Empirical Finance LLC Acquires New Stake in Weatherford International plc (NASDAQ:WFRD)

Empirical Finance LLC bought a new position in Weatherford International plc (NASDAQ:WFRD) during the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund bought 4,775 shares of the company’s stock, valued at approximately $585,000.

A number of other institutional investors have also recently modified their holdings of the stock. Natixis Advisors L.P. bought a new position in Weatherford International in the 4th quarter worth about $1,842,000. First Hawaiian Bank bought a new stake in shares of Weatherford International during the second quarter valued at approximately $1,653,000. Hsbc Holdings PLC purchased a new position in Weatherford International in the 4th quarter worth approximately $3,309,000. Allspring Global Investments Holdings LLC lifted its position in Weatherford International by 669.1% in the 1st quarter. Allspring Global Investments Holdings LLC now owns 16,221 shares of the company’s stock valued at $1,872,000 after acquiring an additional 14,112 shares in the last quarter. Finally, Entropy Technologies LP boosted its stake in Weatherford International by 79.7% during the 1st quarter. Entropy Technologies LP now owns 11,985 shares of the company’s stock valued at $1,383,000 after purchasing an additional 5,315 shares during the last quarter. 97.23% of the stock is owned by hedge funds and other institutional investors.

Weatherford International Stock Performance

WFRD opened at $104.94 on Friday. The company’s 50 day moving average is $116.08 and its 200 day moving average is $115.61. The company has a current ratio of 1.99, a quick ratio of 1.47 and a debt-to-equity ratio of 1.31. The company has a market cap of $7.68 billion, a price-to-earnings ratio of 16.98, a PEG ratio of 0.77 and a beta of 0.63. Weatherford International plc has a 12-month low of $82.16 and a 12-month high of $135.00.

Weatherford International (NASDAQ:WFRD) last issued its quarterly earnings results on Tuesday, July 23rd. The company reported $1.66 earnings per share for the quarter, missing the consensus estimate of $1.74 by ($0.08). The business had revenue of $1.41 billion for the quarter, compared to analysts’ expectations of $1.42 billion. Weatherford International had a return on equity of 49.69% and a net margin of 9.19%. The company’s revenue was up 10.3% compared to the same quarter last year. During the same quarter in the prior year, the business earned $1.12 EPS. On average, equities research analysts predict that Weatherford International plc will post 6.82 EPS for the current year.

Weatherford International Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 13th will be given a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a yield of 0.95%. The ex-dividend date is Tuesday, August 13th. Weatherford International’s payout ratio is 16.18%.

Wall Street Analyst Weigh In

WFRD has been the subject of several recent analyst reports. Raymond James decreased their price target on Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating for the company in a research note on Thursday, July 25th. Bank of America boosted their target price on Weatherford International from $145.00 to $150.00 and gave the stock a “buy” rating in a research report on Monday, July 15th. Barclays raised their price target on shares of Weatherford International from $160.00 to $165.00 and gave the company an “overweight” rating in a report on Thursday, July 25th. Citigroup began coverage on shares of Weatherford International in a report on Tuesday, May 14th. They set a “buy” rating and a $155.00 price objective for the company. Finally, Benchmark restated a “buy” rating and set a $155.00 price objective on shares of Weatherford International in a research report on Wednesday, July 24th. Seven analysts have rated the stock with a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Buy” and an average target price of $153.88.

About Weatherford International

Weatherford International plc, an energy services company, provides equipment and services for the drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells worldwide. The company operates through three segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.