Weatherford Earnings: Raising Fair Value Estimate to $79 On Strong International Oil and Gas Activity

Weatherford International delivered strong third-quarter results, with total revenue increasing 17% year over year and 3% sequentially, while the firmwide adjusted EBITDA margin jumped more than 400 basis points year over year to 23%. The firm benefited from its high exposure to international and offshore oil and gas markets, realizing superior returns compared with peers with a heavier North American tilt. Continued growth is likely, with offshore and international activity on track for a double-digit increase in fiscal 2024, according to management.