Lowering Weatherford FVE on Revised Pressure Pumping Deal Terms
We are lowering our fair value for Weatherford from $3.25 to $2.50 per share after adjusting our model for the revised deal terms for the sale of the company’s U.S. pressure pumping business. The market likewise was surprised by the negative new deal terms, with the company’s shares moving down about 20%. We continue to see Weatherford as overvalued, as was the case before this recent announcement. Our no-moat rating remains unchanged.Under the prior deal terms, Weatherford was going to combine...
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