Lowering Weatherford FVE on Disappointing Asset Sales, but Shares Still Look Like a Bargain
We're lowering our fair value estimate for Weatherford to $2 per share from $2.75 to reflect disappointingly low pricing on recent asset sales, among other factors. We are also increasing our uncertainty rating to extreme, owing to higher financial leverage at the lower fair value. Our no-moat rating remains in place.ÂWeatherford is the midst of divesting its land drilling fleet. It will sell 31 Middle Eastern rigs and associated operations for $288 million; the remaining 79 rigs are mostly muc...
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