Weatherford
This stock has been on a big roll and could be poised to break out to all-new 52-week highs. Weatherford International PLC (NASDAQ: WFRD) an energy services company, provides equipment and services for the drilling, evaluation, completion, production and intervention of oil, geothermal and natural gas wells worldwide.
The company offers artificial lift systems, including reciprocating rod, progressing cavity pumping, gas, hydraulic, plunger and hybrid lift systems, as well as related automation and control systems; pressure pumping and reservoir stimulation services, such as acidizing, fracturing, cementing and coiled-tubing intervention; and software, automation and flow measurement solutions.
It also provides safety, downhole reservoir monitoring, flow control and multistage fracturing systems, as well as sand-control technologies and production and isolation packers; liner hangers to suspend a casing string in high-temperature and high-pressure wells; cementing products, including plugs, float and stage equipment and torque-and-drag reduction technology for zonal isolation; and pre-job planning and installation services.
In addition, Weatherford offers directional drilling services and logging and measurement services while drilling; services related to rotary-steerable systems, high temperature and high-pressure sensors, drilling reamers and circulation subs; rotating control devices and advanced automated control systems, as well as closed-loop drilling, air drilling, managed-pressure drilling and underbalanced drilling services; open-hole and cased-hole logging services; and intervention and remediation services.
It also provides tubular handling, management and connection services; and re-entry, fishing and well abandonment services, as well as patented bottom hole, tubular-handling equipment, pressure-control equipment and drill pipe and collars.
Weatherford stock has a $101 price target at Goldman Sachs. The consensus target is higher at $110.6, but Wednesday’s close was at $93.93 a share, up almost 3.5% for the day.
The Goldman Sachs energy team is focused on the biggest and the best, and for good reason. These five companies dominate in an industry that is very capital intensive, and they all have been around for decades. The bottom line for investors is that, while nobody knows for sure where oil pricing will go over the next year, the biggest producers are intent on holding the line on production. As long as that is the case, prices can push past the $100 level.
Originally published at 24/7 Wall St.
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