Corebridge Financial Inc. Has $5.95 Million Stock Position in Weatherford International plc (NASDAQ:WFRD)

Corebridge Financial Inc. cut its stake in shares of Weatherford International plc (NASDAQ:WFRD) by 4.9% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 83,033 shares of the company’s stock after selling 4,321 shares during the period. Corebridge Financial Inc. owned approximately 0.11% of Weatherford International worth $5,948,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the stock. Lindbrook Capital LLC boosted its holdings in Weatherford International by 130.8% during the fourth quarter. Lindbrook Capital LLC now owns 360 shares of the company’s stock worth $26,000 after buying an additional 204 shares during the last quarter. R Squared Ltd acquired a new stake in shares of Weatherford International in the 4th quarter valued at approximately $36,000. Millburn Ridgefield Corp bought a new position in Weatherford International during the 3rd quarter worth approximately $42,000. Blue Trust Inc. grew its holdings in Weatherford International by 643.0% during the fourth quarter. Blue Trust Inc. now owns 1,278 shares of the company’s stock valued at $92,000 after purchasing an additional 1,106 shares during the period. Finally, Venturi Wealth Management LLC increased its stake in Weatherford International by 11,606.3% in the fourth quarter. Venturi Wealth Management LLC now owns 1,873 shares of the company’s stock valued at $134,000 after purchasing an additional 1,857 shares in the last quarter. Institutional investors own 97.23% of the company’s stock.

Insider Buying and Selling

In other news, EVP David John Reed sold 4,762 shares of the firm’s stock in a transaction that occurred on Monday, January 6th. The stock was sold at an average price of $72.66, for a total value of $346,006.92. Following the completion of the sale, the executive vice president now directly owns 11,109 shares of the company’s stock, valued at $807,179.94. This trade represents a 30.00 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this link. Also, EVP Scott C. Weatherholt sold 44,505 shares of Weatherford International stock in a transaction that occurred on Wednesday, January 29th. The stock was sold at an average price of $66.17, for a total value of $2,944,895.85. Following the transaction, the executive vice president now owns 125,019 shares of the company’s stock, valued at $8,272,507.23. This represents a 26.25 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last three months, insiders have sold 92,692 shares of company stock worth $6,207,725. Insiders own 1.60% of the company’s stock.

Wall Street Analysts Forecast Growth

WFRD has been the topic of a number of recent analyst reports. Piper Sandler reduced their price target on shares of Weatherford International from $87.00 to $82.00 and set a “neutral” rating on the stock in a research report on Monday, February 10th. The Goldman Sachs Group cut Weatherford International from a “buy” rating to a “neutral” rating and decreased their target price for the company from $132.00 to $98.00 in a research note on Friday, December 13th. Benchmark lowered their price target on Weatherford International from $140.00 to $125.00 and set a “buy” rating for the company in a report on Friday, February 7th. Barclays cut their price objective on Weatherford International from $100.00 to $92.00 and set an “overweight” rating on the stock in a report on Thursday, February 13th. Finally, Raymond James lowered their target price on Weatherford International from $107.00 to $97.00 and set a “strong-buy” rating for the company in a research note on Friday, February 7th. Two equities research analysts have rated the stock with a hold rating, five have assigned a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, Weatherford International presently has an average rating of “Moderate Buy” and an average price target of $107.63.

Weatherford International Price Performance

Shares of WFRD opened at $53.10 on Friday. The company has a 50 day moving average of $62.09 and a 200-day moving average of $74.88. The company has a quick ratio of 1.49, a current ratio of 2.01 and a debt-to-equity ratio of 1.26. The stock has a market capitalization of $3.87 billion, a P/E ratio of 7.90, a P/E/G ratio of 1.65 and a beta of 0.61. Weatherford International plc has a twelve month low of $51.24 and a twelve month high of $135.00.

Weatherford International (NASDAQ:WFRD) last announced its quarterly earnings data on Wednesday, February 5th. The company reported $1.50 earnings per share for the quarter, missing the consensus estimate of $1.80 by ($0.30). Weatherford International had a net margin of 9.18% and a return on equity of 40.65%. As a group, equities research analysts forecast that Weatherford International plc will post 5.89 EPS for the current fiscal year.

Weatherford International Dividend Announcement

The company also recently announced a quarterly dividend, which was paid on Wednesday, March 19th. Investors of record on Friday, February 21st were paid a $0.25 dividend. The ex-dividend date was Friday, February 21st. This represents a $1.00 annualized dividend and a dividend yield of 1.88%. Weatherford International’s dividend payout ratio is presently 14.88%.

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.