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Weatherford International: Valuation, Analyst Targets, and More

PART:
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Part 6
Weatherford International: Valuation, Analyst Targets, and More PART 6 OF 7

Crude Oil’s Correlation with Weatherford International

Crude Oil’s correlation with Weatherford

The correlation coefficient between crude oil price and Weatherford International’s (WFT) stock price from September 12, 2016, to September 12, 2017, is 0.43. This coefficient implies a positive relationship between crude oil price and Weatherford International’s stock. In this context, read Market Realist’s How Correlations with Energy Commodities Impact Upstream Stocks. WFT’s correlation with the Dow Jones Industrial Average (DJIA-INDEX) since September 12, 2016, is 0.30.Crude Oil’s Correlation with Weatherford International

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Correlation between WFT’s peers and crude oil

The VanEck Vectors Oil Services ETF’s (OIH) correlation with crude oil since September 12, 2016, is 0.71, as the table above noted. TETRA Technologies’ (TTI) correlation coefficient since September 2016 is 0.41 while Core Laboratories’ (CLB) correlation coefficient since September 2016 is 0.48. Oil States International’s (OIS) correlation coefficient during the same period is 0.54.

Has WFT’s correlation with crude oil price changed?

As the graph above notes, WFT’s correlation with crude oil prices fell in the trailing year to September 12, 2017, compared to the previous year to September 12, 2016. Crude oil prices are now 7% higher compared to a year ago. However, there are many factors weighing over the upside potential to crude oil prices. OIH’s correlation with crude oil is marginally higher in the trailing year to September 12, 2017, compared to the previous two years.

Next, we’ll discuss Wall Street analysts’ recommendations for Weatherford International.

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