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Desmond J. Mills, the Senior Vice President and Chief Accounting Officer of Weatherford International plc (NASDAQ:WFRD), a $4.95 billion oil services company trading at an attractive P/E ratio of 9.9x, recently executed several stock transactions, according to a Form 4 filing with the Securities and Exchange Commission. According to InvestingPro analysis, the company appears undervalued at current levels. On February 7, Mills sold a total of 19,425 shares of Weatherford International, generating approximately $1.31 million. The shares were sold at prices ranging from $67.00 to $68.0322 per share.
Additionally, on February 6, Mills acquired 10,254 ordinary shares through the vesting of performance share units awarded under the company’s 2019 Equity Incentive Plan. This transaction did not involve any cash outlay. Mills disposed of 4,035 shares at $65.36 per share to cover tax obligations related to the vesting of these units, amounting to $263,727. InvestingPro data shows Weatherford maintains a strong financial health score of "GREAT," with liquid assets exceeding short-term obligations.
Following these transactions, Mills now holds 17,899 shares of Weatherford International directly. For comprehensive insider trading analysis and additional ProTips about Weatherford’s financial health, visit InvestingPro, where you’ll find detailed research reports and valuable insights.
In other recent news, Weatherford International has seen several adjustments to its stock target from major analysts. Piper Sandler cut its target from $87 to $82, citing challenges in Mexico and Russia that may affect the company’s performance. Despite these challenges, Weatherford’s revenue is expected to increase in the low single digits year-over-year, excluding Mexico and Russia, with the Middle East being a promising market.
Benchmark also reduced its Weatherford stock target from $140 to $125, but maintained a Buy rating. The adjustment comes despite Weatherford trading at 50% below its long-term average enterprise value to earnings before interest, taxes, depreciation, and amortization (EV/EBITDA) multiple, and achieving higher margins and free cash flow than any previous point in its history.
Citi made two adjustments to Weatherford’s stock target. The first cut was from $110 to $95 due to concerns about declining investments in Mexico and oil activity in Saudi Arabia. The second cut was from $95 to $90, reflecting a potential larger downturn in upstream spending in Mexico and a decrease in activity in Russia. Despite these revisions, Citi also maintained a Buy rating on Weatherford’s stock.
These recent developments indicate that while Weatherford faces significant challenges in certain markets, it also has opportunities for growth in others. The analysts’ continued Buy ratings suggest a positive outlook for the company’s stock, despite the lowered targets.
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