NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) are gaining 1.78% to $22.28 at the start of trading on Monday after the company announced it has agreed to sell its land drilling and workover operations in Russia and Venezuela to Rosenft (RNFTF) for $500 million in cash.
Rosenft is an integrated oil company majority owned by the Russian government.
The sale is part of Weatherford's plan to divest its non-core businesses, and is expected to close in the third quarter of 2014.
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Separately, TheStreet Ratings team rates WEATHERFORD INTL PLC as a Hold with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:
"We rate WEATHERFORD INTL PLC (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 weak operating cash flow."
Highlights from the analysis by TheStreet Ratings Team goes as follows: