Weatherford Gets a Buy Rating from RBC Capital

By Carrie Williams

In a report released yesterday, Kurt Hallead from RBC Capital reiterated a Buy rating on Weatherford (NYSE: WFT), with a price target of $8. The company’s shares closed yesterday at $5.23.

According to, Hallead is a 5-star analyst with an average return of 11.1% and a 53.2% success rate. Hallead covers the Basic Materials sector, focusing on stocks such as Independence Contract Drilling, Energy Transfer Partners LP, and Diamond Offshore Drilling.

Weatherford has an analyst consensus of Moderate Buy, with a price target consensus of $7.33.

Based on Weatherford’s latest earnings report for the quarter ending March 31, the company posted quarterly revenue of $1.39 billion and GAAP net loss of $448 million. In comparison, last year the company earned revenue of $1.59 billion and had a GAAP net loss of $498 million.

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Weatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. It operates its business through the following business groups: Formation Evaluation & Well Construction, Completion & Production and Land Drilling Rigs. The Formation Evaluation & Well Construction business group offers services such as controlled-pressure drilling and testing, drilling, tubular running, drilling tools, integrated drilling, wireline services, re-entry and fishing, cementing, liner systems, integrated laboratory services and surface logging. The Completion & Production business group pertains for service lines, including artificial lift systems, stimulation and chemicals, completion systems and pipeline and specialty services. The Land Drilling Rigs provides onshore contract drilling services and related operations to the oil and gas industries globally. The company was founded in 1941 and is headquartered in Baar, Switzerland.