Weatherford International gains after BofA starts with bullish rating

Weatherford International

10/11/2023 17:13

** Shares of oilfield services provider Weatherford
International  WFRD.O  gain 2.5% to $97.09 after Bank of America
Global Research initiates coverage of co with "buy" rating 
    ** BofA sees co achieving "very strong turnaround" margins,
highest free cash flow in two decades vs. laggard numbers
pre-bankruptcy restructuring in 2019
    ** Says co's international revenue up 27% YoY in nine months
of FY23, outperforming peers Halliburton  HAL.N , Schlumberger
 SLB.N  and Baker Hughes  BKR.O 
    ** Stock trading at a discount, see value gap narrowing over
next 12 months; YTD rise in stock outperforms peers on strong
financial performance - BofA
    ** BofA sets stock's PT at $120; an upside of 26.6% to co's
last close
    ** All seven analysts covering co's stock rate it "buy" or
higher; median PT stands at $122 
    ** Stock up 89.7% YTD, including session gains compared to a
5.7% decline in the S&P 500 energy index  .SPNY 

 (Reporting by Purvi Agarwal in Bengaluru)
 ((Purvi.Agarwal@thomsonreuters.com))