HOUSTON - Weatherford International plc (NASDAQ: NASDAQ:WFRD), an energy services company, announced today the appointment of Steven Beringhause to its Board of Directors, effective immediately. With Beringhause's appointment, the board now comprises six members, with his term set to expire at the 2025 Annual Meeting of Shareholders.
Charles M. Sledge, Chairman of Weatherford's Board, expressed confidence in Beringhause's abilities, highlighting his extensive background in managing digital commercial applications. Beringhause's experience is expected to contribute significantly to Weatherford's growth and innovation strategies.
Girish Saligram, Weatherford's President, CEO, and Director, also welcomed Beringhause, noting his combination of technical expertise and strategic vision. This addition to the board is anticipated to support Weatherford's portfolio enhancement and its advancement in the industry.
Previously, Beringhause served as a director for Meritor (NYSE:MTOR) Inc. until its acquisition by Cummins (NYSE:CMI), Inc. in 2022. His career includes a tenure as Chief Technology Officer at Sensata Technologies, where he led the company's largest business unit and significantly contributed to its growth and profitability. His background is rooted in engineering, with both a Master of Science and a Bachelor of Science in mechanical engineering from the Massachusetts Institute of Technology.
Weatherford operates in around 75 countries and employs approximately 19,000 individuals from over 110 nationalities, with 330 operating locations. The company is known for integrating advanced technologies and digitalization to deliver sustainable energy services aimed at maximizing value and return on investment.
This move by Weatherford is part of its ongoing efforts to strengthen its leadership team and position itself for future success in the evolving energy market. The information for this article is based on a press release statement.
In other recent news, Weatherford International reported robust Q2 2024 results, with revenues increasing by 10% year-over-year to $1,405 million and net income reaching $125 million, a significant 52% increase year-over-year. The company also announced an annual dividend of $1 per share and a three-year share repurchase program of $500 million. Additionally, Weatherford expanded its credit facility to a cap of $1 billion, enhancing its financial flexibility.
The company has also formed a strategic partnership with QatarEnergy, as outlined in a Memorandum of Understanding (MOU), aimed at enhancing Qatar's local energy industry. Piper Sandler maintained its 'Overweight' rating on TechnipFMC (NYSE:FTI), citing the company's potential and strategy.
Goldman Sachs (NYSE:GS), BofA Securities, and Piper Sandler have all raised their stock price targets for Weatherford, citing the company's strong performance and potential future growth drivers. These recent developments reflect Weatherford's commitment to growth, financial health, and strategic partnerships.
InvestingPro Insights
Weatherford International plc (NASDAQ: WFRD) continues to make strategic moves to solidify its position in the energy services market. As the company welcomes Steven Beringhause to its board, investors may find the latest financial metrics and InvestingPro Tips particularly relevant in assessing Weatherford's current performance and future prospects.
InvestingPro data highlights Weatherford's robust revenue growth, with a 15.9% increase in the last twelve months as of Q1 2024. This is complemented by a notable gross profit margin of 34.26%, reflecting the company's efficiency in managing its operations. Furthermore, Weatherford's market capitalization stands at a solid $9.8 billion, underscoring the company's substantial presence in the industry.
InvestingPro Tips reveal that Weatherford is trading at a low P/E ratio relative to near-term earnings growth, which may appeal to value-oriented investors looking for growth potential. Additionally, the company's liquid assets exceed short-term obligations, suggesting a strong liquidity position that can support ongoing operations and strategic initiatives.
For investors interested in deeper analysis, InvestingPro offers more tips, such as Weatherford's moderate level of debt and its profitability over the last twelve months. With 12 additional InvestingPro Tips available, investors can gain a comprehensive understanding of Weatherford's financial health and market performance. To access these insights, use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription at InvestingPro.
The company's stock has also been performing well, trading near its 52-week high and showing a high return over the last year. Analysts predict profitability for the year, which may further bolster investor confidence in Weatherford's strategic direction and the recent board appointment.
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