Weatherford Posts Solid 2Q Improvement, in Line With Peers
In line with peers, Weatherford achieved a solid second quarter, with revenue growing 1.7% sequentially and adjusted operating income improving to 2.4% from 0% previously. Also, management announced the sale of a portion of its land drilling business, which we see as a positive (albeit long anticipated) development. For now, our fair value estimate and no-moat rating remain unchanged.Also as with peers, Weatherford's North American operations largely drove its improved result as U.S shale acti...
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