Weatherford International Ltd. (WFT) Rating Increased to Buy at Zacks Investment Research
Weatherford International Ltd. (NYSE:WFT) was upgraded by Zacks Investment Research from a “hold” rating to a “buy” rating in a research report issued to clients and investors on Thursday. The brokerage presently has a $6.25 target price on the stock. Zacks Investment Research’s price objective would suggest a potential upside of 9.46% 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.”
Other equities analysts have also issued reports about the company. Jefferies Group reaffirmed a “buy” rating and issued a $8.00 price target on shares of Weatherford International in a report on Sunday, July 10th. Citigroup Inc. cut their price target on Weatherford International from $8.00 to $7.00 and set a “buy” rating for the company in a report on Friday, July 29th. Bank of America Corp. began coverage on Weatherford International in a report on Monday, June 13th. They issued an “underperform” rating for the company. Imperial Capital began coverage on Weatherford International in a report on Friday, June 24th. They issued an “in-line” rating and a $7.00 price target for the company. Finally, Vetr lowered Weatherford International from a “buy” rating to a “hold” rating and set a $6.95 price target for the company. in a report on Monday, June 13th. Three investment analysts have rated the stock with a sell rating, eight have issued a hold rating, twenty-two have given a buy rating and one has given a strong buy rating to the stock. Weatherford International presently has an average rating of “Buy” and a consensus target price of $8.83.
Shares of Weatherford International (NYSE:WFT) traded up 3.590% during midday trading on Thursday, reaching $5.915. The company had a trading volume of 7,594,351 shares. Weatherford International has a one year low of $4.71 and a one year high of $11.49. The company has a 50 day moving average of $5.69 and a 200 day moving average of $6.17. The company’s market capitalization is $5.30 billion.
Weatherford International (NYSE:WFT) last announced its quarterly earnings data on Wednesday, July 27th. The company reported ($0.28) earnings per share for the quarter, beating 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 business earned $1.40 billion during the quarter, compared to analyst estimates of $1.44 billion. During the same period in the prior year, the company earned ($0.10) earnings per share. Weatherford International’s revenue was down 41.3% compared to the same quarter last year. Analysts predict that Weatherford International will post $2.45 EPS for the current fiscal year.
A number of hedge funds have recently bought and sold shares of WFT. 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. raised its position 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. raised its position 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. raised its position 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 position in Weatherford International during the second quarter valued at about $119,000. 97.21% of the stock is currently owned by institutional investors and hedge funds.
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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