Zacks Investment Research upgraded shares of Weatherford International Ltd. (NYSE:WFT) from a hold rating to a buy rating in a report published on Thursday morning. They currently have $6.25 price target on the stock.
According to Zacks, “Weatherford enjoys a leading position in the global oilfield services market. Its broad and technologically complex product/service offerings and its growing presence in the Eastern Hemisphere are other positives. The company is also well positioned to take advantage of multi-year expansion in the international upstream segment. Moreover, OPEC’s deal to curb oil production amid oversupplied commodity market is a boon for major oilfield services players like Weatherford. Following this Weatherford is likely to get more contracts from exploration and production companies for efficiently setting up oil and gas wells. In fact, Weatherford won as high as $1 billion contracts this year till now.”
Several other research firms have also recently weighed in on WFT. Vetr cut Weatherford International from a buy rating to a hold rating and set a $6.95 price objective for the company. in a research report on Monday, June 13th. Bank of America Corp. began coverage on Weatherford International in a research report on Monday, June 13th. They set an underperform rating for the company. Citigroup Inc. upped their price objective on Weatherford International from $7.00 to $8.00 and gave the stock a buy rating in a research report on Tuesday, June 14th. Imperial Capital began coverage on Weatherford International in a research report on Friday, June 24th. They set an in-line rating and a $7.00 price objective for the company. Finally, Seaport Global Securities reaffirmed a buy rating on shares of Weatherford International in a research report on Friday, August 19th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the company’s stock. Weatherford International has a consensus rating of Buy and an average target price of $8.83.
Shares of Weatherford International (NYSE:WFT) traded down 1.68% on Thursday, reaching $5.85. The company’s stock had a trading volume of 8,513,327 shares. Weatherford International has a 1-year low of $4.71 and a 1-year high of $11.49. The firm’s market cap is $5.24 billion. The company’s 50 day moving average is $5.70 and its 200-day moving average is $6.17.
Weatherford International (NYSE:WFT) last announced its quarterly earnings results on Wednesday, July 27th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the consensus estimate of ($0.30) by $0.02. Weatherford International had a negative return on equity of 13.41% and a negative net margin of 33.73%. The company earned $1.40 billion during the quarter, compared to the consensus estimate of $1.44 billion. During the same period in the prior year, the company earned ($0.10) earnings per share. The company’s revenue for the quarter was down 41.3% compared to the same quarter last year. Equities research analysts expect that Weatherford International will post $2.45 EPS for the current year.
A number of large investors have recently added to or reduced their stakes in the stock. Orbis Allan Gray Ltd bought a new stake in Weatherford International during the first quarter valued at about $130,340,000. State Street Corp boosted its stake in Weatherford International by 36.9% in the first quarter. State Street Corp now owns 26,567,174 shares of the company’s stock valued at $206,692,000 after buying an additional 7,166,608 shares during the period. Dodge & Cox boosted its stake in Weatherford International by 9.0% in the first quarter. Dodge & Cox now owns 81,021,617 shares of the company’s stock valued at $630,348,000 after buying an additional 6,695,940 shares during the period. Vanguard Group Inc. boosted its stake in Weatherford International by 5.4% in the second quarter. Vanguard Group Inc. now owns 68,298,516 shares of the company’s stock valued at $379,057,000 after buying an additional 3,504,828 shares during the period. Finally, Wedge Capital Management L L P NC boosted its stake in Weatherford International by 27.0% in the second quarter. Wedge Capital Management L L P NC now owns 14,783,032 shares of the company’s stock valued at $82,046,000 after buying an additional 3,142,666 shares during the period. 97.21% of the stock is owned by institutional investors.
About Weatherford International
Weatherford International Ltd. (Weatherford) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells. The Company operates four segments: North America, Latin America, Europe/West Africa/the former Soviet Union (FSU) and Middle East/North Africa/Asia.
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