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Weatherford down another 11% as Tudor Pickering tags with Sell rating

  • Weatherford (WFT -11.6%) plunges to a 52-week low and has tumbled ~25% in the two days since posting a larger than expected Q4 loss and attempting to reassure investors that a turnaround is near.
  • Tudor Pickering, Holt downgrades WFT to Sell from Buy, saying "the magnitude of the disappointment - even assuming the business recovers - means it's hard for us to get excited about the story here."
  • WFT "maybe took multiple steps back," says Tudor Pickering's Byron Pope, adding that what once was the big four of energy services giants - along with Schlumberger (SLB -2.4%), Halliburton (HAL -3.4%) and Baker Hughes (BHGE -4.4%) - is "really more like the big three at the point... I don't even think it's fair to include Weatherford in that conversation anymore."
  • Among other firms, CFRA Research keeps its existing Sell rating and Evercore ISI warns "patience is running thin" on WFT.

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