Weatherford International PLC (NYSE:WFT) Announces Earnings Results, Hits Expectations

Weatherford International PLC (NYSE:WFT) posted its earnings results on Friday. The oil and gas company reported ($0.28) earnings per share for the quarter, hitting the Zacks’ consensus estimate of ($0.28), MarketWatch Earnings reports. The business had revenue of $1.36 billion for the quarter, compared to analyst estimates of $1.46 billion. Weatherford International PLC had a negative net margin of 60.22% and a negative return on equity of 47.36%. Weatherford International PLC’s revenue was down 2.8% on a year-over-year basis. During the same quarter in the prior year, the firm posted ($0.28) EPS.

Weatherford International PLC (WFT) traded down 2.51% during mid-day trading on Friday, reaching $4.27. 23,638,968 shares of the company’s stock were exchanged. The company’s 50-day moving average is $4.08 and its 200 day moving average is $5.27. Weatherford International PLC has a one year low of $3.39 and a one year high of $7.09. The firm’s market capitalization is $4.20 billion.

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WFT has been the topic of a number of analyst reports. UBS AG reaffirmed a “buy” rating and set a $8.00 target price (down previously from $9.00) on shares of Weatherford International PLC in a report on Tuesday, May 2nd. BMO Capital Markets reaffirmed a “buy” rating and set a $7.00 target price on shares of Weatherford International PLC in a report on Tuesday, May 2nd. Royal Bank Of Canada reaffirmed a “buy” rating and set a $8.00 target price on shares of Weatherford International PLC in a report on Monday, April 3rd. Deutsche Bank AG reaffirmed a “buy” rating and set a $7.00 target price (down previously from $8.00) on shares of Weatherford International PLC in a report on Tuesday, May 30th. Finally, Piper Jaffray Companies set a $6.00 target price on shares of Weatherford International PLC and gave the stock a “buy” rating in a report on Saturday. Three investment analysts have rated the stock with a sell rating, seven have assigned a hold rating, nineteen have issued a buy rating and one has assigned a strong buy rating to the company. Weatherford International PLC presently has a consensus rating of “Buy” and a consensus target price of $6.55.

In other Weatherford International PLC news, VP Douglas M. Mills sold 17,500 shares of the business’s stock in a transaction dated Wednesday, May 10th. The shares were sold at an average price of $5.19, for a total value of $90,825.00. Following the completion of the transaction, the vice president now directly owns 296,625 shares in the company, valued at $1,539,483.75. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 1.10% of the company’s stock.

A number of institutional investors have recently made changes to their positions in the company. Baldwin Brothers Inc. MA purchased a new position in shares of Weatherford International PLC during the first quarter worth approximately $100,000. Sumitomo Mitsui Asset Management Company LTD increased its position in shares of Weatherford International PLC by 13.5% in the first quarter. Sumitomo Mitsui Asset Management Company LTD now owns 15,982 shares of the oil and gas company’s stock worth $106,000 after buying an additional 1,899 shares in the last quarter. Laurion Capital Management LP purchased a new position in shares of Weatherford International PLC during the first quarter worth approximately $109,000. BKD Wealth Advisors LLC increased its position in shares of Weatherford International PLC by 9.5% in the first quarter. BKD Wealth Advisors LLC now owns 16,884 shares of the oil and gas company’s stock worth $112,000 after buying an additional 1,471 shares in the last quarter. Finally, Two Sigma Securities LLC increased its position in shares of Weatherford International PLC by 14.5% in the first quarter. Two Sigma Securities LLC now owns 17,643 shares of the oil and gas company’s stock worth $117,000 after buying an additional 2,238 shares in the last quarter.

About Weatherford International PLC

Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates four segments: North America, Latin America, Europe/West Africa/the former Soviet Union (FSU) and Middle East/North Africa/Asia.