Gabelli: Weatherford's Tax Restatement

According to a research report published earlier today by Gabelli, Weatherford International (NYSE: WTS) reported an operationally successful 4Q.

In the report, Gabelli noted other happenings: “Management concluded that it has not remediated its previously disclosed material weakness in internal controls over financial reporting for income taxes relating to income taxes. Expect a net adjustment of $225-$250M to 12/31/08. Management estimates that its 2011 book income taxes will be $490-$520 million. WFT paid $300 million in cash taxes for 2011. The tax restatements will have no impact on historical cash tax payments.”

Gabelli maintains its Buy rating on Weatherford, which closed yesterday at $15.36.