Weatherford (WFT) Stock Declines as Oil Prices Fall
NEW YORK (TheStreet) -- Shares of Weatherford Int'l (WFT) - Get Report are decreasing 1.02% to $5.85 late Wednesday afternoon as oil prices retreat.
Crude oil (WTI) is sinking 4.04% to $44.91 per barrel and Brent crude is slumping 4.29% to $46.39 per barrel this afternoon.
Oil prices are diving this afternoon, reversing most of yesterday's gains, as bearish inventory data from the U.S. government increased concerns about the global oversupply, Reuters reports.
The Energy Information Administration said crude stockpiles declined 2.5 million barrels last week, below the 3-million-barrel drop projected by analysts.
Distillate inventories advanced the most since January and gasoline posted a build, which was unexpected amid summer driving season, Reuters noted. Distillate inventories increased 4.1 million barrels vs. expectations for a 256,000-barrel rise.
Weatherford is a Houston-based oil and natural gas service company.
Separately, TheStreet Ratings Team has a "Sell" rating with a score of D on the stock.
The company's weaknesses can be seen in multiple areas, such as its deteriorating net income, generally high debt management risk, disappointing return on equity, poor profit margins and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: WFT