 shares of the company’s stock valued at $33,274,000 after buying an additional 1,194,930 shares during the last quarter. Millennium Management LLC raised its position in Weatherford International by 465.6% in the 4th quarter. Millennium Management LLC now owns 1,143,602 shares of the company’s stock valued at $58,232,000 after buying an additional 941,426 shares during the last quarter. Finally, Norges Bank purchased a new stake in Weatherford International in the 4th quarter valued at $89,762,000. 97.23% of the stock is owned by institutional investors and hedge funds.

Weatherford International Company Profile

Weatherford International plc, an energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.