Correlation between Weatherford and crude oil
What WFT’s correlation with crude oil means
A positive correlation with crude oil can advantageous to WFT stock if crude oil prices increase. Whereas its correlation with crude oil had been negative for three months, it turned positive last week.
Correlation between peers and crude oil
Between June 29 and July 6, OIH’s correlation with crude oil was 0.84, higher than its correlation in three months, and Precision Drilling’s (PDS) correlation was 0.83, also higher than its three-month correlation. Patterson-UTI Energy’s (PTEN) correlation with crude oil also increased last week. Meanwhile, Core Laboratories’ (CLB) correlation was 0.60, lower than its three-month correlation.
For more on the industry, read Market Realist’s Top 5 Oilfield Companies Based on 2018 Returns. Check out all the data we have added to our quote pages. Now you can get a valuation snapshot, earnings and revenue estimates, and historical data as well as dividend info. Take a look!