Weatherford Shares Tumble on Weak 4Q Results Across the Board; Our Bearish FVE Remains Unchanged
Weatherford posted quite weak fourth-quarter results. Adjusted operating margin fell to -8%, a very disappointing result given that Weatherford had managed to reach negative 2% in the third quarter. We had believed the company would be able to achieve a positive figure in the fourth quarter, which would have been its first time to do so since 2014. For now, our fair value estimate and no-moat rating are unchanged. We reiterate our bearish stance on the company. Although shares dipped over 10% fo...
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