6 Best Geothermal Stocks To Invest In

3. Weatherford (NASDAQ:WFRD)

Number of Hedge Fund Investors in Q2 2024: 43

Weatherford (NASDAQ:WFRD) is a major player in the oilfield services industry and focuses on providing equipment and services for drilling, evaluation, completion, production, and intervention in oil and natural gas wells. The company operates in approximately 75 countries and has around 18,500 employees worldwide. Weatherford (NASDAQ:WFRD) also provides comprehensive geothermal energy solutions, offers heat-resistant technologies for both new and existing wells, and optimizes operations with real-time data, digitalization, and automation.

Weatherford (NASDAQ:WFRD) has achieved notable success in the geothermal energy sector through its advanced technologies. One of the standout technologies is its competitive liner systems. These systems are engineered to perform in some of the harshest environments, including ultradeep, high-angle, and extended-reach wellbores. Weatherford’s (NASDAQ:WFRD) Drilling-with-Liner (DwL) approach combines drilling and casing simultaneously in a single operation, which is highly advantageous in geothermal drilling as it reduces drilling time and significantly lowers overall costs. The technology also enhances wellbore stability by immediately reinforcing the well with the liner, which is especially crucial in geothermal environments where high temperatures and pressures present significant challenges.

Analysts expect Weatherford (NASDAQ:WFRD) to increase its earnings by 24% this year and have a consensus Buy rating on the stock, with an average price target of $152.25 which indicates a potential almost 50% upside from current levels. As of the second quarter, the company’s stock is held by 43 hedge funds, with a total stake valued at $705.67 million. Renaissance Technologies is the largest shareholder in the company and owns shares worth $80.56 million as of June 30.