On October 5, 2023, it was reported that Bailard Inc. has acquired a new stake in shares of Weatherford International plc (NASDAQ:WFRD) during the second quarter. According to the company’s recent disclosure with the Securities and Exchange Commission (SEC), Bailard Inc. purchased 3,500 shares of Weatherford International plc’s stock, which is estimated to be valued at approximately $232,000.
Weatherford International plc is an energy services company that offers equipment and services for various processes related to drilling, evaluation, completion, production, and intervention of oil, geothermal, and natural gas wells on a global scale. The company operates through three distinct segments: Drilling and Evaluation; Well Construction and Completions; and Production and Intervention.
With this acquisition of shares by Bailard Inc., the composition of Weatherford International plc’s ownership structure has been altered. This move suggests that Bailard Inc. sees potential value in investing in the energy services sector and specifically in Weatherford International plc.
Investing in energy-related companies can offer opportunities for growth and diversification within one’s investment portfolio. With its global operations and diversified range of services, Weatherford International plc appears to be positioned as a significant player in the industry.
As an energy services company, Weatherford International plc caters to clients involved in oil, geothermal, and natural gas explorations worldwide. Their expertise in drilling, evaluating reservoirs, constructing wells, well completions, production optimization techniques as well as intervention capabilities contribute to their comprehensive service offerings.
The acquisition made by Bailard Inc. not only adds value to their investment portfolio but also suggests a positive outlook towards the future prospects of Weatherford International plc. Investors often rely on valuable insights provided by institutional investors such as Bailard Inc., further highlighting the significance of this development.
It is important to note that any investment decision should be made after careful consideration of various factors including financial performance, industry trends, and market conditions. Investors should conduct thorough research and consult with their financial advisors to make informed decisions.
As of now, it remains to be seen how this new stake acquisition by Bailard Inc. will impact the future trajectory of Weatherford International plc. However, this move signifies that Weatherford International plc continues to attract interest from investors within the energy services sector.
Overall, the acquisition of a new stake in Weatherford International plc by Bailard Inc. underscores the potential value in investing in reputable energy services companies. With its global operations and diverse range of services, Weatherford International plc appears poised for continued growth and to play a vital role within the industry for years to come.
Institutional Investors and Analysts Show Interest in Weatherford International’s Stock
Institutional investors and hedge funds have been making moves in the stock market recently, particularly in regards to Weatherford International. Vanguard Group Inc. increased its position in the company by 2.8% during the third quarter, now owning over 3 million shares valued at $128.75 million. State Street Corp also raised its stake by 6.6% during the first quarter, while Bank of New York Mellon Corp and Geode Capital Management LLC saw increases of 10.1% and 4.4% respectively.
BlackRock Inc., on the other hand, only increased its position by a slight 1.7%. Nevertheless, institutional investors as a whole now hold an impressive 90.66% of Weatherford International’s stock.
Several analysts have had their say on WFRD shares as well. Raymond James set a target price of $110.00 for the stock, while Piper Sandler raised it to $116.00 and The Goldman Sachs Group to $101.00 with a “buy” rating.
Capital One Financial initiated coverage on Weatherford International with an “overweight” rating and a target price of $100.00, joining Evercore ISI which also lifted its target price from $106.00 to an optimistic $127.00.
With six analysts giving it a buy rating and one calling it a strong buy, Bloomberg data shows that Weatherford International has a consensus rating of “Buy” and an average target price of $103.43.
Shares of WFRD opened at $85.42 on Thursday, with the company’s debt-to-equity ratio standing at 2.97 and current ratio at 2 .03 (quick ratio is slightly lower at 1 .52). The stock has experienced highs reaching up to $98 .97 within the past year but hasn’t dipped below $31 .69 either.
The market capitalization stands at an impressive $6.16 billion, while the price-earnings ratio is 24.62 and the beta is 0 .90. On average, the fifty-day moving average calculated at $88.54 while the 200-day moving average sits at $72 .06.
Weatherford International released its quarterly earnings data on July 25th, reporting an EPS of $1 .12 for the quarter which fell short of the consensus estimate by $0.11. Although the company managed to achieve a return on equity of 46.47% and a net margin of 5.30%, it recorded revenue of $1 .27 billion compared to a consensus estimate of $1 .23 billion.
With all these variables in play, sell-side analysts are predicting that Weatherford International will post an EPS of 4.84 for the current year.
Only time will tell how these factors play out and what impact they will have on Weatherford International and its performance in the stock market going forward.