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Analyzing Weatherford International before Its 3Q17 Earnings

PART:
1 2 3 4 5 6 7 8
Part 6
Analyzing Weatherford International before Its 3Q17 Earnings PART 6 OF 8

Short Interest in Weatherford International on October 10

Short interest in Weatherford International

The short interest in Weatherford International (WFT) as a percentage of float was 12.6% as of October 10, 2017. Since June 30, the short interest in Weatherford has fallen 20%. Since June 30, Weatherford’s stock price has risen 6%. So, investors’ negative bets on Weatherford have fallen since June 30. Fewer investors expect the stock’s price to fall. Weatherford’s short interest as a percentage of float and stock prices have largely been inversely related since October 2015.

Did crude oil price affect investors’ sentiment?

Crude oil prices have been bullish since June 2017. The prices rose 11% from June 30 until October 10. Investors’ sentiment towards the energy market bulked up. As a result, many OFS (oilfield equipment and services) companies’ stock prices have gone up since June. Weatherford accounts for 2.8% of the iShares US Oil Equipment & Services ETF (IEZ). IEZ has risen 2% since June 30, 2017. The S&P 500 Index (SPX-INDEX) has risen 5% since June 30, 2017.

Short Interest in Weatherford International on October 10

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Short interest in Weatherford International’s peers

Since June 30, 2017, the short interest in Flotek Industries (FTK) has fallen 11%, while its stock price has fallen 44%. Since June 30, 2017, the short interest in Superior Energy Services (SPN) has fallen 37%, while its stock price has fallen 2%. So, investors’ negative bets on Flotek and Superior Energy Services have increased since June 30. Core Laboratories’ (CLB) stock price has fallen 5% since June 30, while the short interest has risen 21% during this period. To learn about sell-side analysts’ estimates on OFS companies, read The Top and Bottom of Oilfield Service Stocks in 3Q17.

In the next part, we’ll discuss Weatherford International’s correlation with crude oil.

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