NEW YORK (TheStreet) -- Shares of Weatherford International (WFT) are up 3.14% to $13.46 after Oppenheimer initiated coverage on the oil and gas service company with an "outperform" rating and a price target of $19.
"While recent returns and free cash flow generation have been disappointing, the company is orchestrating a change of culture to focus on profitability and cash generation," analysts said.
"This evolution may take longer than some would hope for, but tangible progress has been made as free cash flow is expected to turn positive in 2015 and likely keep the upward momentum into 2016," analysts continued.
"We believe the recent stock price weakness gives investors another opportunity to play this emerging turnaround story. Follow the money (cash flows) to track progress in 2015 as operating earnings for this company can be misleading," analysts added.
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 growth in earnings per share, increase in net income and revenue growth. However, as a counter to these strengths, we also find weaknesses including generally higher debt management risk, disappointing return on equity and poor profit margins."