Griffin Securities Comments on Weatherford International Ltd.’s FY2016 Earnings (WFT)
Weatherford International Ltd. (NYSE:WFT) – Research analysts at Griffin Securities decreased their FY2016 earnings per share estimates for shares of Weatherford International in a note issued to investors on Wednesday. Griffin Securities analyst K. Simpson now forecasts that the firm will post earnings per share of ($1.32) for the year, down from their prior estimate of ($1.30). Griffin Securities also issued estimates for Weatherford International’s Q4 2016 earnings at ($0.34) EPS, Q1 2017 earnings at ($0.31) EPS, Q2 2017 earnings at ($0.26) EPS, Q3 2017 earnings at ($0.18) EPS, Q4 2017 earnings at ($0.11) EPS and FY2017 earnings at ($0.85) EPS.
Other research analysts have also issued research reports about the stock. Jefferies Group reissued a “buy” rating and set a $7.00 price objective (down previously from $8.00) on shares of Weatherford International in a research note on Tuesday, August 2nd. Citigroup Inc. dropped their target price on shares of Weatherford International from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, July 29th. Scotiabank restated a “sector perform” rating and set a $7.00 target price (down from $8.00) on shares of Weatherford International in a report on Thursday, October 27th. Howard Weil dropped their target price on shares of Weatherford International from $8.00 to $7.00 and set a “sector perform” rating on the stock in a report on Thursday, October 27th. Finally, Nomura set a $10.00 target price on shares of Weatherford International and gave the stock a “buy” rating in a report on Tuesday, August 16th. Three equities research analysts have rated the stock with a sell rating, eight have given a hold rating and twenty-two have assigned a buy rating to the stock. The stock currently has a consensus rating of “Buy” and a consensus target price of $8.27.
Shares of Weatherford International (NYSE:WFT) opened at 4.83 on Monday. The company’s 50 day moving average is $5.40 and its 200 day moving average is $5.77. The company’s market capitalization is $4.33 billion. Weatherford International has a 12-month low of $3.73 and a 12-month high of $11.21.
Weatherford International (NYSE:WFT) last posted its earnings results on Tuesday, October 25th. The company reported ($0.39) EPS for the quarter, missing the Thomson Reuters’ consensus estimate of ($0.25) by $0.14. The business earned $1.36 billion during the quarter, compared to the consensus estimate of $1.44 billion. Weatherford International had a negative return on equity of 24.19% and a negative net margin of 63.74%. The business’s revenue was down 39.4% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.05) earnings per share.
In related news, VP Douglas M. Mills sold 12,500 shares of the company’s stock in a transaction dated Friday, October 7th. The shares were sold at an average price of $5.97, for a total transaction of $74,625.00. Following the completion of the sale, the vice president now owns 223,933 shares of the company’s stock, valued at $1,336,880.01. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Corporate insiders own 1.10% of the company’s stock.
A number of large investors have recently bought and sold shares of WFT. Quantitative Systematic Strategies LLC boosted its stake in Weatherford International by 149.8% in the third quarter. Quantitative Systematic Strategies LLC now owns 28,477 shares of the company’s stock valued at $162,000 after buying an additional 17,076 shares in the last quarter. Mosaic Family Wealth LLC increased its position in shares of Weatherford International by 59.5% in the third quarter. Mosaic Family Wealth LLC now owns 28,149 shares of the company’s stock valued at $158,000 after buying an additional 10,504 shares during the last quarter. Balentine LLC acquired a new position in shares of Weatherford International during the third quarter valued at approximately $122,000. Verition Fund Management LLC increased its position in shares of Weatherford International by 2,812.5% in the third quarter. Verition Fund Management LLC now owns 88,700 shares of the company’s stock valued at $498,000 after buying an additional 91,970 shares during the last quarter. Finally, Connor Clark & Lunn Investment Management Ltd. acquired a new position in shares of Weatherford International during the third quarter valued at approximately $294,000. 97.61% of the stock is owned by institutional investors and hedge funds.
Weatherford International Company Profile
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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