NEW YORK (TheStreet) -- Weatherford International (WFT) stock is gaining Friday after the company reported better-than-expected earnings in its first quarter and guided for above-consensus net income for the full year.
By midmorning, shares had added 8.9% to $20.04.
The oil equipment and services provider earned 13 cents over the three months to March, 2 cents higher than analysts surveyed by Thomson Reuters had expected.
Revenue of $3.59 billion fell short of estimates of $3.69 billion.
For its December-ending fiscal year, the company said it expects earnings between $1.10 and $1.20 a share. Analysts had forecast 99 cents a share.
TheStreet Ratings team rates WEATHERFORD INTERNATIONAL as a Hold with a ratings score of C. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTERNATIONAL (WFT) a HOLD. The primary factors that have impacted our rating are mixed -- some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its solid stock price performance and notable return on equity. However, as a counter to these strengths, we also find weaknesses including unimpressive growth in net income, generally higher debt management risk and poor profit margins."