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WFT

Weatherford

$0.00

(0.00%)

18:49
12/13/19
12/13
18:49
12/13/19
18:49

Weatherford completes financial restructuring, emerges from Chapter 11

Weatherford announced that it has completed its financial restructuring and emerged from chapter 11 protection. The company emerges with a stronger financial foundation having reduced approximately $6.2B of outstanding funded debt, secured $2.6B in exit financing facilities, including a $450M revolving credit facility, secured a $195M letter of credit facility, and secured over $900M of liquidity. Weatherford expects its newly issued ordinary shares will initially resume trading on the OTC Markets with the company ultimately planning to transition trading to the New York Stock Exchange, subject to the receipt of applicable approvals. The transition to the New York Stock Exchange is expected to occur after the company reports results for its fourth quarter ending December 31, holds an investor call, and completes the fresh-start accounting process, which are expected to be completed by early March.

WFT Weatherford
$0.00

(0.00%)

01/16/19
SOCO
01/16/19
DOWNGRADE
SOCO
Equalweight
Weatherford downgraded to Equalweight from Overweight at Capital One
01/17/19
STFL
01/17/19
NO CHANGE
STFL
Stifel lowers Oilfield Services and Equipment estimates
Stifel analyst Stephen Gengaro said he expects overall E&P capital spending to be about flat in the U.S. market and he cut his forecast for U.S. drilling and completion activity based on the current WTI crude oil strip. He lowered his U.S rig count projections by 50 to 1,050 rigs in 2019 and by 100 to 1,150 rigs in 2020 and he cut his 2019 EBITDA forecast by roughly 10% on average. Based on the changes in estimates, Gengaro lowered his earnings expectations for the majority of the names he covers and cut his price targets on several. Among the largest target changes, he lowered his price target on Core Laboratories (CLB) to $86 from $110, cut his target on Emerge Energy (EMES) to $3 from $5, reduced his target on Halliburton (HAL) to $37 from $45 and trimmed his target on Superior Energy (SPN) to $5 from $9. Others in the space that Gengaro covers include Baker Hughes (BHGE), DMC Global (BOOM), Civeo (CVEO), Keane Group (FRAC), FTS International (FTSI), Liberty Oilfield Services (LBRT), National Oilwell (NOV), Oil States (OIS), Pioneer Energy (PES), ProPetro Holding (PUMP), RPC, Inc. (RES), Schlumberger (SLB), U.S. Silica (SLCA), Smart Sand (SND), Solaris Oilfield (SOI), Tenaris (TS), Tetra Technologies (TTI) and Weatherford (WFT).
05/14/19
FBCO
05/14/19
DOWNGRADE
FBCO
Neutral
Weatherford downgraded to Neutral from Outperform at Credit Suisse
Credit Suisse downgraded Weatherford to Neutral and terminated coverage of the stock after the company announced plans for a Chapter 11 bankruptcy filing.
12/02/19
COWN
12/02/19
INITIATION
COWN
Weatherford coverage reinstated without rating or price target at Cowen
Cowen analyst Marc Bianchi reinstated covered on Weatherford without a rating or price target as the company has yet to set a share count. He said his estimates are about 16-22% below the company's projection with the difference likely being more conservative Transformation assumptions. He said even with his lower assumptions, its valuation looks attractive beyond 2020.

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