Weatherford International (WFT) Upgraded at Bank of America

Weatherford International (NYSE:WFT) was upgraded by equities research analysts at Bank of America from an “underperform” rating to a “neutral” rating in a research note issued to investors on Tuesday, Marketbeat reports. The brokerage presently has a $5.00 price target on the oil and gas company’s stock. Bank of America’s price objective suggests a potential upside of 22.85% from the company’s previous close.

A number of other research firms have also recently commented on WFT. Zacks Investment Research raised Weatherford International from a “sell” rating to a “hold” rating in a report on Saturday, January 13th. Jefferies Group cut Weatherford International from a “hold” rating to an “underperform” rating and set a $3.00 price target on the stock. in a report on Thursday, January 4th. Seaport Global Securities raised Weatherford International from a “neutral” rating to a “buy” rating and raised their price target for the company from $4.00 to $5.00 in a report on Wednesday, November 1st. Credit Suisse Group set a $6.00 price target on Weatherford International and gave the company a “buy” rating in a report on Tuesday, January 2nd. Finally, UBS Group set a $6.00 price target on Weatherford International and gave the company a “buy” rating in a report on Wednesday, January 3rd. Four analysts have rated the stock with a sell rating, five have given a hold rating, twenty have given a buy rating and one has assigned a strong buy rating to the company. The stock presently has an average rating of “Buy” and a consensus target price of $5.86.

Weatherford International (NYSE:WFT) traded down $0.13 during midday trading on Tuesday, reaching $4.07. The company had a trading volume of 18,253,400 shares, compared to its average volume of 29,481,490. The stock has a market capitalization of $4,168.62, a P/E ratio of -2.77 and a beta of 2.32. The company has a quick ratio of 1.33, a current ratio of 2.04 and a debt-to-equity ratio of 5.44. Weatherford International has a 12 month low of $3.08 and a 12 month high of $7.09.

Weatherford International (NYSE:WFT) last released its earnings results on Wednesday, November 1st. The oil and gas company reported ($0.22) earnings per share for the quarter, beating the Thomson Reuters’ consensus estimate of ($0.24) by $0.02. The company had revenue of $1.46 billion for the quarter, compared to the consensus estimate of $1.49 billion. Weatherford International had a negative return on equity of 67.44% and a negative net margin of 25.36%. Weatherford International’s quarterly revenue was up 7.1% compared to the same quarter last year. During the same period in the previous year, the business earned ($0.39) earnings per share. sell-side analysts anticipate that Weatherford International will post -1.02 earnings per share for the current fiscal year.

In other news, VP Douglas M. Mills sold 7,500 shares of Weatherford International stock in a transaction dated Wednesday, December 20th. The stock was sold at an average price of $3.75, for a total value of $28,125.00. Following the sale, the vice president now directly owns 271,625 shares of the company’s stock, valued at $1,018,593.75. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders own 1.16% of the company’s stock.

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

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About Weatherford International

Weatherford International Ltd. (Weatherford) is one of the largest multinational oilfield service companies providing innovative solutions, technology and services to the oil and gas industry. The Company operates in over 90 countries and has a network of approximately 860 locations, including manufacturing, service, research and development, and training facilities and employs approximately 29,500 people.

Analyst Recommendations for Weatherford International (NYSE:WFT)

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