Dallas, Texas 01/03/2014 (FINANCIALSTRENDS) – Recently on Wednesday the Weatherford International Ltd (NYSE:WFT) Shares entered into oversold territory and the share price went as low as $14.75 per single share. The oversold territory is generally defined with the help of Relative Strength Index also called as RSI. As per experienced and professional investment traders a stock enters into a oversold territory if RSI number falls below 30 on a scale of 100.
If we talk about only Weatherford International its RSI touched 29.5 and if we compare it with other energy stocks the RSI of WTI Crude Oil is around 55.1 and for Henry Hub Natural Gas it is 77.3. If we talk about the 52 week low of Weatherford International it is $10.27 and its 52 week high is $17.38.
Overview of the Weatherford International
Weatherford International Ltd (NYSE:WFT) is an established supplier of specialized equipment that is being used in drilling, exploration, production, evaluation of oil and natural gas wells. Last few years have seen tough times for Weatherford International and one of the most difficult times for the company came in 2011 when the accounting issues surfaced.
As per the department of finance some financial irregularities were detected and there were some material inaccuracies in the income tax calculations of the Weatherford International. In fact company immediately took some remedial measures such as it restated its previous financial statements but in 2012 some additional errors resurfaced. One of the main issues that were highlighted was its bookkeeping mis-steps and in 2012 a $79 million overstatement of a project in Iraq came to light.
Apart from all the accounting and mis-calculation issues the company also faced some legal battles against them such as several probes being launched against them by the United States DOJ and the SEC. After this the company hired almost 25 highly qualified tax professional and is now on track after the entire financial house is being set in order.
