Weatherford International Ltd. (WFT) Upgraded to Buy by Zacks Investment Research
Zacks Investment Research upgraded shares of Weatherford International Ltd. (NYSE:WFT) from a hold rating to a buy rating in a research report report published on Thursday. Zacks Investment Research currently has $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.”
WFT has been the subject of a number of other research reports. Bank of America Corp. began coverage on Weatherford International in a research note on Monday, June 13th. They set an underperform rating for the company. 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 research note on Friday, July 29th. Seaport Global Securities restated a buy rating on shares of Weatherford International in a research note on Friday, August 19th. Vetr downgraded Weatherford International from a buy rating to a hold rating and set a $6.95 target price on the stock. in a research note on Monday, June 13th. Finally, Jefferies Group restated a buy rating and issued a $8.00 target price on shares of Weatherford International in a research note on Sunday, July 10th. Three research analysts have rated the stock with a sell rating, eight have assigned a hold rating, twenty-two have issued a buy rating and one has assigned a strong buy rating to the company’s stock. The company currently has a consensus rating of Buy and a consensus price target of $8.83.
Shares of Weatherford International (NYSE:WFT) traded down 1.68% during trading on Thursday, hitting $5.85. The stock had a trading volume of 8,513,327 shares. Weatherford International has a 52 week low of $4.71 and a 52 week high of $11.49. The company’s market capitalization is $5.24 billion. The company’s 50 day moving average price is $5.70 and its 200 day moving average price is $6.17.
Weatherford International (NYSE:WFT) last released its quarterly earnings results on Wednesday, July 27th. The company reported ($0.28) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.30) by $0.02. The business earned $1.40 billion during the quarter, compared to the consensus estimate of $1.44 billion. Weatherford International had a negative return on equity of 13.41% and a negative net margin of 33.73%. The company’s quarterly revenue was down 41.3% on a year-over-year basis. During the same quarter in the previous year, the business earned ($0.10) EPS. Analysts predict that Weatherford International will post $2.45 earnings per share for the current year.
A number of hedge funds and other institutional investors have recently modified their holdings of WFT. CIBC Asset Management Inc increased its position in shares of 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 in the last quarter. First Allied Advisory Services Inc. increased its position in shares of Weatherford International by 1.9% in the second quarter. First Allied Advisory Services Inc. now owns 49,221 shares of the company’s stock valued at $274,000 after buying an additional 909 shares in the last quarter. Commonwealth Equity Services Inc increased its position in shares of Weatherford International by 3.4% in the second quarter. Commonwealth Equity Services Inc now owns 31,354 shares of the company’s stock valued at $174,000 after buying an additional 1,029 shares in the last quarter. GAM Holding AG increased its position in shares of Weatherford International by 5.4% in the second quarter. GAM Holding AG now owns 41,746 shares of the company’s stock valued at $232,000 after buying an additional 2,146 shares in the last quarter. Finally, Wrapmanager Inc. increased its position in shares of Weatherford International by 4.3% in the second quarter. Wrapmanager Inc. now owns 80,292 shares of the company’s stock valued at $446,000 after buying an additional 3,304 shares in the last quarter. 97.21% of the stock is currently owned by institutional investors.
Weatherford International Company Profile
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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