Weatherford International Ltd. (WFT) - NYSE
  • Thu, Feb. 4, 12:48 PM
    | Thu, Feb. 4, 12:48 PM
  • Thu, Feb. 4, 9:19 AM
    | Thu, Feb. 4, 9:19 AM
  • Wed, Feb. 3, 7:18 PM
    • Weatherford International (NYSE:WFT) says in its Q4 earnings report that it will lay off another 6,000 employees and close nine manufacturing and service facilities in H1 2016.
    • The latest round of cuts brings to 20K the number of workers who have been or will be released by the world’s fourth largest oilfield services supplier.
    • WFT also says it plans FY 2016 capex of $300M, 56% lower than its 2015 spending.
    • "We have geared the company, and will increasingly do so, for a prolonged period of very low activity," CEO Bernard Duroc-Danner says.
    | Wed, Feb. 3, 7:18 PM | 15 Comments
  • Wed, Feb. 3, 5:15 PM
    • Weatherford (NYSE:WFT): Q4 EPS of -$0.13 beats by $0.06.
    • Revenue of $2.01B (-46.1% Y/Y) beats by $10M.
    | Wed, Feb. 3, 5:15 PM | 1 Comment
  • Tue, Feb. 2, 5:35 PM
  • Wed, Jan. 20, 5:24 PM
    • Weatherford International (NYSE:WFT) closed 6.2% lower after plunging as much as 17% in today's trade as investors worry about its debt in light of collapsing oil prices; shares have lost 33% YTD.
    • But RBC analyst Kurt Hallead believes WFT will be able to "adequately manage through the cycle downturn," and sees free cash flow improvements driven by lower severance costs, positive cash flow from the Zubair project and reduced capex, which should fund the repayment of $350M in debt due in 2016 and $600M in 2017.
    • While WFT has recorded negative free cash flow in seven of the last eight years, Hallead says much of this resulted from two large projects in Mexico and Iraq which ran large cash flow deficits over a period of several years; WFT has put better processes and controls in place and should be better equipped to avoid money-losing projects in the future.
    | Wed, Jan. 20, 5:24 PM | 1 Comment
  • Thu, Jan. 7, 11:26 AM
    • Crude oil prices likely will stay subdued throughout H1 2016, Oppenheimer's James Schumm says, noting “record pessimism” on futures exchanges and indications from Saudi Arabia that it is preparing for a protracted period of low prices, but he expects oilfield services stocks to recover in H2.
    • Schumm says Halliburton (HAL +0.1%) and Schlumberger (SLB -0.3%) will have an advantage, as their client roster includes the high quality E&P companies whereas smaller oilfield services companies (OIH -0.9%) tend to work for the more marginal players.
    • Oppenheimer also recommends Weatherford (WFT -2.9%), Superior Energy Services (SPN -2.4%), Bristow Group (BRS -2.4%) and Era Group (ERA -5%) in the sector.
    | Thu, Jan. 7, 11:26 AM | 9 Comments
  • Dec. 14, 2015, 12:38 PM
    • National Oilwell Varco (NOV -0.1%) should buy Weatherford (WFT -1.8%), as WFT fits NOV's criteria of helping realize meaningful cost synergies and/or operational improvements, helping shift exposure to land from offshore, and enhancing its portfolio of onshore completion and production offerings, says Thomas Curran of FBR.
    • NOV would need to convince WFT to a 50% premium all cash payment for the deal, and would be funded via debt, which would leave the combined entity with a steep but manageable debt-to-total capital ratio, the analyst says.
    • Curran has maintained an Outperform rating on NOV with a price target of $55.
    | Dec. 14, 2015, 12:38 PM | 13 Comments
  • Dec. 11, 2015, 11:46 AM
    • Investors should buy oil services stocks with exposure to onshore oil production on weakness going forward, Citi analyst Scott Gruber says in "a deliberately early call."
    • Onshore oil businesses are set to recover because OPEC does not appear able to meet global demand after 2016, Gruber says, adding that the rally in the companies likely will be "powerful" when it arrives.
    • Gruber continues to name Halliburton (HAL -1.7%) and Baker Hughes (BHI -4.7%) as his top picks, but he also believes small and mid-cap names in the sector will rally; he upgrades C&J Energy (CJES -4.8%), Nabors Industries (NBR -3.2%), Patterson-UTI (PTEN -2.2%), Superior Energy (SPN -3.8%) and Weatherford (WFT -6.2%) to Buy from Hold, and raises Helmerich & Payne (HP -2%) and National Oilwell Varco (NOV -1.4%) to Neutral from Sell.
    | Dec. 11, 2015, 11:46 AM | 20 Comments
  • Nov. 24, 2015, 5:26 PM
    • Susquehanna analysts suspect that international oil exploration will be even weaker than expected, prompting them to reduce estimates for oil services companies Halliburton (NYSE:HAL), Schlumberger (NYSE:SLB), Weatherford International (NYSE:WFT) and Baker Hughes (NYSE:BHI).
    • The firm expects activity levels to steadily drift lower in 2016, as national oil companies and international companies slow spending in order to manage cash flows; NOCs generally operate on annual budgets that are not typically subject to much revision, so the larger international operators will be looking for a sustained move higher in oil prices before ramping up spending and activity levels, Susquehanna says.
    • The firm's 2016 EPS forecast for SLB slips to $2.50 from $2.78, for WFT falls to a loss of $0.60 from a loss of $0.51, for BHI to a loss of $0.17 from a loss of $0.16, and for HAL to $1.16 from $1.17.
    | Nov. 24, 2015, 5:26 PM | 5 Comments
  • Nov. 6, 2015, 5:30 PM
    • Oilfield service companies are in "survival mode," looking to cut costs large and small - from thousands of job cuts to capacity reductions to changing paint colors - WSJ reports.
    • Example: Technip (OTCQX:TNHPF) is cutting 6K jobs and using white paint instead of yellow on underwater equipment because adding pigment is more expensive.
    • The oil downturn has left even the world's biggest oil services company, Schlumberger (NYSE:SLB), vulnerable; in its Q3 results, the company reported big drops in earnings and revenue.
    • Next year could be even worse as producers cut more than $200B in spending this year and next; consult Wood Mackenzie expects only 10 new projects globally to attract investment commitments, which would hit a sector that typically has the capacity to support an average of 40-50 new projects a year.
    • Other relevant tickers include: HAL, BHI, CAM, WFT, AMFW, XLE, OIH, XES, IEZ
    | Nov. 6, 2015, 5:30 PM | 5 Comments
  • Oct. 22, 2015, 12:26 PM
    • Weatherford International (WFT +10.6%) will not try to buy assets divested by Halliburton (HAL +3.3%) and Baker Hughes (BHI +2.6%), CEO Bernard Duroc-Danner said in its earnings conference call today, putting to rest questions about its involvement in the bidding process.
    • The CEO said WFT was interested in HAL’s Sperry Drilling business, which has been placed on the market as HAL and Baker Hughes seek regulatory approval for their $35B merger, but that while WFT believed that the economics of Sperry were strong, the company “could not get over the cost of capital."
    • Instead of chasing divested assets, Duroc-Danner said WFT will continue to focus on making the business more efficient and focusing on its strengths.
    • HAL said Monday it was making progress on marketing assets it has targeted for sale, and has entered the negotiation phase for the first slate of announced divestitures, including Sperry Drilling.
    | Oct. 22, 2015, 12:26 PM
  • Oct. 21, 2015, 6:58 PM
    • Weatherford International (NYSE:WFT) is little changed after issuing mixed Q3 results, as revenue tumbled 42% Y/Y to $2.2B from $3.9B but operating income rose 3% Q/Q, driven mostly by a 2% revenue gain in North America following a modest recovery from the spring breakup in Canada and continued cost reduction measures.
    • WFT says it expects positive free cash flow in Q4 and for the full year, driven by further reductions in working capital balances; it lowers its full-year capex forecast by another $100M to $650M, down 55% from 2014 levels.
    • WFT also says it will lay off another 3K workers by the end of the year after cutting 11K jobs in Q3; it has closed five manufacturing and service facilities, and will close another by year-end with a seventh set for closure next year, and has shut 70 operating facilities through Q3 with plans to close 20 more by year-end.
    | Oct. 21, 2015, 6:58 PM | 1 Comment
  • Oct. 21, 2015, 4:34 PM
    • Weatherford (NYSE:WFT): Q3 EPS of -$0.05 beats by $0.06.
    • Revenue of $2.24B (-42.3% Y/Y) misses by $80M.
    | Oct. 21, 2015, 4:34 PM
  • Oct. 20, 2015, 5:30 PM
    | Oct. 20, 2015, 5:30 PM | 3 Comments
  • Oct. 13, 2015, 1:41 PM
    • Screening its U.S. coverage universe to find companies where its analysts views diverge widely from that of the consensus, and then narrowing further to those names with high conviction, Credit Suisse puts out a list of eight buys and 6 sells.
    • The full report with thesis on each name is here.
    • The buy list: Box (NYSE:BOX), Boyd Gaming (NYSE:BYD), CF Industries (NYSE:CF), Ingredion (NYSE:INGR), L-3 Communications (NYSE:LLL), LaSalle Hotel Properties (NYSE:LHO), Nationstar Mortgage (NYSE:NSM), SeaWorld Entertainment (NYSE:SEAS), Sysco (NYSE:SYY), Wal-Mart (NYSE:WMT), Weatherford (NYSE:WFT), and WisdomTree (NASDAQ:WETF).
    • The sells: Aon (NYSE:AON), Dollar Tree (NASDAQ:DLTR), Hyatt Hotels (NYSE:H), Macerich (NYSE:MAC), Pulte (NYSE:PHM), Realogy (NYSE:RLGY).
    | Oct. 13, 2015, 1:41 PM | 21 Comments
Company Description
Weatherford International Plc provides equipment and services to the oil and natural gas exploration and production industry. It operates its business through following segments: Formation Evaluation & Well Construction and Completion & Production. The Formation Evaluation & Well Construction... More
Industry: Oil & Gas Equipment & Services
Country: United States