Weatherford International Exceeds Expectations with Impressive Q1 Earnings

Piper Sandler's Luke Lemoine raised their price target on Weatherford International (NASDAQ: WFRD) by 2.2% from $180 to $184 on 2024/04/25. The analyst maintained their Strong Buy rating on the stock.

Reacting to Weatherford International's Q1 2024 earnings, reported on 2024/04/23, Lemoine said that the company "continues to exceed all expectations," and "there's still wood to chop." The 25% margin target was pulled forward a full year, the analyst noted, adding that "there are still initiatives within fulfillment, new technology, and operating leverage that can push margins even higher."

The positive sentiment towards Weatherford International is also echoed by Evercore ISI Group's James West. On the same day as Lemoine's update, West raised their price target by 16.2%, from $130 to $151, and maintained their Buy rating on the stock.

The strong analyst ratings for Weatherford International are not an isolated opinion. In fact, 100% of top-rated analysts currently rate WFRD as a Strong Buy or Buy, with no analysts seeing it as a Hold. Similarly, no analysts either recommend or strongly recommend selling the stock.

Looking ahead, the consensus forecast among analysts is that WFRD's upcoming year will deliver earnings per share (EPS) of $1.95. If the analysts are right, WFRD's next yearly EPS will be down by 69.1% on a year-over-year basis.

Investors have been rewarded for their confidence in Weatherford International. Since the company's last quarterly report on 2024/03/31, the stock price has risen by 7.1%. On a year-over-year basis, the stock is up an impressive 108.1%. During this period, Weatherford International has outpaced the S&P 500, which has shown a growth of 24%.

Piper Sandler analyst Luke Lemoine has a strong track record in the financial industry. Ranked in WallStreetZen's top 12% out of 4,565 Wall Street analysts, Lemoine boasts an average return of 15.7% and a 64.3% win rate. Their expertise lies in the Industrials, Energy, and Basic Materials sectors.

Weatherford International Public Limited Company, headquartered in Houston, TX, provides equipment and services for the drilling, evaluation, and production of oil and natural gas in the U.S. and internationally. The company operates through two segments, Western Hemisphere and Eastern Hemisphere, offering a range of artificial lift systems, automation and control systems, and multiphase flow measurement services.

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