Weatherford International (WFT) Rating Increased to Hold at Zacks Investment Research

Weatherford International (NYSE:WFT) was upgraded by Zacks Investment Research from a “sell” rating to a “hold” rating in a report released on Saturday.

According to Zacks, “Weatherford enjoys a leading position in the global oilfield services market. Its broad and technologically complex product/service offerings and growing presence in the Eastern Hemisphere are also encouraging. We appreciate the company’s cost-cutting initiatives, such as reduced headcount, consolidating facilities, to counter the prolonged oil price weakness. Despite these efforts, Weatherford’s debt-heavy balance sheet and weakness in generating free cash are other concerns. Weatherford is also facing pressure on top line. Moreover, the company’s price chart underperformed the broader market indices over the last one year. Given these headwinds, we expect Weatherford to be under pressure in the near future.”

A number of other brokerages have also recently issued reports on WFT. Jefferies Group set a $5.00 target price on Weatherford International and gave the company a “hold” rating in a research report on Thursday, October 5th. Citigroup upped their target price on Weatherford International from $5.30 to $5.60 and gave the company a “buy” rating in a research report on Thursday, October 5th. Royal Bank of Canada set a $6.00 target price on Weatherford International and gave the company a “buy” rating in a research report on Sunday, October 8th. Cowen set a $8.00 target price on Weatherford International and gave the company a “buy” rating in a research report on Friday, October 6th. Finally, Deutsche Bank assumed coverage on Weatherford International in a research report on Tuesday, October 10th. They issued a “buy” rating and a $6.00 target price for the company. Four analysts have rated the stock with a sell rating, four have given a hold rating, twenty have issued a buy rating and one has issued a strong buy rating to the stock. The stock currently has a consensus rating of “Buy” and an average target price of $5.90.

Shares of Weatherford International (NYSE:WFT) traded up $0.08 during midday trading on Friday, hitting $4.25. The company had a trading volume of 22,496,558 shares, compared to its average volume of 22,102,818. The firm has a market cap of $4,138.84, a PE ratio of -2.89 and a beta of 2.32. The company has a current ratio of 2.04, a quick ratio of 1.33 and a debt-to-equity ratio of 5.44. Weatherford International has a 1 year low of $3.08 and a 1 year high of $7.09.

Weatherford International (NYSE:WFT) last announced its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.22) earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of ($0.24) by $0.02. The firm had revenue of $1.46 billion during the quarter, compared to analysts’ expectations of $1.49 billion. Weatherford International had a negative return on equity of 67.44% and a negative net margin of 25.36%. The business’s revenue was up 7.1% on a year-over-year basis. During the same period in the prior year, the firm earned ($0.39) EPS. research analysts forecast that Weatherford International will post -1.02 EPS for the current year.

In other Weatherford International news, VP Douglas M. Mills sold 7,500 shares of the stock in a transaction that occurred on Wednesday, December 20th. The stock was sold at an average price of $3.75, for a total transaction of $28,125.00. Following the completion of the sale, the vice president now directly owns 271,625 shares of the company’s stock, valued at approximately $1,018,593.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 1.16% of the stock is currently owned by company insiders.

Hedge funds have recently modified their holdings of the company. Quantitative Systematic Strategies LLC purchased a new position in shares of Weatherford International during the 3rd quarter worth approximately $123,000. Private Advisor Group LLC raised its stake in shares of Weatherford International by 63.2% during the 2nd quarter. Private Advisor Group LLC now owns 39,207 shares of the oil and gas company’s stock worth $146,000 after buying an additional 15,178 shares in the last quarter. CIBC World Markets Inc. purchased a new position in shares of Weatherford International during the 2nd quarter worth approximately $161,000. Balentine LLC raised its stake in shares of Weatherford International by 68.5% during the 3rd quarter. Balentine LLC now owns 36,706 shares of the oil and gas company’s stock worth $168,000 after buying an additional 14,922 shares in the last quarter. Finally, Toronto Dominion Bank raised its stake in shares of Weatherford International by 244.5% during the 3rd quarter. Toronto Dominion Bank now owns 39,550 shares of the oil and gas company’s stock worth $181,000 after buying an additional 28,070 shares in the last quarter.

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About Weatherford International

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