Gabelli Brokers Lower Earnings Estimates for Weatherford International plc (WFT)

Weatherford International plc (NYSE:WFT) – Analysts at Gabelli lowered their FY2019 EPS estimates for shares of Weatherford International in a report released on Tuesday, October 30th. Gabelli analyst S. Wong now expects that the oil and gas company will earn ($0.35) per share for the year, down from their previous estimate of ($0.10). Gabelli also issued estimates for Weatherford International’s FY2020 earnings at $0.15 EPS, FY2021 earnings at $0.30 EPS and FY2022 earnings at $0.45 EPS.

WFT has been the topic of a number of other reports. Bank of America began coverage on shares of Weatherford International in a research note on Wednesday, October 17th. They issued an “underperform” rating on the stock. Citigroup cut shares of Weatherford International from a “neutral” rating to a “sell” rating and lowered their price objective for the company from $3.50 to $1.00 in a research note on Tuesday. Morgan Stanley began coverage on shares of Weatherford International in a research note on Tuesday, September 18th. They issued an “equal weight” rating and a $4.00 price objective on the stock. Stifel Nicolaus began coverage on shares of Weatherford International in a research note on Monday, September 10th. They issued a “hold” rating and a $3.00 price objective on the stock. Finally, Societe Generale set a $2.00 price objective on shares of Weatherford International and gave the company a “sell” rating in a research note on Tuesday. Three investment analysts have rated the stock with a sell rating, nine have issued a hold rating and eleven have assigned a buy rating to the stock. Weatherford International has an average rating of “Hold” and a consensus price target of $3.78.

Shares of WFT opened at $1.34 on Thursday. The stock has a market capitalization of $1.26 billion, a PE ratio of -1.15 and a beta of 2.39. Weatherford International has a 52-week low of $1.10 and a 52-week high of $4.41.

Weatherford International (NYSE:WFT) last announced its quarterly earnings results on Monday, October 29th. The oil and gas company reported ($0.10) earnings per share (EPS) for the quarter, beating the Zacks’ consensus estimate of ($0.13) by $0.03. The business had revenue of $1.44 billion during the quarter, compared to the consensus estimate of $1.52 billion. Weatherford International had a negative net margin of 45.58% and a negative return on equity of 283.53%. The business’s revenue was down 1.1% compared to the same quarter last year. During the same quarter last year, the firm posted ($0.22) EPS.

In other Weatherford International news, Director William E. Macaulay sold 767,591 shares of the firm’s stock in a transaction dated Friday, August 24th. The shares were sold at an average price of $2.86, for a total transaction of $2,195,310.26. Following the sale, the director now directly owns 399,443 shares of the company’s stock, valued at approximately $1,142,406.98. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, Director Angela A. Minas purchased 40,000 shares of the firm’s stock in a transaction on Monday, September 17th. The shares were purchased at an average cost of $2.45 per share, for a total transaction of $98,000.00. Following the completion of the purchase, the director now directly owns 102,711 shares in the company, valued at $251,641.95. The disclosure for this purchase can be found here. 0.44% of the stock is owned by company insiders.

Institutional investors have recently added to or reduced their stakes in the business. Crewe Advisors LLC boosted its stake in shares of Weatherford International by 100.0% during the 2nd quarter. Crewe Advisors LLC now owns 136,846 shares of the oil and gas company’s stock worth $382,000 after purchasing an additional 68,423 shares during the last quarter. Bank of New York Mellon Corp boosted its position in shares of Weatherford International by 2.1% in the second quarter. Bank of New York Mellon Corp now owns 4,245,369 shares of the oil and gas company’s stock worth $13,967,000 after acquiring an additional 89,037 shares during the last quarter. Schwab Charles Investment Management Inc. boosted its position in shares of Weatherford International by 13.7% in the second quarter. Schwab Charles Investment Management Inc. now owns 5,273,299 shares of the oil and gas company’s stock worth $17,350,000 after acquiring an additional 634,542 shares during the last quarter. Sustainable Insight Capital Management LLC acquired a new stake in shares of Weatherford International in the second quarter worth approximately $720,000. Finally, GSA Capital Partners LLP acquired a new stake in shares of Weatherford International in the second quarter worth approximately $158,000.

Weatherford International Company Profile

Weatherford International plc operates as a multinational oilfield service company worldwide. It offers equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. The company operates in two segments, Western Hemisphere and Eastern Hemisphere.

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Earnings History and Estimates for Weatherford International (NYSE:WFT)

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