Shares In Oilfield Services Firm Weatherford Drop Below $1

Shares of oilfield services firm Weatherford International Plc (NYSE: WFT) on Nov. 13 slipped below $1 apiece, to a 29-year low, the latest sign that investors are losing confidence in its turnaround plan.

The stock, which peaked at almost $50 in 2008, has fallen sharply since oil prices crashed in late 2014, leading to a string of losses at Weatherford since the third quarter that year. The company has $7.6 billion in long-term debt.

Pressures on its share price intensified in the past two weeks after the Houston-based company missed its free cash flow targets in the latest quarter, and said it would no longer disclose deadlines for achieving asset sales, a signal to investors that it was having trouble finding buyers.