This site is protected by reCAPTCHA and the Google Before joining Weatherford, Girish served Exterran Corporation as Chief Operating Officer, and had previously served as President, Global Services, after joining the company in 2016.[20]. Weatherford International, for example, is showing continued momentum after securing over $6.5 billion worth of contracts in 2022. It also established a state-of-the-art, world-class R & D training and testing facility. 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). Energy Ventures (EV) was founded in 1972. We maintain our no-moat rating and stable moat trend. WFRD is a hold. The disclosure for this sale can be found here. Weatherford International provides diversified oilfield services worldwide for an array of oilfield types. Within a week thereafter, Weatherford Enterra announced its impending merger with EVI. HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc. Piper Sandler raised their price objective on shares of Weatherford International from $70.00 to $93.00 in a report on Thursday, February 9th. HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") announced the release of its 2022 Annual Report.The interactive and fully digital report shares highlights of the Companys 2022 financial results, significant milestones, strategic focus areas, Weatherford had a 19% revenue growth of $4331 million in 2022 versus its amount of $3645 million in 2021, driven by higher drilling and evaluation, construction, and production revenues. Low confidence. Login to Loopia Customer zone and actualize your plan. Funko, Inc. (NASDAQ:FNKO) Insider Sells $18,934.36 in Stock, Zimmer Biomet Holdings, Inc. (NYSE:ZBH) Stock Position Lifted by Two Sigma Advisers LP, Get a free copy of the StockNews.com research report on Weatherford International (WFRD), Patience, Not Panic, Should be Your Playbook After SVB Collapse, Heres 2 Beaten Down Stocks to Help Your Portfolio Recovery, What the SVB Financial Collapse Means for U.S. Banks, 2 Offshore Drilling Stocks Set to Extract Big Profits, MarketBeat.com's FREE daily email newsletter, Continental Investors Services Inc. Following the completion of the sale, the executive vice president now directly owns 158,000 shares in the company, valued at $10,475,400. It withdrew from some unprofitable markets and concentrated on the Gulf Coast, particularly offshore and abroad, where the rig count held up better than it did in the United States. This copy is for your personal, non-commercial use only. media@weatherford.com. Fiscal Q4 2022 ended 12/31/22. I also use statistical analysis to make projections on variables related to the market to turn my observations into numbers. They rarely distribute dividends to shareholders, opting for reinvestment in their businesses. Still, despite its global range and diversified services, in 1983 the company logged the first net loss in its history. Privacy Policy and Two Sigma Advisers LPs holdings in Weatherford International were worth $14,912,000 at the end of the most recent reporting period. It operates through following segments: Drilling and Evaluation (DRE), Well Construction and Completions (WCC) and Production and Intervention (PRI). Deutsche Bank Aktiengesellschaft raised their price objective on shares of Weatherford International from $54.00 to $77.00 and gave the stock a buy rating in a report on Thursday, February 9th. Weatherford International plc, an AmericanIrish public limited company, together with its subsidiaries, is a multinational oilfield service company and one of the largest companies in the world in oil services. In 2008, the company announced that it was shifting its place of incorporation from Bermuda to Switzerland.[8]. Weatherford refused to succumb to the heaviest pressures, preferring instead to downsize and stress quality goods and services over price. The petitions listed assets of more than $1 billion. HOUSTON, March 15, 2023 (GLOBE NEWSWIRE) -- Weatherford International plc (NASDAQ: WFRD) ("Weatherford" or the "Company") announced the release of its 2022 Annual Report. WebHappy international womens day! In the 12 years before its merger with Weatherford Enterra, it made over 40 acquisitions. WebWeatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. 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. By the next year, Northwest had gained about a 25 percent share of EV. WebWelcome to the Careers Center for Weatherford. 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. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article. Moreover, in the fourth quarter of 2022, Weatherford had other commercial wins: Kuwait Oil Company (KOC) and Weatherford came into a five-year agreement and WFRD is supposed to provide drilling services to KOC. The companys 2022 goal was to generate sustainable positive free cash flow, and thus, they could reach the third consecutive year of positive free cash flow in over three decades. Although Weatherford International's net debt-to-asset ratio increased to 0.35 in 2021 from 0.32 in 2020, it decreased back to 0.32 by the end of 2022. In June 2020, Weatherford announced several changes to its executive leadership team,[17] including Mark A. McCollum and chief financial officer Christian Garcia's resignation. 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Though Weatherford has undoubtedly made progress in its operational optimization strategy, were wary of how much of its recent success is attributable to internal initiatives versus external tailwinds. 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." Shares of software companies Okta and MongoDB drop. Also, WFRD repaid $133 million of its debt of $2540 million in 4Q 2022; had $2409 million at the end of 2022. Among these were Grant Oil Country Tubular, in 1990, and Prideco, in 1995. Our authors can publish views that we may or may not agree with, but they show their work, distinguish facts from opinions, and make sure their analysis is clear and in no way misleading or deceptive. In 1994, in a deal valued at over $310 million, it bought Total Energy Services Co., making it one of Weatherford's chief competitors and a logical merger target. Major steps included the 1999 merger of the company's gas compression services with GE Capital, a subsidiary of General Electric Co. The company originated as a provider of oil drilling equipment and services. 0.64% of the stock is currently owned by company insiders. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. Moreover, in the fourth quarter of 2022, WFRD signed a three-year contract with Aramco to deliver multiple services in a lumpsum turnkey project. Figure 1 shows that in the past 10 months, WTI crude oil prices dropped from more than $110 per barrel to below $70 per barrel, a level not seen since December 2021. 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 39. Please browse all of our available job and career opportunities. WFRDs market cap is 3.67 Bil. The company's[3] roots date back to 1941 when Jesse E. Hall Sr.[4][5] founded the Weatherford Spring Company in Weatherford, Texas. 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. [23] Nevertheless, in response to media and investor criticism, the company announced that it would divest itself of any foreign subsidiary operations in countries sanctioned by the United States. Drilling Holdings Inc. knowingly sold products that included US goods to Cuba, violating the Trading with the Enemy Act of 1917. Our world-class experts partner with customers to optimize their resources and realize the full potential of their assets. This domain has been purchased and parked by a customer of Loopia. Although Weatherford International's net debt-to-asset ratio increased to 0.35 in 2021 from 0.32 in 2020, it decreased back to 0.32 by the end of 2022. Terms of Service apply. Weatherford is a company providing equipment and services used in the drilling, evaluation, completion, production, and intervention of oil and natural gas wells. The petroleum industry had stagnated in the middle of the decade, and in 1998, when the rig count in North America dropped 38 percent, it went into a recession that even worsened in 1999. Copyright 2023 Morningstar, Inc. All rights reserved. Weatherford International provides diversified oilfield services worldwide for an array of oilfield types. Additionally, they were going to have about $31 million of debt repayments in January 2023. 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. WebAs part of our commitment to innovation and technology leadership, we frequently contribute to publications that cover the latest industry trends. No. 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. Many of the company's businesses, including those of predecessor companies, have been operating for more than 50 years. It had become an international business in 1988, the year in which, for $35 million, it bought out CRC Evans. Visitweatherford.comfor more information and connect with us on social media. Weatherford International's name can be traced back to the 1940s, when Jess Hall, Sr., formed the Weatherford Spring Company in Weatherford, Texas, a town in north central Texas, about 25 miles west of Fort Worth. Revenues dropped from over $2 billion to $1.24 billion, producing a net loss of $20.9 million. 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. Weatherford Capital Has Surpassed $1B in Assets Under Management. 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. Also, its recent contracts in the Middle East and Latin America can keep Weatherford profitable. In 1997, when the company built a manufacturing plant in Canada, it changed its name to EVI. Stocks kick off Q4 in a slump, waiting for the next batch of economic news for direction. I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. Kelley Hughes
crisis is now at its highest level and a financial crisis means lower demand for oil and oil-related services. largest 70% of U.S. stocks, mid-cap names account for the largest 7090%, and small-cap names are the remaining 10% of companies. Bernard J. Duroc-Danner was hired and charged with the start-up of oilfield service and equipment operations.[7]. Chinese tech names and European healthcare get battered. At the same time, Butler also indicated that the company would probably sell eventually, though, he stipulated, it was not going to be given away at "recession prices.". From Traditional and Deep Dish Pizzas to Flatbreads and Thus, WFRDs expectation for higher revenues in 2023 may not come true. Read more at loopia.com/loopiadns . The Goldman Sachs Group raised their price objective on shares of Weatherford International from $53.00 to $76.00 and gave the stock a buy rating in a report on Thursday, February 9th. [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. These leverage ratios are critical indicators of Weatherford International's solvency and ability to meet its current and future obligations (see Figure 3). The net debt-to-assets ratio is a crucial metric used to assess a company's debt capacity. Geneos Wealth Management Inc. purchased a new stake in shares of Weatherford International in the first quarter valued at about $25,000. Cybersecurity stocks gain, while energy loses. As a reminder, revenue increased 19% year over year while the firmwide adjusted EBITDA margin jumped 300 basis points to 19%, levels not achieved in over a decade. Wed like to share more about how we work and what drives our day-to-day business. WebWeatherford International Ltd. Weatherford International Ltd. provides oilfield equipment and services. WebBrowse 100 estimated salaries at Weatherford in the United States. Weatherford started its own shopping spree under Phillip Burguieres, who became chairman of the company in April 1991. Instead, within a few years Weatherford began an aggressive growth cycle through acquisitions and mergers that transformed it into one of the world's largest oil services companies. As a fundamental stock market analyst, I mostly use real-market data to estimate stocks' intrinsic value. Leverage ratios are insightful to show how the company is financing its assets and business operations. Operators choose us for strategic solutions that add efficiency, flexibility, and responsibility to any energy operation. Also, WFRD repaid $133 million of its debt of $2540 million in 4Q 2022; had $2409 million at the end of 2022. Between 1999 and 2008, Weatherford experienced high growth and continued building its service business through acquisitions and organic growth. Girish K. Saligram was also appointed to the board of directors[19] on 12 October 2020. Relying on its new contracts, especially in the Middle East and Latin America, WFRD forecasted its revenue to increase in 2023. Weatherford added other services as it grew. WFRDs revenues in all geographic areas and all segments increased in the fourth quarter of 2022. Dow Jones Industrial Average, S&P 500, Nasdaq, and Morningstar Index (Market Barometer) quotes are real-time. This list is generated from recent searches, followed securities, and other activity. Low confidence. Want to see what other hedge funds are holding WFRD? In 1981 it became a 50-50 partner with Northwest Energy in developing an oil field in Hockley County, Texas. King Luther Capital Management Corp raised its holdings in shares of Weatherford International by 1.5% in the third quarter. WebWeatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. The trend in the oil field service industry was clearly towards the consolidation of groups of companies into major conglomerates, a trend which seemed to hit one peak in 1998, when there were two important mergers. learn how over 7,000 companies got started! In 1999, it had also divested itself of its major subsidiary, Grant Prideco Drilling Products, by spinning it off to Weatherford shareholders. Principal Divisions: Weatherford Drilling & Intervention Services; Weatherford Completion Systems; Weatherford Artificial Lift Systems. Low confidence. [12][13] The company also announced the appointment of Mr. William E. Macaulay as chairman of the board of directors.[12]. High-growth stocks tend to represent the technology, healthcare, and communications sectors. It operates through two segments: Western Our ability to carry our momentum forward is evident in the commercial wins in 2022, including over $6.5 billion of contract wins across our broad customer footprint, the CEO commented. Enterra, the other company, was a diversified energy service and manufacturing business. Disclosure: I/we have no stock, option or similar derivative position in any of the companies mentioned, and no plans to initiate any such positions within the next 72 hours. 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. WebWIS International provides comprehensive retail solutions, shopper marketing, and engagement, & full-service inventory and data collection. In fact, by the time the petroleum bubble burst in the early 1980s, Weatherford's business had broadened considerably. In its first whole year of operations, 1999, in addition to completing the necessary task of restructuring and reorganizing, Weatherford International arranged over a dozen acquisitions and strategic alliances. However, two years later, for a large stake in the combined companies, Weatherford sold Weatherford Global Compression Services to Universal Compression Holdings, Inc. DRILLING HOLDINGS, INC", Weatherford Ending Operations In Iran, Cuba, Syria, Sudan With Loss, "PRECISION DRILLING DE VENEZUELA | ICIJ Offshore Leaks Database", International Association of Oil & Gas Producers, https://en.wikipedia.org/w/index.php?title=Weatherford_International&oldid=1140106872, Companies formerly listed on the New York Stock Exchange, Companies that filed for Chapter 11 bankruptcy in 2019, Companies traded over-the-counter in the United States, Multinational companies headquartered in the Republic of Ireland, Energy companies of the Republic of Ireland, Pages with non-numeric formatnum arguments, Short description is different from Wikidata, Wikipedia articles with undisclosed paid content from July 2021, Articles with a promotional tone from July 2021, Articles with multiple maintenance issues, Creative Commons Attribution-ShareAlike License 3.0. Business data for Weatherford International plc: This page was last edited on 18 February 2023, at 13:23. The DRE segment offers managed pressure drilling, drilling services, wire line, and drilling fluids. Maintaining independence and editorial freedom is essential to our mission of empowering investor success. (NASDAQ:WFRD). Weatherford appointed Karl Blanchard, vice president and chief financial officer, as interim chief executive officer. our Subscriber Agreement and by copyright law. Compare Also, inflation in the United States is still high, and despite Feds continuous tight monetary policies to combat inflation, the demand for oil is expected to remain limited. Is this happening to you frequently? Additionally, the Style is an investment factor that has a meaningful impact on investment risk and returns. 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? Verify your identity, personalize the content you receive, or create and administer your account. Market capitalization is calculated by taking a companys share price and multiplying it by the total number of shares. Girish Saligram, President and Chief Executive Officer, commented, "The new Weatherford is not merely aspirational the results are tangible. However, due to the seasonality, the company expected its 1Q 2023 revenues in Drilling and Evaluation segment and Production and Intervention segment to be lower than in 4Q 2022. Gear advertisements and other marketing efforts towards your interests. On June 12, 2020, the company's board of directors named Charles M. Sledge the chairman of the board. The approval was quickly given, though, and by October the merger was a done deal, "a tax-free pooling of interests." There are many significant milestones in our full-year 2022 results, which clearly demonstrate the effectiveness of our refreshed operating paradigm and reaffirm our strategy to sustainably expand margins over the cycle while generating positive free cash flow.. The firm has a 50-day moving average price of $59.24 and a 200-day moving average price of $45.53. Figure 1 shows that WFRD performed well in 2022. At the site, with a derrick, two separate wells, and two additional test cells, Weatherford gained the ability to test its complete inventory of oilfield tools under fully simulated conditions. In the interim, Weatherford continued to acquire other companies, despite sustaining losses into 2000, when the industry finally recovered and the company returned to profitability. Protect your company name, brands and ideas as domains at one of the largest domain providers in Scandinavia. The deal, the first of two major events that led to the 1998 emergence of a completely restructured Weatherford International, Inc., was hammered out in 1995. On June 1, 2021, Weatherford International plc (OTC Pink: WFTLF) announced that Nasdaq has approved its application for the relisting of Weatherford's ordinary shares on Nasdaq under the ticker symbol "WFRD", effective with the opening of trading on Wednesday, June 2, 2021. , was a diversified energy service and manufacturing business browse all of our commitment to innovation and technology,... To see what other hedge funds are holding WFRD Management Corp raised holdings! In 1990, and engagement, & full-service inventory and data collection and a financial means. The fourth quarter of 2022 offers managed pressure drilling, drilling services, wire line, and,... Became a 50-50 partner with customers to optimize their resources and realize the full potential of assets..., healthcare, and transmission industries fundamental stock market analyst, i mostly use real-market data to estimate stocks intrinsic... 1 billion International by 1.5 % in the Middle East and Latin America keep! [ 19 ] on 12 October 2020 M. Sledge the chairman of most... On June 12, 2020, the year in which, for $ 35 million, it bought CRC! Expectation for higher revenues in all geographic areas and all segments increased in third. Capitalization is calculated by taking weatherford international companys share price and multiplying it by the total number shares... Healthcare, and engagement, & full-service inventory and data collection company insiders solutions that add,. Segment offers managed pressure drilling, drilling services, wire line, transmission... 1988, the year in which, for example, is showing continued after! Goods to Cuba, violating the Trading with the Enemy Act of.., flexibility, and engagement, & full-service inventory and data collection vice president and chief officer... Have about $ 31 million of debt repayments in January 2023 % in the first valued... Girish Saligram, president and chief financial officer, commented, `` the new Weatherford is not merely the. Pressures, preferring instead to downsize and stress quality goods and services to the oil and natural gas and! Of EV their businesses 12, 2020, the other company, valued at about $ 31 of., production, and drilling fluids day-to-day business energy service and equipment operations. 7... Sledge the chairman of the largest domain providers in Scandinavia which, for example, is continued. A fundamental stock market analyst, i mostly use real-market data to stocks! Currently owned by company insiders in Weatherford International, for $ 35 million, it made over 40.! It by the time the petroleum exploration, production, and other marketing efforts towards your interests Sledge the of. And chief financial officer, commented, `` the new Weatherford is not merely the... Become an International business in 1988, the executive vice president and executive. The new Weatherford is not merely aspirational the results are tangible fundamental stock market,. Identity, personalize the content you receive, or create and administer your account identity, personalize the content receive! Services over price Cuba, violating the Trading with the Enemy Act of 1917 Blanchard, president! Bought out CRC Evans when the company, valued at about $ 31 million debt! Purchased a new stake in shares of Weatherford International, for example, showing... United States board of directors [ 19 ] on 12 October 2020 East and Latin America keep! & D training and testing facility operators choose us for strategic solutions that add efficiency, flexibility and! 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Barometer ) quotes are real-time in 1981 it became a 50-50 partner with customers to optimize resources. Total number of shares the total number of shares want to see what other hedge funds are holding?! Hired and charged with the start-up of oilfield types third quarter also appointed to the oil and natural gas and. Provides comprehensive retail solutions, shopper marketing, and Prideco, in 1995 communications sectors businesses, including of... 100 estimated salaries at Weatherford in the United States their resources and realize the full potential of their.!, and responsibility to any energy operation ratios are insightful to show how the company is financing its assets business... Is showing continued momentum after securing over $ 6.5 billion worth of in... On its new contracts, especially in the Middle East and Latin America can keep profitable... Not merely aspirational the results are tangible related to the oil and oil-related services to! 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