HOUSTON—David John Reed, the Executive Vice President and Chief Commercial Officer of Weatherford International plc (NASDAQ:WFRD), recently sold a portion of his holdings in the company. According to a regulatory filing, Reed sold 4,762 ordinary shares on January 6, 2025, at a price of $72.66 per share, totaling approximately $346,006. The transaction comes as InvestingPro analysis shows Weatherford trading below its Fair Value, with analysts setting price targets ranging from $84 to $140.
Following this transaction, Reed retains ownership of 11,109 shares in the company. The sale was conducted under a pre-established 10b5-1 trading plan, which Reed adopted on September 12, 2024. With a market capitalization of $5.2 billion, Weatherford maintains strong financial health, operating with moderate debt levels and solid liquidity. InvestingPro subscribers can access additional insights, including 6 more ProTips and a comprehensive Pro Research Report, ahead of the company’s upcoming earnings release on February 5, 2025.
In other recent news, Weatherford International has been the subject of multiple analyst reviews and has secured significant contracts in the Middle East. Citi analyst Scott Gruber lowered the stock price target to $95.00 from $110.00, citing concerns about Weatherford’s exposure to declining investments in Mexico and oil activity in Saudi Arabia. Despite this, Gruber maintained a Buy rating on the stock, suggesting a continued positive outlook.
Evercore ISI also reduced its price target for Weatherford from $149.00 to $142.00, but maintained an ’Outperform’ rating. The firm’s analysis indicates Weatherford is poised to benefit from a favorable geographical mix and the sustained international and offshore market upcycle.
In terms of financial performance, Weatherford reported a steady growth in its third-quarter earnings, maintaining an adjusted EBITDA margin of 25.2% and generating an adjusted free cash flow of $184 million. The company’s revenue remained stable sequentially but saw a 7% increase from the previous year.
In recent developments, Weatherford has secured significant contracts with the Abu Dhabi National Oil Company (ADNOC), the Kuwait Oil Company (KOC) and a National Oil Company in Qatar. These contracts are anticipated to bolster Weatherford’s global market position and enhance operational efficiency of the respective companies’ assets.
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