http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png 0 0 RSS FEED http://signaloil.wpengine.com/wp-content/uploads/2015/10/Signal-Oil-logo-red-300x32.png RSS FEED2018-10-30 05:10:012018-10-30 05:10:01Weatherford Shares Sink On Cash Flow Miss, Bleak Fourth-Quarter Outlook
Weatherford Shares Sink On Cash Flow Miss, Bleak Fourth-Quarter Outlook
Shares of U.S. oilfield services provider Weatherford International Plc (NYSE: WFT) fell sharply on Oct. 29 after the company’s free cash flow and fourth-quarter guidance fell below analysts’ expectations.
The Houston-based company, which has not reported a quarterly profit in four years, has struggled under the weight of a massive debt load since oil prices crashed in 2014. In the third quarter, Weatherford reported over $7.6 billion in long-term debt.
Weatherford’s stock was down about 9% at $1.80 a share in early trading on the New York Stock Exchange. Last week, shares fell below $2, the lowest level in more than 20 years.