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Weatherford (WFRD) Dips More Than Broader Markets: What You Should Know
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In the latest trading session, Weatherford (WFRD - Free Report) closed at $65.89, marking a -1.61% move from the previous day. This change lagged the S&P 500's daily loss of 0.79%. Elsewhere, the Dow lost 1.07%, while the tech-heavy Nasdaq lost 2.71%.
Prior to today's trading, shares of the oilfield service company had gained 3.4% over the past month. This has outpaced the Oils-Energy sector's gain of 1.6% and lagged the S&P 500's gain of 4.16% in that time.
Investors will be hoping for strength from Weatherford as it approaches its next earnings release, which is expected to be July 25, 2023. On that day, Weatherford is projected to report earnings of $1.23 per share, which would represent year-over-year growth of 1218.18%. Meanwhile, our latest consensus estimate is calling for revenue of $1.23 billion, up 16.02% from the prior-year quarter.
WFRD's full-year Zacks Consensus Estimates are calling for earnings of $4.78 per share and revenue of $4.99 billion. These results would represent year-over-year changes of +455.81% and +15.26%, respectively.
It is also important to note the recent changes to analyst estimates for Weatherford. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.88% lower. Weatherford is currently a Zacks Rank #3 (Hold).
In terms of valuation, Weatherford is currently trading at a Forward P/E ratio of 14.02. This valuation marks a discount compared to its industry's average Forward P/E of 15.3.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow WFRD in the coming trading sessions, be sure to utilize Zacks.com.
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Weatherford (WFRD) Dips More Than Broader Markets: What You Should Know
In the latest trading session, Weatherford (WFRD - Free Report) closed at $65.89, marking a -1.61% move from the previous day. This change lagged the S&P 500's daily loss of 0.79%. Elsewhere, the Dow lost 1.07%, while the tech-heavy Nasdaq lost 2.71%.
Prior to today's trading, shares of the oilfield service company had gained 3.4% over the past month. This has outpaced the Oils-Energy sector's gain of 1.6% and lagged the S&P 500's gain of 4.16% in that time.
Investors will be hoping for strength from Weatherford as it approaches its next earnings release, which is expected to be July 25, 2023. On that day, Weatherford is projected to report earnings of $1.23 per share, which would represent year-over-year growth of 1218.18%. Meanwhile, our latest consensus estimate is calling for revenue of $1.23 billion, up 16.02% from the prior-year quarter.
WFRD's full-year Zacks Consensus Estimates are calling for earnings of $4.78 per share and revenue of $4.99 billion. These results would represent year-over-year changes of +455.81% and +15.26%, respectively.
It is also important to note the recent changes to analyst estimates for Weatherford. Recent revisions tend to reflect the latest near-term business trends. As a result, we can interpret positive estimate revisions as a good sign for the company's business outlook.
Based on our research, we believe these estimate revisions are directly related to near-team stock moves. We developed the Zacks Rank to capitalize on this phenomenon. Our system takes these estimate changes into account and delivers a clear, actionable rating model.
The Zacks Rank system, which ranges from #1 (Strong Buy) to #5 (Strong Sell), has an impressive outside-audited track record of outperformance, with #1 stocks generating an average annual return of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 1.88% lower. Weatherford is currently a Zacks Rank #3 (Hold).
In terms of valuation, Weatherford is currently trading at a Forward P/E ratio of 14.02. This valuation marks a discount compared to its industry's average Forward P/E of 15.3.
The Oil and Gas - Field Services industry is part of the Oils-Energy sector. This industry currently has a Zacks Industry Rank of 237, which puts it in the bottom 6% of all 250+ industries.
The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.
To follow WFRD in the coming trading sessions, be sure to utilize Zacks.com.