10 Best Oil and Gas Equipment & Services Stocks to Buy According to Hedge Funds

Page 5 of 5

6. Weatherford International plc (NASDAQ:WFRD)

Weatherford International plc (NASDAQ:WFRD) is one of the 10 best oil and gas equipment & services stocks to buy according to hedge funds.

On April 9, Barclays reiterated an Overweight rating on Weatherford International plc (NASDAQ:WFRD). The firm, however, lowered the target price on the stock from $114 to $111. The downward revision to the price target is based on the firm’s broader adjustments across the energy services segment as part of the first-quarter preview.

Barclays reflected on the ongoing disruptions due to the Middle East conflicts and the resulting spike in oil prices. These factors are anticipated to result in an earnings revision cycle.

On April 3, Weatherford International plc (NASDAQ:WFRD) revealed a proposal to alter its corporate structure through the redomestication of its holding company from Ireland to the United States, with Texas as its future home. It is estimated that the redomestication will be concluded in the third quarter of the year, pending necessary approvals.

The head office of Weatherford on a global scale has been located in Houston for more than two decades, and the company has maintained an immense presence in Texas and even throughout the U.S. energy corridor through its operations. Weatherford indicated that the redomestication would improve shareholder value over time through streamlining of the business and operational structures of the corporation, increasing the number of shareholders within the United States, and providing opportunities to access finance, adapt to changes in tax legislation, and respond to tax matters around the globe.

Weatherford International plc (NASDAQ:WFRD) sells products and services for drilling, assessment, and intervention of oil, geothermal, and natural gas wells. It offers equipment for pressure drilling, electrical, and hydraulic power transmission, to name a few. Its services portfolio includes re-entry, fishing, and well abandonment solutions, among others.

While we acknowledge the potential of WFRD to grow, our conviction lies in the belief that some AI stocks hold greater promise for delivering higher returns and have limited downside risk. If you are looking for an AI stock that is more promising than WFRD and that has 100x upside potential, check out our report about the cheapest AI stock.

Click to continue reading and see the 5 Best Oil and Gas Equipment & Services Stocks to Buy According to Hedge Funds.

Disclosure: None. Follow Insider Monkey on Google News.

Page 5 of 5