Weatherford’s stock price reaction
Weatherford International (WFT) released its financial results for Q2 2018 on July 27 before market hours. On that day, WFT’s stock price reacted positively, rising 1.5% to $3.48 from the previous day’s close. This rise outperformed the 1.3% rise in the WTI crude oil (USO) price on July 27 over the previous day’s close. Better-than-expected earnings could have boosted WFT’s stock price on July 27.
WFT’s stock price movement compared to industry
Since April 24, when Weatherford’s Q1 2018 financial results were released, its stock has increased 26%. Since April 24, WFT has outperformed the VanEck Vectors Oil Services ETF (OIH), which has generated -4% returns. The Energy Select Sector SPDR ETF (XLE), the broader energy industry ETF, has gone up ~5% during the same period. Weatherford has also outperformed the SPDR S&P 500 ETF (SPY), which rose 7% during the same period. SPY represents the broader market.
National Oilwell Varco (NOV), which released its Q2 2018 financial results on July 26 after the market closed, saw only a 0.5% rise in its stock price on the day of the earnings release. Read more on NOV’s Q2 2018 earnings in Market Realist’s How National Oilwell Varco Beat Earnings Estimates in Q2 2018.
Next, we’ll discuss Wall Street analysts’ targets for Weatherford International.