Weatherford International Ltd. (NYSE:WFT) had its price objective increased by Citigroup Inc. from $7.00 to $8.00 in a report released on Tuesday. The brokerage presently has a “buy” rating on the stock. Citigroup Inc.’s target price would indicate a potential upside of 29.87% from the stock’s current price.
Other equities analysts have also recently issued research reports about the stock. Zacks Investment Research upgraded shares of Weatherford International from a “hold” rating to a “buy” rating and set a $6.25 price objective on the stock in a research note on Thursday, October 6th. Seaport Global Securities reiterated a “buy” rating on shares of Weatherford International in a research note on Friday, August 19th. Nomura set a $10.00 price objective on shares of Weatherford International and gave the stock a “buy” rating in a research note on Tuesday, August 16th. Jefferies Group reiterated a “buy” rating and issued a $7.00 price objective (down previously from $8.00) on shares of Weatherford International in a research note on Tuesday, August 2nd. Finally, JPMorgan Chase & Co. reiterated a “buy” rating and issued a $9.00 price objective on shares of Weatherford International in a research note on Friday, July 29th. Three research analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has assigned a strong buy rating to the company’s stock. The company presently has a consensus rating of “Buy” and a consensus price target of $8.83.
Shares of Weatherford International (NYSE:WFT) traded down 1.380% during trading on Tuesday, reaching $6.075. 12,847,894 shares of the company traded hands. The company’s 50-day moving average price is $5.70 and its 200-day moving average price is $6.13. Weatherford International has a 52 week low of $4.71 and a 52 week high of $11.49. The company’s market capitalization is $5.44 billion.
Weatherford International (NYSE:WFT) last issued its quarterly earnings data on Wednesday, July 27th. The company reported ($0.28) earnings per share for the quarter, topping the Thomson Reuters’ consensus estimate of ($0.30) by $0.02. Weatherford International had a negative net margin of 33.73% and a negative return on equity of 13.41%. The firm had revenue of $1.40 billion for the quarter, compared to analysts’ expectations of $1.44 billion. During the same quarter in the prior year, the business earned ($0.10) EPS. The business’s quarterly revenue was down 41.3% on a year-over-year basis. Equities research analysts forecast that Weatherford International will post $2.45 EPS for the current fiscal year.
In related news, VP Douglas M. Mills sold 12,500 shares of Weatherford International stock in a transaction dated Friday, October 7th. The stock was sold at an average price of $5.97, for a total value of $74,625.00. Following the completion of the sale, the vice president now directly owns 223,933 shares in the company, valued at $1,336,880.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 1.10% of the stock is owned by corporate insiders.
Several hedge funds have recently added to or reduced their stakes in the stock. CIBC Asset Management Inc increased its stake in Weatherford International by 3.5% in the second quarter. CIBC Asset Management Inc now owns 19,189 shares of the company’s stock valued at $106,000 after buying an additional 647 shares during the last quarter. Cambridge Investment Research Advisors Inc. increased its stake in Weatherford International by 29.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 19,011 shares of the company’s stock valued at $106,000 after buying an additional 4,295 shares during the last quarter. Baird Financial Group Inc. increased its stake in Weatherford International by 35.8% in the second quarter. Baird Financial Group Inc. now owns 18,220 shares of the company’s stock valued at $109,000 after buying an additional 4,800 shares during the last quarter. Bessemer Group Inc. increased its stake in Weatherford International by 90.4% in the second quarter. Bessemer Group Inc. now owns 20,989 shares of the company’s stock valued at $116,000 after buying an additional 9,967 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd purchased a new stake in Weatherford International during the second quarter valued at $119,000. Hedge funds and other institutional investors own 97.21% of the company’s stock.
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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