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WFT vs. ETF Alternatives
Thursday, Apr 311:24 AM
Thursday, Apr 311:24 AM| 1 Comment
- Weatherford (WFT -0.9%) says it plans to move its legal domicile to Ireland from Switzerland and remove its shares from trading on the Swiss stock exchange in Zurich.
- The move comes six months after the Swiss government passed a law that will allow company shareholders to make binding votes on executive and board member compensation, and prohibiting severance payments to departing executives.
- Shareholders will be asked to approve the proposed change at a meeting in June.
Monday, Mar 243:18 PM
Monday, Mar 243:18 PM| 3 Comments
- Weatherford (WFT +0.5%) says the "serious liquidity situation" in Venezuela is causing it to reduce its operations in the country, and it expects its Russian business to grow this year.
- WFT provides drilling and exploration services to Venezuela's national oil company but the country's currency devaluation and economic instability have caused payment delays.
- WFT foresees a "very constructive year" in Russia, CEO Bernard Duroc-Danner says, without discussing how the ongoing tension between Russia and Ukraine could affect the company's business.
- Says its Q1 has been negatively impacted by bad weather in Texas and the northeast U.S.
Monday, Mar 248:49 AM
Monday, Mar 248:49 AM| 2 Comments
- Weatherford International (WFT) agrees to sell its pipeline and specialty services business to Baker Hughes (BHI) for $250M.
- WFT says the sale is part of its plan to slim down and focus on its core businesses, including boosting oil and gas production from aging wells for its energy company customers.
Thursday, Mar 133:59 PM
Thursday, Mar 133:59 PM| 7 Comments
- National Oilwell Varco (NOV -2.8%) is downgraded to Neutral from Buy at ISI Group, which says deepwater and ultra-deepwater rig demand are diminishing, and dayrates are weaker than the market appreciates.
- Other oil services names also are lower: SLB -0.9%, HAL -0.2%, BHI -0.2%, NE -3.8%, CAM -1.3%, WFT -1.8%, SPN -2%, FTI -1.3%, DRQ -2.9%, KEG -0.9%.
Tuesday, Mar 46:22 PM
Tuesday, Mar 46:22 PM| 14 Comments
- BP and Chevron (CVX) rank among the biggest losers if Russia-Ukraine tension grows worse, with collateral damage in related corporate bond spreads, Gimme Credit bond analyst Philip Adams says.
- BP, owner of 19.75% of Russian energy giant Rosneft, is the highest profile loser, according to Adams, and any sanctions that affect oil and gas flows to Europe or banking/capital flows, would "hit Rosneft and BP early and hard.”
- CVX pipeline investments could be hurt, and it signed a 50-year deal to explore and develop oil and gas in western Ukraine; "a Russian takeover spikes that deal."
- Halliburton (HAL), Baker Hughes (BHI) and Weatherford (WFT) all do business in Russia that could be prohibited if it is labeled a rogue nation.
Tuesday, Feb 256:37 PM
Tuesday, Feb 256:37 PM| Comment!
- Weatherford (WFT) reports a wider Q4 unadjusted loss and a Y/Y decline in revenue, but shares +2.7% AH on plans to sell non-core businesses.
- WFT says it expects to sell its pipeline and specialty services, testing and production services, drilling fluids and wellheads businesses by the end of this year, and plans to spin off or take public its land drilling rig business in Q4 2014 or Q1 2015.
- WFT, which said last month it would cut 7K jobs, says cash proceeds from the sale of the businesses would be used to pay down debt.
- During Q4, North American operations, which accounts for ~45% of WFT's revenue, posted a 6.5% decrease in revenue; in the Middle East, North Africa and Asia, revenue fell 3.5%.
Tuesday, Feb 254:53 PM|Tuesday, Feb 254:53 PM| Comment!
Tuesday, Feb 2512:10 AM|Tuesday, Feb 2512:10 AM| Comment!
Monday, Feb 245:35 PM|Monday, Feb 245:35 PM| 5 Comments
Monday, Feb 242:33 PM
Monday, Feb 242:33 PM| 1 Comment
- Halliburton (HAL +2.3%) and Baker Hughes (BHI +3.5%) enjoy a boost from Raymond James analysts who are big believers in the two oilfield services providers, upgrading both stocks to Strong Buy as likely to benefit from increases in prices for pressure pumping as demand for fracking services rises in the wake of the recent increases in natural gas prices.
- The firm updates its North American revenue growth assumptions for HAL to 20% in both 2014 and 2015 vs. prior estimates of 10% and 3%, and revises its EPS estimates $4.30 for 2014 and $5.85 for 2015, well above Wall Street consensus.
- BHI could grow its North American business at a 17% clip in 2014, the analysts say in placing an $80 price target on the shares.
- Wells Fargo has a slightly different take, downgrading HAL to Market Perform from Outperform on valuation; it prefers BHI and U.S. Silica (SLCA +1.3%) among companies that obtain a significant amount of their revenue from U.S. land drilling.
- Also rising today: SLB +3.5%, WFT +3.4%, FTK +4%.
Friday, Jan 315:57 PM
Friday, Jan 315:57 PM| 9 Comments
- Schlumberger (SLB) finished shutting down its Iranian business in Q2 last year after losing $69M and facing a U.S. probe into its activities in several sanctioned countries, its latest 10-K filing shows; SLB says it has not bid on new Iranian oil contracts since early 2009.
- Economic sanctions against Iran had pushed other oilfield service firms such as Halliburton (HAL) and Baker Hughes (BHI) to finish up their contracts and exit the country; last November, Weatherford (WFT) agreed to pay $252M in penalties for violating sanctions in Iran and other countries.
- Several of the world’s largest oil companies, such as BP and Shell, also pulled out of projects in Iran.
- Although the U.S. struck a six-month easing of some sanctions on Iran in November, officials are privately warning some of the same executives that any business now allowed with Iran must be limited to the six-month window of the deal.
Thursday, Jan 3012:51 PM
Thursday, Jan 3012:51 PM| Comment!
- Weatherford (WFT -3.6%) has significantly undermined its efforts to rebuild credibility with investors by the surprisingly wide miss in its Q4 and FY 2014 guidance, Wells Fargo says.
- Estimates already had been lowered to try to adjust for some negative weather impacts in the U.S. and North Sea as well as a disappointing Canadian rig count, but the magnitude of this miss - ~$200M of quarterly EBITDA, a 25% shortfall - is far more substantial than expectations, the firm writes.
- Wells Fargo has an Outperform rating on the stock.
Thursday, Jan 307:56 AM
Thursday, Jan 307:56 AM| Comment!
- Weatherford (WFT) -3.8% premarket after issuing downside guidance for Q4, seeing EPS of $0.05-$0.08 vs. analyst consensus estimate, and for FY 2014, seeing EPS of $1.10-$1.20 vs. $1.22 consensus.
- WFT blames the shortfall on capital discipline driven activity reductions in Latin America, operational disruptions in the Middle East, severe weather which hurt activity in North America and the North Sea, and a ~50% effective tax rate which added $0.03 to Q4 tax expense.
- Expects to cut 7K employees, ~10% of its workforce, in H1 of this year.
- Net debt was reduced by nearly $700M, reflecting strong operating cash flow and the partial monetization of the previously announced sale of the Borets joint venture.
Wednesday, Jan 2912:37 PM
Wednesday, Jan 2912:37 PM| Comment!
- Latin America contributes a significant part to U.S.-based oil services and equipment companies (OIH), which will struggle to achieve growth in the region during 2014 as a slowdown in Mexico and Brazil will be worse than expected, Credit Suisse says.
- Halliburton (HAL) is in one of the most difficult positions because of its relatively high exposure to Mexico and Brazil, and its relatively low exposure to other Latin American markets will prevent it from mobilizing operations to more robust areas.
- Schlumberger (SLB) and Weatherford (WFT) have relatively high exposure to the two countries, but have the possibility of offsetting losses by moving business to other LatiAm countries.
- The firm says Baker Hughes (BHI) has the lowest exposure, with only 4% of its revenue from Mexico and Brazil.
Friday, Jan 177:30 AM
Friday, Jan 177:30 AM| Comment!
- Schlumberger (SLB) +1.2% premarket after reporting a better than expected 22% jump in Q4 earnings on strong revenue from drilling activity in the Middle East and Asia.
- Revenue rose 7.4% to $11.91B, climbing 18% from the Middle East and Asia; international markets brought in about two-thirds of SLB's total 2013 revenue of $45.27B.
- Says a temporary shutdown of operations in southern Iraq in November following a protest slightly hurt Q4 results.
- In the U.S., SLB sees no change in fundamentals, with meaningful recovery in dry gas drilling activity "some way out in the future," CEO Paal Kibsgaard says; SLB has the lowest exposure to North America among the big four oilfield service providers, which include HAL, BHI and WFT.
- Yesterday, SLB declared a 28% increase in its quarterly dividend to $0.40/share.
Tuesday, Jan 143:42 PM
Tuesday, Jan 143:42 PM| Comment!
- Morgan Stanley downgrades oil services companies Baker Hughes (BHI +0.9%), Weatherford (WFT +1.4%) and Cameron (CAM +2.1%) to Equal Weight from Overweight with slightly reduced price targets.
- The firm says BHI is not likely to outperform peers until it cuts costs to close its margin gap, which it is not likely to achieve without an environment that will foster rapid growth; market share also continues to modestly erode.
- On CAM, while long-term growth drivers are intact, reduced 2014-15 growth in subsea and infrastructure spend is likely to further delay normalization of margins; also, shares have recovered nicely post the Q3 2013 miss.
- While the firm expects WFT to put its back office issues around taxes and DoJ settlements behind it, the stock likely would need a high-growth environment to outperform.