Ameriprise Financial Inc. cut its position in Weatherford International Ltd. (NYSE:WFT) by 40.8% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,215,663 shares of the company’s stock after selling 1,523,913 shares during the period. Ameriprise Financial Inc. owned 0.25% of Weatherford International worth $12,295,000 as of its most recent filing with the SEC.
Several other institutional investors have also recently added to or reduced their stakes in WFT. Investec Asset Management North America Inc. increased its position in Weatherford International by 19.2% in the first quarter. Investec Asset Management North America Inc. now owns 544,335 shares of the company’s stock worth $4,235,000 after buying an additional 87,672 shares during the period. M&T Bank Corp increased its position in Weatherford International by 9.7% in the first quarter. M&T Bank Corp now owns 116,956 shares of the company’s stock worth $910,000 after buying an additional 10,302 shares during the period. Brookfield Asset Management Inc. increased its position in Weatherford International by 173.8% in the first quarter. Brookfield Asset Management Inc. now owns 50,660 shares of the company’s stock worth $394,000 after buying an additional 32,160 shares during the period. BlackRock Japan Co. Ltd increased its position in Weatherford International by 1.5% in the first quarter. BlackRock Japan Co. Ltd now owns 1,101,902 shares of the company’s stock worth $8,573,000 after buying an additional 16,520 shares during the period. Finally, BlackRock Institutional Trust Company N.A. increased its position in Weatherford International by 12.6% in the first quarter. BlackRock Institutional Trust Company N.A. now owns 21,262,486 shares of the company’s stock worth $165,422,000 after buying an additional 2,378,901 shares during the period. Institutional investors own 97.21% of the company’s stock.
Weatherford International Ltd. (NYSE:WFT) traded up 2.015% during mid-day trading on Wednesday, hitting $5.315. The stock had a trading volume of 19,237,094 shares. The firm’s market cap is $4.76 billion. Weatherford International Ltd. has a 1-year low of $4.71 and a 1-year high of $11.49. The stock has a 50 day moving average of $5.70 and a 200-day moving average of $6.24.
Weatherford International (NYSE:WFT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.28) EPS for the quarter, beating the consensus estimate of ($0.30) by $0.02. The firm earned $1.40 billion during the quarter, compared to analysts’ expectations of $1.44 billion. Weatherford International had a negative return on equity of 13.41% and a negative net margin of 33.73%. The company’s revenue for the quarter was down 41.3% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.10) EPS. Analysts predict that Weatherford International Ltd. will post $2.47 EPS for the current fiscal year.
A number of equities analysts have recently commented on the company. Zacks Investment Research upgraded Weatherford International from a “sell” rating to a “hold” rating in a report on Wednesday, June 8th. Vetr downgraded Weatherford International from a “strong-buy” rating to a “buy” rating and set a $7.46 price objective on the stock. in a report on Tuesday, June 7th. Bank of America Corp. began coverage on Weatherford International in a report on Monday, June 13th. They issued an “underperform” rating on the stock. Citigroup Inc. raised their target price on Weatherford International from $7.00 to $8.00 and gave the company a “buy” rating in a report on Tuesday, June 14th. Finally, Imperial Capital began coverage on Weatherford International in a report on Friday, June 24th. They set an “in-line” rating and a $7.00 target price on the stock. Three equities research analysts have rated the stock with a sell rating, nine have given a hold rating, twenty-one have given a buy rating and one has given a strong buy rating to the stock. The company has a consensus rating of “Buy” and an average price target of $8.95.
About Weatherford International
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates four segments: North America, Latin America, Europe/West Africa/the former Soviet Union (FSU) and Middle East/North Africa/Asia.
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