Recent broker comment has turned positive for Weir Group Plc (WEIR.L). The share is now rated as a hold by 8 major brokers amid positivity in the US oil and gas sector. It is reported US companies are drilling pretty much non stop to hit their targets which is good news for Weir Group as 40% of their total sales go to this sector. Weir Group supplies pump equipment used in fracking and non conventional drilling techniques. Weir Group is also benefits from after market maintenance and resupply as overworked pumps breakdown and wear out quicker than they normally would.
Another positive to note of Weir Group is the recent decision to walk away from a buyout of Finnish Group Metso.