King Luther Capital Management Corp Has $2.97 Million Position in Weatherford International PLC (NASDAQ:WFRD)

King Luther Capital Management Corp lowered its position in Weatherford International PLC (NASDAQ:WFRD) by 17.4% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 55,520 shares of the company’s stock after selling 11,730 shares during the quarter. King Luther Capital Management Corp’s holdings in Weatherford International were worth $2,973,000 at the end of the most recent reporting period.

A number of other large investors have also recently added to or reduced their stakes in the company. Avos Capital Management LLC raised its position in shares of Weatherford International by 18.5% in the first quarter. Avos Capital Management LLC now owns 21,591 shares of the company’s stock valued at $1,156,000 after purchasing an additional 3,365 shares during the period. Invesco Ltd. raised its position in shares of Weatherford International by 2.0% in the first quarter. Invesco Ltd. now owns 1,485,746 shares of the company’s stock valued at $79,562,000 after purchasing an additional 29,840 shares during the period. Covestor Ltd raised its position in shares of Weatherford International by 34.3% in the first quarter. Covestor Ltd now owns 1,244 shares of the company’s stock valued at $67,000 after purchasing an additional 318 shares during the period. Connor Clark & Lunn Investment Management Ltd. raised its position in shares of Weatherford International by 122.8% in the first quarter. Connor Clark & Lunn Investment Management Ltd. now owns 8,117 shares of the company’s stock valued at $435,000 after purchasing an additional 4,474 shares during the period. Finally, Cynosure Group LLC raised its position in shares of Weatherford International by 38.2% in the first quarter. Cynosure Group LLC now owns 18,633 shares of the company’s stock valued at $998,000 after purchasing an additional 5,150 shares during the period. Institutional investors and hedge funds own 97.23% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on the stock. Raymond James Financial reaffirmed an “outperform” rating and set a $70.00 price target (up from $69.00) on shares of Weatherford International in a research report on Thursday, July 24th. Citigroup dropped their price objective on shares of Weatherford International from $90.00 to $70.00 and set a “buy” rating for the company in a research note on Tuesday, May 13th. Barclays dropped their price objective on shares of Weatherford International from $77.00 to $73.00 and set an “overweight” rating for the company in a research note on Thursday, July 24th. Finally, Piper Sandler upgraded shares of Weatherford International from a “neutral” rating to an “overweight” rating and lifted their price objective for the stock from $62.00 to $73.00 in a research note on Monday, July 28th. One research analyst has rated the stock with a hold rating and seven have issued a buy rating to the company. According to MarketBeat, Weatherford International presently has an average rating of “Moderate Buy” and a consensus target price of $97.63.

Weatherford International Price Performance

WFRD stock opened at $53.78 on Tuesday. The company has a quick ratio of 1.63, a current ratio of 2.21 and a debt-to-equity ratio of 1.03. Weatherford International PLC has a 12 month low of $36.74 and a 12 month high of $111.23. The firm has a market cap of $3.86 billion, a P/E ratio of 8.33, a P/E/G ratio of 1.60 and a beta of 0.77. The company’s 50-day moving average price is $53.36 and its two-hundred day moving average price is $52.99.

Weatherford International (NASDAQ:WFRD) last released its earnings results on Tuesday, July 22nd. The company reported $1.87 EPS for the quarter, beating the consensus estimate of $0.97 by $0.90. Weatherford International had a net margin of 9.35% and a return on equity of 34.87%. The firm had revenue of $1.20 billion for the quarter, compared to analyst estimates of $1.19 billion. During the same period last year, the firm earned $1.66 EPS. The business’s quarterly revenue was down 14.3% compared to the same quarter last year. On average, analysts anticipate that Weatherford International PLC will post 5.89 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, September 4th. Investors of record on Wednesday, August 6th will be issued a dividend of $0.25 per share. The ex-dividend date of this dividend is Wednesday, August 6th. This represents a $1.00 annualized dividend and a dividend yield of 1.9%. Weatherford International’s payout ratio is 15.48%.

Weatherford International Company Profile

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.