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HOUSTON—Sandhu Depinder, Executive Vice President of Global Product Lines at Weatherford International plc (NASDAQ:WFRD), a $4.95 billion oilfield services company currently rated "GREAT" on InvestingPro’s financial health score, sold a significant portion of company stock, according to a recent SEC filing. On February 7, Depinder sold 13,800 shares at an average price of $66.40 and an additional 200 shares at an average price of $67.10. These transactions, which occurred over multiple trades, totaled approximately $929,740. The stock, trading at a modest P/E ratio of 9.9, is currently considered undervalued according to InvestingPro’s Fair Value analysis.
Earlier, on February 6, Depinder acquired 9,164 ordinary shares through the vesting of performance share units, which were granted under Weatherford’s 2019 Equity Incentive Plan. The same day, 3,607 shares were withheld to cover tax obligations related to the vesting, valued at $65.36 per share, amounting to a total value of $235,753.
After these transactions, Depinder’s direct ownership stands at 8,892 shares.
In other recent news, Weatherford International plc experienced several adjustments in its stock price target by different analyst firms due to various factors. Piper Sandler reduced Weatherford’s stock target to $82, noting the company’s challenges in Mexico and Russia, which are expected to decrease international revenue. However, revenue growth is anticipated in other regions, notably the Middle East.
Benchmark also adjusted Weatherford’s stock target from $140 to $125, maintaining a Buy rating. The firm highlighted the company’s improved profitability and cash generation capabilities, suggesting the stock may be undervalued.
Citi analyst, Scott Gruber, twice adjusted the price target for Weatherford. The first adjustment was from $110 to $95, reflecting concerns about declining investments in Mexico and oil activity in Saudi Arabia. The second adjustment lowered the target to $90 due to a more significant downturn in upstream spending in Mexico than initially anticipated and potential reductions in activity in Russia.
Despite these adjustments, the firms maintained a generally positive outlook on Weatherford’s stock. These are recent developments that investors should take into account when considering Weatherford.
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