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Upgrade Alert for Weatherford International (WFT)

By Amy Schwartz

Weatherford International (NYSE:WFT) was upgraded from Neutral to Overweight at Piper Jaffray today. The stock closed yesterday at $5.89 on volume of 119.0 million shares, above average daily volume of 14.4 million.

Weatherford International Ltd. provides equipment and services used for the drilling, completion, and production of oil and natural gas wells. The Company offers drilling and intervention services, completion systems, artificial lift systems, and compression services. Weatherford conducts operations in substantially all of the oil and natural gas producing regions in the world.

Weatherford International (NYSE:WFT) has potential upside of 109.4% based on a current price of $5.89 and analysts' consensus price target of $12.33. The stock should run into initial resistance at its 50-day moving average (MA) of $7.31 and subsequent resistance at its 200-day MA of $8.60.

In the past 52 weeks, shares of Weatherford International have traded between a low of $4.71 and a high of $14.91 and closed yesterday at $5.89, which is 25% above that low price. Over the last five market days, the 200-day moving average (MA) has gone down 0.9% while the 50-day MA has advanced 1.2%.

SmarTrend recommended that its subscribers protect gains by selling shares of Weatherford International on May 5th, 2016 by issuing a Downtrend alert when the shares were trading at $6.23. Since that call, shares of Weatherford International have fallen 11.2%. We are now looking for when a new Uptrend will commence and will alert SmarTrend subscribers in real time.

Keywords: analyst upgrades/downgrades weatherford international

Ticker(s): WFT