Edgestream Partners L.P. Cuts Position in Weatherford International PLC $WFRD

Edgestream Partners L.P. cut its holdings in Weatherford International PLC (NASDAQ:WFRD) by 93.4% in the 1st quarter, HoldingsChannel.com reports. The fund owned 3,033 shares of the company’s stock after selling 42,701 shares during the period. Edgestream Partners L.P.’s holdings in Weatherford International were worth $287,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors have also recently bought and sold shares of the company. TD Private Client Wealth LLC raised its stake in shares of Weatherford International by 4.2% during the 4th quarter. TD Private Client Wealth LLC now owns 3,219 shares of the company’s stock worth $252,000 after purchasing an additional 130 shares during the period. EverSource Wealth Advisors LLC boosted its holdings in shares of Weatherford International by 24.2% in the 4th quarter. EverSource Wealth Advisors LLC now owns 704 shares of the company’s stock worth $55,000 after buying an additional 137 shares during the last quarter. Corient Private Wealth LLC grew its position in Weatherford International by 3.1% during the fourth quarter. Corient Private Wealth LLC now owns 4,914 shares of the company’s stock valued at $385,000 after buying an additional 146 shares during the period. PNC Financial Services Group Inc. grew its position in Weatherford International by 4.1% during the first quarter. PNC Financial Services Group Inc. now owns 3,851 shares of the company’s stock valued at $364,000 after buying an additional 151 shares during the period. Finally, CWM LLC increased its holdings in Weatherford International by 2.3% during the fourth quarter. CWM LLC now owns 7,711 shares of the company’s stock worth $603,000 after buying an additional 170 shares during the last quarter. Institutional investors own 97.23% of the company’s stock.

Insider Activity

In other news, Director Benjamin Duster sold 6,000 shares of the stock in a transaction dated Thursday, July 23rd. The shares were sold at an average price of $86.09, for a total value of $516,540.00. Following the sale, the director directly owned 11,187 shares of the company’s stock, valued at approximately $963,088.83. This represents a 34.91% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Neal P. Goldman sold 16,000 shares of the firm’s stock in a transaction that occurred on Thursday, July 23rd. The shares were sold at an average price of $84.84, for a total transaction of $1,357,440.00. Following the completion of the transaction, the director owned 12,187 shares of the company’s stock, valued at $1,033,945.08. This trade represents a 56.76% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 2.07% of the stock is owned by company insiders.

Weatherford International Stock Down 2.1%

Weatherford International stock opened at $87.53 on Thursday. The firm has a 50 day simple moving average of $89.55 and a 200 day simple moving average of $95.83. The company has a current ratio of 2.34, a quick ratio of 1.77 and a debt-to-equity ratio of 0.81. Weatherford International PLC has a 1-year low of $52.70 and a 1-year high of $113.15. The firm has a market capitalization of $6.27 billion, a price-to-earnings ratio of 17.26, a P/E/G ratio of 1.50 and a beta of 0.87.

Weatherford International (NASDAQ:WFRD) last posted its earnings results on Tuesday, July 21st. The company reported $0.55 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.90 by ($0.35). The company had revenue of $1.10 billion for the quarter, compared to analysts’ expectations of $1.07 billion. Weatherford International had a return on equity of 21.50% and a net margin of 7.66%.The company’s revenue was down 8.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $1.87 EPS. On average, analysts predict that Weatherford International PLC will post 5.35 earnings per share for the current year.

Weatherford International Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, September 3rd. Shareholders of record on Thursday, August 6th will be paid a $0.275 dividend. The ex-dividend date is Thursday, August 6th. This represents a $1.10 annualized dividend and a yield of 1.3%. Weatherford International’s dividend payout ratio (DPR) is currently 21.70%.

Analyst Upgrades and Downgrades

WFRD has been the subject of several research analyst reports. Barclays decreased their price target on shares of Weatherford International from $154.00 to $151.00 and set an “overweight” rating for the company in a research note on Friday, July 24th. Weiss Ratings downgraded Weatherford International from a “hold (c+)” rating to a “hold (c)” rating in a research note on Tuesday, July 14th. Piper Sandler increased their price objective on Weatherford International from $115.00 to $118.00 and gave the company an “overweight” rating in a report on Thursday, April 23rd. Raymond James Financial decreased their target price on Weatherford International from $125.00 to $122.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Finally, Citigroup dropped their price target on Weatherford International from $137.00 to $115.00 and set a “buy” rating on the stock in a research report on Friday, June 26th. Eight analysts have rated the stock with a Buy rating and three have given a Hold rating to the company. Based on data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $113.56.

Weatherford International Profile

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.