Zacks Upgrades Weatherford International to Outperform (WFT)
Weatherford International (NYSE:WFT) was upgraded by Zacks from a “neutral” rating to an “outperform” rating in a report released on Monday. The firm currently has a $27.00 price objective on the stock. Zacks‘s target price would suggest a potential upside of 18.73% from the company’s current price.
Zacks’ analyst wrote, “Weatherford International reported mixed first-quarter results with earnings beating the Zacks Consensus Estimate but revenues missing over the year-ago number. Going forward there are plenty of positives for Weatherford, including its leading position in the global oilfield services market, its broad and technologically-complex product/service offerings, and its growing presence in the relatively stable Eastern Hemisphere. The company is well positioned to take advantage of the multi-year expansion in the international upstream segment. The process is ongoing and is likely to gather momentum through 2014. Thus, we upgrade our recommendation from Neutral to Outperform and set a price target of $27.00.”
Several other analysts have also recently commented on the stock. Analysts at Susquehanna raised their price target on shares of Weatherford International from $21.00 to $24.00 in a research note on Wednesday, July 2nd. Separately, analysts at Drexel Hamilton initiated coverage on shares of Weatherford International in a research note on Friday, June 20th. They set a “hold” rating and a $23.00 price target on the stock. Finally, analysts at Societe Generale downgraded shares of Weatherford International from a “buy” rating to a “hold” rating in a research note on Thursday, June 12th. Nine equities research analysts have rated the stock with a hold rating and seven have assigned a buy rating to the company. The company presently has an average rating of “Hold” and an average target price of $22.77.
In other Weatherford International news, SVP William B. Jacobson unloaded 27,234 shares of the company’s stock in a transaction dated Thursday, July 3rd. The shares were sold at an average price of $22.78, for a total value of $620,390.52. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this link.
Weatherford International (NYSE:WFT) traded down 1.93% on Monday, hitting $22.30. 3,694,092 shares of the company’s stock traded hands. Weatherford International has a one year low of $13.07 and a one year high of $23.25. The stock has a 50-day moving average of $22.05 and a 200-day moving average of $17.86. The company’s market cap is $17.230 billion.
Weatherford International (NYSE:WFT) last posted its quarterly earnings results on Thursday, April 24th. The company reported $0.13 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.11 by $0.02. The company had revenue of $3.60 million for the quarter, compared to the consensus estimate of $3.70 billion. During the same quarter in the previous year, the company posted $0.15 earnings per share. The company’s revenue for the quarter was down 6.3% on a year-over-year basis. Analysts expect that Weatherford International will post $1.08 EPS for the current fiscal year.
Weatherford International Ltd. (NYSE:WFT) is a provider of equipment and services used in the drilling, evaluation, completion, production and intervention of oil and natural gas wells.
To view Zacks’ full report, visit Zacks’ official website.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.