Here's what I see....WFT has underperformed the oil services group minus NBR by at least 15% since the late July earnings report. You can do a compare with OIH and see this. The reasons for this is the report itself and the accounting problems I suspect. While most oil services stocks took off the past 4 months WFT has stagnated btw 11-13 like a yo yo. Last week the services group dropped 4% and WFT 5.5% after lack luster reports from NOV, BHI, HAL, NE and SLB. Also oil has dropped over 6% in recent weeks. So going into last week WFT performed horrifically compared to the group. Last week it actually kept pace with SLB at #$%$ for the week and even outperformed HAL, NOV and NBR by a few percent. So "only" dropping 5.5% last week is about the only plus I've seen in WFT lately. WFT closed at its lowest weekly price since March 2009 and had 2 daily closes this week of 11.51 and 11.47 that were the lowest daily closes since March 2009. Looks bleak indeed. We are very close to 15+ year lows. I think new lows can be reached on a bad report and continued downward pressure on oil and NG prices and oil services stocks.
Market doesn't trust management. I have been in it for quite a few years now. I hold a moderate position in terms of my portfolio. Personally, as I have stated in the past, I see this as a 'diamond in the rough'. No glimmer is when you want to buy it. At some point in the next few years WFT will more than double off these levels. I am actually kicking myself for not noticing that it got all the way down to sub 11.50/sh today and I didn't nibble. I will be buying next week on weakness. THE ONLY THING THAT CONCERNS ME.....the election and how the market reacts to a Pres. Obama re-election. I am building cash and have been for a while now based on that event.
hey 2000, i remember 2 yrs ago when this was $16-17 cramer was pushing it, wft , went to about 12, then bounced to like 21$, but looking at this price its like wow. i bought ALJ in june, 7.78 lucked out on it. but wft,NBR, i just can't figure out how they got crushed, jmo and thanks for the reply! jmo