Truvestments Capital LLC Makes New $406,000 Investment in Weatherford International plc (NASDAQ:WFRD)

Truvestments Capital LLC purchased a new stake in shares of Weatherford International plc (NASDAQ:WFRD) during the first quarter, HoldingsChannel.com reports. The institutional investor purchased 3,519 shares of the company’s stock, valued at approximately $406,000.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. McGlone Suttner Wealth Management Inc. purchased a new stake in Weatherford International during the 4th quarter valued at $27,000. Fidelis Capital Partners LLC purchased a new stake in Weatherford International during the first quarter valued at $33,000. Parallel Advisors LLC lifted its holdings in Weatherford International by 189.0% in the fourth quarter. Parallel Advisors LLC now owns 289 shares of the company’s stock valued at $28,000 after acquiring an additional 189 shares during the period. Rise Advisors LLC purchased a new position in Weatherford International in the first quarter worth about $34,000. Finally, Quadrant Capital Group LLC boosted its position in Weatherford International by 539.1% in the fourth quarter. Quadrant Capital Group LLC now owns 294 shares of the company’s stock worth $29,000 after purchasing an additional 248 shares during the last quarter. 97.23% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities analysts have recently weighed in on the stock. Citigroup began coverage on shares of Weatherford International in a research note on Tuesday, May 14th. They issued a “buy” rating and a $155.00 price objective on the stock. Evercore ISI lifted their price target on shares of Weatherford International from $130.00 to $151.00 and gave the stock an “outperform” rating in a research note on Thursday, April 25th. Bank of America boosted their price objective on shares of Weatherford International from $145.00 to $150.00 and gave the company a “buy” rating in a research report on Monday, July 15th. Piper Sandler raised their target price on Weatherford International from $180.00 to $184.00 and gave the stock an “overweight” rating in a report on Thursday, April 25th. Finally, Raymond James cut their price target on Weatherford International from $161.00 to $158.00 and set a “strong-buy” rating for the company in a report on Thursday. Seven research analysts have rated the stock with a buy rating and one has given a strong buy rating to the company. According to MarketBeat, the company presently has an average rating of “Buy” and an average target price of $153.88.

Weatherford International Price Performance

Shares of WFRD traded down $0.38 during trading hours on Friday, reaching $117.38. 1,673,325 shares of the stock traded hands, compared to its average volume of 1,269,963. Weatherford International plc has a 52-week low of $78.53 and a 52-week high of $135.00. The company has a current ratio of 1.99, a quick ratio of 1.37 and a debt-to-equity ratio of 1.31. The company has a market cap of $8.59 billion, a P/E ratio of 18.99, a price-to-earnings-growth ratio of 0.79 and a beta of 0.64. The company’s 50-day moving average price is $120.43 and its two-hundred day moving average price is $113.34.

Weatherford International (NASDAQ:WFRD) last announced its quarterly earnings data on Tuesday, July 23rd. The company reported $1.66 EPS for the quarter, missing the consensus estimate of $1.74 by ($0.08). The business had revenue of $1.41 billion during the quarter, compared to analysts’ expectations of $1.42 billion. Weatherford International had a net margin of 9.19% and a return on equity of 49.69%. Weatherford International’s revenue was up 10.3% on a year-over-year basis. During the same quarter in the previous year, the firm earned $1.12 earnings per share. On average, analysts anticipate that Weatherford International plc will post 7.09 earnings per share for the current year.

Weatherford International Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, September 12th. Shareholders of record on Tuesday, August 13th will be paid a $0.25 dividend. The ex-dividend date is Tuesday, August 13th. This represents a $1.00 annualized dividend and a yield of 0.85%.

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.