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HOUSTON - Weatherford International plc (NASDAQ: WFRD), a global energy services company with a market capitalization of $3.27 billion, announced today the appointment of Anuj Dhruv as its new Executive Vice President and Chief Financial Officer. Dhruv brings over 20 years of experience in finance and strategy, having held leadership roles across various industries, including technology, energy, and chemicals.
Most recently, Dhruv served as Vice President of Finance and Strategy for LyondellBasell’s Global Olefins and Polyolefins segment, managing performance and strategic initiatives for a segment generating $29 billion in revenue. His career also includes strategic positions at Schlumberger and Microsoft, where he was noted for optimizing financial performance and leading complex mergers and acquisitions. Dhruv joins Weatherford at a time when the company maintains strong financial health, with liquid assets exceeding short-term obligations and a moderate debt level, according to InvestingPro analysis.
Girish Saligram, President and CEO of Weatherford, expressed confidence in Dhruv’s appointment, stating that his fresh perspective and proven expertise are expected to strengthen the company’s leadership team. Saligram also extended gratitude to Arun Mitra for his contributions to the company and wished him well for the future. The company has demonstrated solid performance with annual revenue of $5.5 billion and trades at an attractive P/E ratio of 6.42, though InvestingPro data shows the stock has faced significant pressure in recent months.
Weatherford is known for delivering innovative and sustainable energy services, integrating advanced technologies and digitalization to maximize value and investment returns for its clients. The company operates in approximately 75 countries, employs around 18,000 people, and maintains 320 operating locations worldwide.
The appointment of Dhruv is anticipated to help Weatherford focus on delivering high returns for its shareholders as it navigates the next phase of its business journey. This news is based on a press release statement from Weatherford International plc.
In other recent news, Weatherford International has experienced a series of adjustments to its stock price targets by several analyst firms. Piper Sandler reduced Weatherford’s price target to $82, citing challenges in Mexico and Russia that are expected to impact the company’s performance. The firm’s analysis suggests a potential decline in international revenue due to these issues, although growth is anticipated in regions like the Middle East. Meanwhile, Benchmark lowered its target to $125 but maintained a Buy rating, emphasizing Weatherford’s improved margins and cash flow, which they believe are not fully reflected in the current stock valuation. Citi also adjusted its price target down to $90, reflecting concerns over reduced upstream spending in Mexico and declining activity in Russia. Despite these reductions, Citi continues to recommend Weatherford as a Buy, noting the company’s positive margin contributions from its Mexican operations. These developments highlight the mixed outlook for Weatherford, as analysts weigh the company’s regional challenges against its financial achievements.
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