Weatherford International PLC $WFRD Stock Acquired by Penn Capital Management Company LLC

Penn Capital Management Company LLC boosted its stake in Weatherford International PLC (NASDAQ:WFRD) by 2.7% during the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 233,086 shares of the company’s stock after acquiring an additional 6,085 shares during the quarter. Weatherford International accounts for 1.3% of Penn Capital Management Company LLC’s portfolio, making the stock its 27th largest position. Penn Capital Management Company LLC owned approximately 0.32% of Weatherford International worth $18,377,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. First Trust Advisors LP boosted its position in shares of Weatherford International by 12.4% during the first quarter. First Trust Advisors LP now owns 1,760,467 shares of the company’s stock worth $166,505,000 after buying an additional 194,654 shares during the period. Bank of New York Mellon Corp grew its holdings in shares of Weatherford International by 15.5% during the first quarter. Bank of New York Mellon Corp now owns 794,732 shares of the company’s stock worth $75,166,000 after buying an additional 106,716 shares in the last quarter. Retirement Systems of Alabama grew its holdings in shares of Weatherford International by 43.8% during the third quarter. Retirement Systems of Alabama now owns 237,084 shares of the company’s stock worth $18,654,000 after buying an additional 72,192 shares in the last quarter. California Public Employees Retirement System raised its position in Weatherford International by 13.8% in the 1st quarter. California Public Employees Retirement System now owns 171,477 shares of the company’s stock valued at $16,218,000 after buying an additional 20,803 shares during the last quarter. Finally, Readystate Asset Management LP acquired a new stake in Weatherford International in the 2nd quarter valued at approximately $15,269,000. 97.23% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

WFRD has been the topic of several research reports. Zacks Research upgraded Weatherford International from a “strong sell” rating to a “hold” rating in a research note on Friday, October 23rd. The Goldman Sachs Group decreased their price target on shares of Weatherford International from $106.00 to $94.00 and set a “neutral” rating for the company in a research note on Wednesday, October 14th. Piper Sandler lowered their price objective on shares of Weatherford International from $118.00 to $110.00 and set an “overweight” rating on the stock in a report on Monday, October 19th. Citigroup lowered their price objective on shares of Weatherford International from $112.00 to $110.00 and set a “buy” rating on the stock in a report on Monday, October 26th. Finally, Barclays cut their price objective on shares of Weatherford International from $148.00 to $139.00 and set an “overweight” rating on the stock in a research report on Thursday, October 22nd. Six investment analysts have rated the stock with a Buy rating and three have issued a Hold rating to the company’s stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $115.57.

Weatherford International Price Performance

Shares of NASDAQ WFRD opened at $85.50 on Tuesday. The stock has a market capitalization of $6.20 billion, a price-to-earnings ratio of 15.24, a PEG ratio of 1.46 and a beta of 0.83. The business has a 50-day moving average of $84.61 and a 200-day moving average of $92.86. The company has a debt-to-equity ratio of 0.61, a current ratio of 2.04 and a quick ratio of 1.52. Weatherford International PLC has a fifty-two week low of $68.49 and a fifty-two week high of $113.15.

Weatherford International (NASDAQ:WFRD) last released its earnings results on Tuesday, October 20th. The company reported $1.66 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $1.33 by $0.33. Weatherford International had a return on equity of 22.39% and a net margin of 8.64%. The business had revenue of $1.14 billion for the quarter, compared to the consensus estimate of $1.13 billion. During the same quarter in the previous year, the business earned $1.12 earnings per share. Weatherford International’s quarterly revenue was down 7.2% on a year-over-year basis. As a group, sell-side analysts predict that Weatherford International PLC will post 5.57 earnings per share for the current fiscal year.

Weatherford International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, December 3rd. Shareholders of record on Friday, November 6th will be paid a $0.2750 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 1.3%. The ex-dividend date is Friday, November 6th. Weatherford International’s dividend payout ratio (DPR) is currently 19.61%.

About Weatherford International

Weatherford International plc is an energy services company that provides equipment, technology and services to oil and natural gas operators. Its offerings support multiple stages of the well lifecycle, including drilling and construction, formation evaluation, completion, production and well intervention.

The company’s products and services include artificial-lift systems, drilling and well-construction technologies, completion tools, production optimization, and digital solutions for monitoring and managing operations.