Weatherford International Ltd. (NYSE:WFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a report released on Thursday. The firm currently has a $6.25 price objective on the stock. Zacks Investment Research’s price objective points to a potential upside of 6.11% from the company’s previous close.
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.”
WFT has been the topic of several other reports. Jefferies Group reiterated a “buy” rating and set a $8.00 target price on shares of Weatherford International in a report on Sunday, July 10th. Citigroup Inc. reduced their target price on Weatherford International from $8.00 to $7.00 and set a “buy” rating on the stock in a report on Friday, July 29th. Bank of America Corp. assumed coverage on Weatherford International in a report on Monday, June 13th. They set an “underperform” rating on the stock. Seaport Global Securities reiterated a “buy” rating on shares of Weatherford International in a report on Friday, August 19th. Finally, Nomura set a $10.00 target price on Weatherford International and gave the stock a “buy” rating in a report on Tuesday, August 16th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have assigned a buy rating and one has given a strong buy rating to the company. The stock currently has a consensus rating of “Buy” and an average price target of $8.83.
Weatherford International (NYSE:WFT) opened at 5.89 on Thursday. The firm’s market cap is $5.28 billion. The stock’s 50 day moving average price is $5.70 and its 200-day moving average price is $6.16. Weatherford International has a one year low of $4.71 and a one year high of $11.49.
Weatherford International (NYSE:WFT) last posted its quarterly earnings results on Wednesday, July 27th. The company reported ($0.28) earnings per share (EPS) for the quarter, topping the Thomson Reuters’ 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 business had revenue of $1.40 billion for the quarter, compared to analyst estimates of $1.44 billion. During the same period last year, the company earned ($0.10) EPS. The firm’s revenue was down 41.3% on a year-over-year basis. Analysts forecast that Weatherford International will post $2.45 earnings per share for the current year.
In other Weatherford International news, VP Douglas M. Mills sold 12,500 shares of the company’s stock in a transaction on Friday, October 7th. The stock was sold at an average price of $5.97, for a total transaction of $74,625.00. Following the completion of the sale, the vice president now directly owns 223,933 shares in the company, valued at $1,336,880.01. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. 1.10% of the stock is owned by corporate insiders.
Large investors have recently added to or reduced their stakes in the company. CIBC Asset Management Inc boosted its stake in Weatherford International by 3.5% in the second quarter. CIBC Asset Management Inc now owns 19,189 shares of the company’s stock valued at $106,000 after buying an additional 647 shares during the last quarter. Cambridge Investment Research Advisors Inc. boosted its stake in Weatherford International by 29.2% in the second quarter. Cambridge Investment Research Advisors Inc. now owns 19,011 shares of the company’s stock valued at $106,000 after buying an additional 4,295 shares during the last quarter. Baird Financial Group Inc. boosted its stake in Weatherford International by 35.8% in the second quarter. Baird Financial Group Inc. now owns 18,220 shares of the company’s stock valued at $109,000 after buying an additional 4,800 shares during the last quarter. Bessemer Group Inc. boosted its stake in Weatherford International by 90.4% in the second quarter. Bessemer Group Inc. now owns 20,989 shares of the company’s stock valued at $116,000 after buying an additional 9,967 shares during the last quarter. Finally, Dynamic Technology Lab Private Ltd acquired a new stake in Weatherford International during the second quarter valued at $119,000. Hedge funds and other institutional investors own 97.21% of the company’s stock.
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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