Bank of America Upgrades Weatherford International (WFT) to Neutral

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

A number of other research firms have also commented on WFT. Sanford C. Bernstein raised Weatherford International from a “market perform” rating to an “outperform” rating in a report on Friday, November 3rd. Cowen set a $8.00 target price on Weatherford International and gave the stock a “buy” rating in a report on Friday, October 6th. Zacks Investment Research lowered Weatherford International from a “hold” rating to a “sell” rating in a report on Saturday, January 6th. Royal Bank of Canada set a $6.00 target price on Weatherford International and gave the stock a “buy” rating in a report on Sunday, October 8th. Finally, Jefferies Group lowered Weatherford International from a “hold” rating to an “underperform” rating and set a $3.00 target price for the company. in a report on Thursday, January 4th. Four research analysts have rated the stock with a sell rating, five have given a hold rating, twenty have issued a buy rating and one has assigned a strong buy rating to the company’s stock. Weatherford International currently has an average rating of “Buy” and a consensus target price of $5.86.

Weatherford International (NYSE WFT) traded down $0.13 during mid-day 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. Weatherford International has a one year low of $3.08 and a one year high of $7.09. The company has a current ratio of 2.04, a quick ratio of 1.33 and a debt-to-equity ratio of 5.44. The company has a market cap of $4,168.62, a price-to-earnings ratio of -2.77 and a beta of 2.32.

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

In other news, VP Douglas M. Mills sold 7,500 shares of the firm’s stock in a transaction on Wednesday, December 20th. The stock was sold at an average price of $3.75, for a total value of $28,125.00. Following the transaction, the vice president now directly owns 271,625 shares in the company, valued at approximately $1,018,593.75. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Company insiders own 1.16% of the company’s stock.

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in WFT. Harris Associates L P lifted its position in Weatherford International by 2,166.3% during the second quarter. Harris Associates L P now owns 61,075,275 shares of the oil and gas company’s stock valued at $236,361,000 after purchasing an additional 58,380,345 shares in the last quarter. Van ECK Associates Corp lifted its position in Weatherford International by 12.5% during the third quarter. Van ECK Associates Corp now owns 26,859,040 shares of the oil and gas company’s stock valued at $123,014,000 after purchasing an additional 2,979,183 shares in the last quarter. GMT Capital Corp purchased a new position in Weatherford International during the second quarter valued at $9,767,000. State Street Corp lifted its position in Weatherford International by 3.3% during the second quarter. State Street Corp now owns 50,573,863 shares of the oil and gas company’s stock valued at $195,718,000 after purchasing an additional 1,617,102 shares in the last quarter. Finally, Carmignac Gestion lifted its position in Weatherford International by 466.7% during the second quarter. Carmignac Gestion now owns 1,700,000 shares of the oil and gas company’s stock valued at $6,579,000 after purchasing an additional 1,400,000 shares in the last quarter.

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Weatherford International Company Profile

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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