Friday, 03 May 2013 21:41
HOUSTON: Shares of oilfield services firm Weatherford International Ltd soared more than 8 percent on Friday, lifted by an improving outlook.
The company, which reported lower first-quarter earnings on Thursday, told analysts in a conference call on Friday that its plans to improve profitability were taking hold.
"These areas of focus working capital, capital allocation, business focus, and efficiency will be the building blocks that will allow us to deliver increasing free cash flow and higher earnings from 2013 onwards," Weatherford's Chief Administrative officer Dharmesh Mehta said according to a transcript of the company's earnings call.
Those comments and others, were "credible and informative" and contributed to the stock's rise on Friday, Bill Herbert, oilfield services analyst at Simmons & Co International, said in an email.
Shares of Weatherford rose $1.10 to $13.78 in midday New York Stock Exchange trading.Copyright AFP (Agence France-Presse), 2013