There were growing pains, however. Following the transaction, the executive vice president now directly owns 158,000 shares in the company, valued at $10,475,400. In 4Q 2022, for the sake of expanded activity, pricing, and operational efficiencies, the company obtained a 22% adjusted EBITDA margin, which is the highest margin quarter over 12 years. Privacy Policy. WFRDs market cap is 3.67 Bil. Record-high quarterly profit lifts stock 9%, Weatherford Announces Second Quarter 2022 Results and Raises Full-Year Outlook, Weatherford International Q2 results mixed, co raises FY 2022 revenue outlook, What Wall Street expects from Weatherford International's earnings, Weatherford International Q2 2022 Earnings Preview, Weatherford International plc Announces Redemption of $50 million principal amount of its 11.0% senior notes due December 1, 2024, Weatherford International to redeem $50M notes in early cash repayment, Weatherford Announces Second-Quarter 2022 Conference Call, Weatherford set to join Russell 3000 Index, Weatherford wins new Buy ratings at Goldman, Deutsche Bank, Benzinga's Top Ratings Upgrades, Downgrades For June 8, 2022, Chevron's Venezuela license renewed under same restrictions, Weak crude oil stunts U.S. energy IPOs, boosts outlook for M&A, Registration on or use of this site constitutes acceptance of our. In other Weatherford International news, EVP Joseph H. Mongrain sold 15,000 shares of Weatherford International stock in a transaction that occurred on Thursday, March 2nd. WFRDs revenues in all geographic areas and all segments increased in the fourth quarter of 2022. HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc(NASDAQ: WFRD) ("Weatherford" or the "Company") announced the release of its 2022 Annual Report. WebStreamline business. In 1981 it became a 50-50 partner with Northwest Energy in developing an oil field in Hockley County, Texas. [21], In July 2007, the company was featured in news media reports questioning operations of the company's foreign subsidiary, Weatherford Oil Tool Middle East, which had offices and equipment in the nation of Sudan. Expert Ratings for Weatherford International, Benzinga's Top Ratings Upgrades, Downgrades For February 17, 2023, Energy is the week's only sector winner as crude oil snaps back, Weatherford stock surges 14% after touting strong Q4 results, Compass Minerals, CONSOL Energy among major Energy/Materials losers, Weatherford leads gainers, Analysts Conflicted on These Industrial Goods Names: Agco (AGCO), Weatherford International (WFRD) and Xylem (XYL), Weatherford International Non-GAAP EPS of $1.12, revenue of $1.21B beats by $50M, Weatherford International is about to announce earnings here's what Wall Street expects, Weatherford taps Arun Mitra from Mitsubishi Power Americas for CFO job, Weatherford International and DataRobot to advance AI capabilities, US Stocks Slightly Lower; Nasdaq Down 100 Points, What 5 Analyst Ratings Have To Say About Weatherford International, Analyst Ratings for Weatherford International, Weatherford stock gets a boost as Q3 revenue grows ~19%, Driller Weatherford's DRE unit drives rev beat, stock up 9%, Weatherford Announces Third Quarter 2022 Results, Weatherford International Non-GAAP EPS of $0.40 misses by $0.02, revenue of $1.12B beats by $20M, Weatherford International Q3 2022 Earnings Preview, Weatherford Awarded Lump-Sum Turnkey Project from Aramco to Deliver Drilling and Intervention Services, Weatherford Receives Award from Petroleum Development Oman to Provide Integrated Drilling Services, Weatherford wins $500M-plus integrated drilling services award from Oman, Weatherford Announces Redemption of $125 Million Principal Amount of its 11.0% Senior Notes due December 1, 2024, Weatherford Enters into $370 Million Amended and Restated Credit Facility, Weatherford to redeem $125M senior notes due 2024, Weatherford and Kwantis to Deliver Data-Driven Drilling Performance Management with Advanced Analytics, Weatherford Announces Third-Quarter 2022 Conference Call, Weatherford Appoints Executive Vice President of Operational Excellence, What 4 Analyst Ratings Have To Say About Weatherford International, Goldman Sachs Maintains Buy Rating for Weatherford International: Here's What You Need To Know, Weatherford Hosts the FWRD Conference to Demonstrate Digital Innovation in the Energy Industry, ADNOC Awards Weatherford Over $400 Million to Provide Drilling Services, Weatherford International gets $400M contract from UAE's ADNOC, WFRD, UPLD and SOND are among after hour movers, Why did Chevron surge today? WFRDs stock style is Small Growth. It was dealing in drilling products and services, cement engineering, production equipment, and specialty items and applications. crisis is now at its highest level and a financial crisis means lower demand for oil and oil-related services. In 2022, WFRDs EBITDA amount rose by 40% YoY and sat at $783 million, while its net debt declined by 9% to $1499 million at the end of 2022. Figure 2 WFRDs free cash flow (in millions). Ready 24/7, on any device. Drilling Holdings Inc. knowingly sold products that included US goods to Cuba, violating the Trading with the Enemy Act of 1917. Two Sigma Advisers LP grew its position in Weatherford International plc (NASDAQ:WFRD Get Rating) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC).The fund owned 461,800 shares of the companys stock after purchasing an additional 25,600 It operates through following segments: Drilling and Evaluation (DRE), Well Construction and Completions (WCC) and Production and Intervention (PRI). In early 1999, the decline in profits compelled Weatherford to lay off 3,300 workers, about 25 percent of its work force, and close 100 North American sales and service facilities. Style is calculated by combining value and growth scores, which are first individually calculated. They set a buy rating and a $88.00 price objective for the company. Girish K. Saligram was also appointed to the board of directors[19] on 12 October 2020. over 12 years. It also cut its capital budget to $90 million, a drop of 50 percent. Shares of software companies Okta and MongoDB drop. Although their cash balance decreased slightly from $951 million at the end of 2021 to $910 million in 2022, WFRD's EBITDA significantly increased in 2022 and reached the highest amount in recent years. Also, it is worth mentioning that the reopening of China can partially support oil prices. person. WebWeatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. It was initially called Energy Ventures, then EVI (1990), and finally Weatherford International (1998). The fund owned 461,800 shares of the companys stock after purchasing an additional 25,600 shares during the period. King Luther Capital Management Corp raised its holdings in shares of Weatherford International by 1.5% in the third quarter. Its only choice was to contain costs by slimming down to its core business. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years. The asset-to-equity ratio also decreased slightly from its peak of 9.63 in 2021 to 8.57 by the end of 2022, indicating that the company is using less debt to finance its assets. No. Combined, the two companies became Weatherford Enterra Inc., if only temporarily. Also, its recent contracts in the Middle East and Latin America can keep Weatherford profitable. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years. Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Weatherford International plc (NASDAQ:WFRD Get Rating). Although the deal was "99% to 100% sure," it required the approval of the Justice Department, with the odds on its blessing set at around 80 percent. Finally, WFRD was awarded three contracts in Latin America to deliver integrated drilling and completion services in onshore and offshore operations. Energy Ventures (EV) was founded in 1972. WFRD opened at $59.77 on Monday. The formula for calculating dividend yield is to divide the annual dividend paid per share by the stock price. Staff allegedly falsified documents stating that they had shipped goods to Barcelona, Venezuela, where they were later sent to Cuba. .css-16c7pto-SnippetSignInLink{-webkit-text-decoration:underline;text-decoration:underline;cursor:pointer;}Sign In, Copyright 2023 Dow Jones & Company, Inc. All Rights Reserved. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Principal Divisions: Weatherford Drilling & Intervention Services; Weatherford Completion Systems; Weatherford Artificial Lift Systems. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. Were raising our fair value estimate for Weatherford International to $53 from $43 following an exceptional performance in 2022. The $2.6 billion stock swap had created the fourth largest oil field service company in the world, a position reflected in its November 1998 change of name to Weatherford International, Inc. However, due to the recent collapse of two U.S. banks that caused oil prices to drop, the market is not in favor of WFRD as it was before. Disappointing earnings results send Roku shares plunging. We expect full year 2023 revenue to grow by low double digits to mid-teens year-over-year and for EBITDA margins to expand at least 100 basis points year-over-year, he continued. Want to see what other hedge funds are holding WFRD? In 2001, the company separated the tubulars business from its core offerings, believing that the intense capital requirements would prevent investments in core growth areas such as formation evaluation, well construction, and production. Expectations for rate hikes ease. I wrote this article myself, and it expresses my own opinions. Search available domains at loopia.com , With LoopiaDNS, you will be able to manage your domains in one single place in Loopia Customer zone. We maintain our no-moat rating and stable moat trend. Also, WFRD repaid $133 million of its debt of $2540 million in 4Q 2022; had $2409 million at the end of 2022. Two Sigma Advisers LP grew its position in Weatherford International plc (NASDAQ:WFRD Get Rating) by 5.9% in the 3rd quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). learn how over 7,000 companies got started! WebWeatherford International plc Analyst Report: Weatherford International plc Weatherford International provides diversified oilfield services worldwide for an array of oilfield types. Then, in June 1995, they announced the proposed merger, noting that the combined company would boast over $1 billion in assets and annual revenues of more than $850 million. WFRD does not currently have a forward dividend yield. Solar stocks shine, and retail remains buoyant. WebHouston-based Weatherford International, Inc. is one of the top five oilfield service companies in the world, with annual revenues exceeding $2 billion. These two subsidiaries were combined as Grant Prideco, giving parent EV a solid position as a major producer and supplier of drill pipe and tubulars. Weatherford's president and CEO, Thomas R. Bates, Jr., said that the joining of the two companies was "a growth story, not a consolidation story that is painful to employees." In 1987, Butler revealed that at the beginning of the recession Weatherford had actively pursued a merger with one or more other companies but, for whatever reason, never found any takers. Furthermore, despite the expectations for lower consolidated revenues in 1Q 2023 compared to 4Q 2022, the companys recent contracts can help the company to remain profitable. Its special service areas included the rehabilitation of older pipeline systems and the provision of services and products for drilling and serving both onshore and offshore gas and oil wells. https://www.wsj.com/articles/weatherford-international-to-relist-on-nasdaq-as-oil-industry-recovers-11622626202. Source: International Directory of Company Histories, Vol. Weve got a lot more stability now, says Weatherford CEO Girish Saligram. The ratios are calculated in comparison with previous years to be more helpful. Several other institutional investors and hedge funds also recently made changes to their positions in the company. Houston-based Weatherford International, Inc. is one of the top five oilfield service companies in the world, with annual revenues exceeding $2 billion. Made necessary by its major mergers and acquisitions, the company had known that it had to make some major consolidation and restructuring moves. Thus, WFRDs expectation for higher revenues in 2023 may not come true. We provide a platform for our authors to report on investments fairly, accurately, and from the investors point of view. Feb 14, 2023. Dow Jones Reprints at 1-800-843-0008 or visit www.djreprints.com. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. The 2022 Annual Report is available on the Company's website. On the other hand, we cannot ignore the sudden reopening of China which can increase Chinese oil demand and has the potential to support oil prices from decreasing further. Part of the growth strategy was developing the company's asset base with a primary focus on mature fields, which was a significant departure from industry trends during that time. A number of analysts recently issued reports on WFRD shares. Copyright 2023 Morningstar, Inc. All rights reserved. The average number of shares traded each day over the past 30 days, The ratio of current share price to trailing twelve month EPS that signals if the price is high or low compared to other stocks, The ratio of annual dividend to current share price that estimates the dividend return of a stock, A score provided by CDP (formerly the Carbon Disclosure Project) that rates a company on its climate transparency and performance. Within two years, Weatherford bought eight small companies. The firm is a global market leader in artificial lift and tubular running services. The company emerged with a stronger financial foundation, having reduced approximately $6.2 billion of outstanding funded debt, secured $2.6 billion in exit financing facilities, a $195M letter of credit facility, and $900M of liquidity. At the beginning of the 1990s, Energy Ventures, Weatherford, and Enterra--the three companies that would finally combine to emerge as the newly organized and structured Weatherford International--were all busy growing through vertical expansion and integration. We sell different types of products and services to both investment professionals and individual investors. Following the completion of the sale, the executive vice president now directly owns 158,000 shares in the company, valued at $10,475,400. Additionally, the Receive News & Ratings for Weatherford International Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Weatherford International and related companies with MarketBeat.com's FREE daily email newsletter. Thus, WFRDs expectation for higher revenues in 2023 may not come true. We nevertheless remain cautious in our long-term outlook and view shares as slightly overvalued at current prices. Chinese tech names and European healthcare get battered. Within a week thereafter, Weatherford Enterra announced its impending merger with EVI. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. The operating environment for oilfield services is very favorable at present. Under Eugene L. Butler, president and CEO, the company struggled to survive the bad times that closed down a number of over-extended oil service companies. Its often used to measure a companys size. Our full-featured web hosting packages include everything you need to get started with your website, email, blog and online store. Market capitalization is calculated by taking a companys share price and multiplying it by the total number of shares. It operates through two segments: Western The industry-wide woes simply exacerbated its reorganization problems, albeit only temporarily. [6] Energy Ventures (an E&P company that had been created in 1972) was publicly traded (OTC: ENGY) with a small market capitalization of about US$15 million. Shop parts. How we use your information depends on the product and service that you use and your relationship with us. It began as an offshore oil and gas explorer and producer. Copyright (c) 2022 Company-Histories.com. In April 2014, Weatherford announced that its Board of Directors approved relocating its legal domicile to Ireland from Switzerland. The Securities and Exchange Commission today announced that oil services company Weatherford International has agreed to pay a $140 million penalty to settle charges that it inflated earnings by using deceptive income tax accounting. Distribution and use of this material are governed by Figure 1 shows that WFRD performed well in 2022. Terms of Service apply. Over the next couple of decades, when the Weatherford name moved into Europe, Hall's company started acquiring a global reputation as a reliable "scratcher" and "centralizer," terms relating, respectively, to its casing cleaning and directional-drilling control services. These leverage ratios are critical indicators of Weatherford International's solvency and ability to meet its current and future obligations (see Figure 3). Then, in the summer of 1993, it worked out a $370 million purchase agreement with Tuboscope Vetco International Inc., also a Houston-based company. 50% off + free delivery on $20 orders with DoorDash promo code, 60% off running shoes and apparel at Nike without a promo code, Get up to 60% off best selling video game titles - GameStop coupon code, Hotel Promo: Up to 40% off + Extra 10% off with Barcelo coupon code. The reason of the drop in oil prices in the past few days is the recent collapse of two U.S. banks, which is a reflection of the recession and a sign of the severe financial challenges that the world faced in the past few quarters. Invests $1.06 Million in Vanguard Extended Market ETF, WealthPlan Investment Management LLC Makes New $213,000 Investment in 3M, Williams-Sonoma Posts Quarterly Earnings Results, Beats Estimates By $0.09 EPS. 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