Weatherford International (NASDAQ:WFRD) Shares Gap Up to $18.00

Shares of Weatherford International plc (NASDAQ:WFRD) gapped up prior to trading on Monday . The stock had previously closed at $18.00, but opened at $18.65. Weatherford International shares last traded at $19.15, with a volume of 878 shares traded.

Separately, Piper Sandler started coverage on shares of Weatherford International in a research note on Wednesday, June 9th. They issued an “overweight” rating and a $22.00 target price for the company.

The company has a debt-to-equity ratio of 3.43, a quick ratio of 1.98 and a current ratio of 2.51. The company’s 50 day moving average price is $16.08.

Weatherford International (NASDAQ:WFRD) last announced its quarterly earnings data on Wednesday, July 28th. The company reported ($1.23) EPS for the quarter, beating the Thomson Reuters’ consensus estimate of ($1.55) by $0.32. The company had revenue of $903.00 million during the quarter, compared to analyst estimates of $841.00 million. As a group, research analysts expect that Weatherford International plc will post -5.07 earnings per share for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in WFRD. Franklin Resources Inc. acquired a new stake in shares of Weatherford International in the second quarter valued at about $240,465,000. Yacktman Asset Management LP purchased a new position in Weatherford International during the 2nd quarter valued at about $131,076,000. Exor Capital LLP purchased a new position in Weatherford International during the 2nd quarter valued at about $93,159,000. Vanguard Group Inc. purchased a new position in Weatherford International during the 2nd quarter valued at about $36,107,000. Finally, Monarch Alternative Capital LP purchased a new position in Weatherford International during the 2nd quarter valued at about $30,441,000. Hedge funds and other institutional investors own 72.01% of the company’s stock.

About Weatherford International (NASDAQ:WFRD)

Weatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. It operates through two segments: Western Hemisphere and Eastern Hemisphere. The firm’s products and services are Drilling and Evaluation, Production, Completions, and Well Construction.

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