Schlumberger Limited (SLB), headquartered in Houston, Texas, is a global leader in oilfield services, providing cutting-edge technology and solutions to the energy industry. With a market cap of $66.58 billion, Schlumberger offers an extensive range of services, including drilling, reservoir characterization, production, and processing. Renowned for its innovation and technical expertise, the company supports clients in optimizing their oil and gas exploration and production operations worldwide. Schlumberger is scheduled to announce its fiscal second-quarter earnings for 2024 before the market opens on Friday, Jul. 19.
Ahead of the event, analysts expect SLB to report a profit of $0.83 per share, up 15.3% from $0.72 per share in the year-ago quarter. The company has consistently surpassed Wall Street’s EPS estimates in its last four quarterly reports.
SLB's adjusted earnings of $0.75 per share for the last reported quarter surpassed the consensus estimate by 1.4%. The quarter’s results were supported by strong international evaluation and stimulation activities and significant contributions from the Aker subsea business.
For fiscal 2024, analysts expect SLB to report EPS of $3.51, up 17.8% from $2.98 in fiscal 2023. Fiscal 2025 EPS is expected to grow 21.4% year over year to $4.26.
SLB stock is down 10.3% on a YTD basis, underperforming the broader S&P 500 Index's ($SPX) 15.5% returns and the Energy Select Sector SPDR Fund’s (XLE) 8.7% gains over the same time frame.
Schlumberger announced its Q1 earnings results on Apr. 19, and its shares fell by nearly 2.1%. A significant revenue decline from the North America segment led to an adverse market reaction.
However, the consensus opinion on SLB stock is bullish, with a “Strong Buy” rating. Out of 21 analysts covering the stock, 18 advise a “Strong Buy” rating, two recommend a “Moderate Buy,” and one analyst suggests a “Hold.” This configuration is slightly more bullish than three months ago when HAL had 16 “Strong Buy” ratings.
The average analyst price target for SLB is $66.91, indicating a potential upside of 43.3% from the current levels.
On the date of publication, Rashmi Kumari did not have (either directly or indirectly) positions in any of the securities mentioned in this article. All information and data in this article is solely for informational purposes. For more information please view the Barchart Disclosure Policy here.
