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SLB

Schlumberger

$31.90

-0.06 (-0.19%)

07:29
10/18/19
10/18
07:29
10/18/19
07:29

Schlumberger CEO says 'sustained international activity drove overall growth'

Schlumberger CEO Olivier Le Peuch commented, "We ended the third quarter with revenue of $8.5 billion, a 3% sequential increase while pretax segment operating income of $1.1 billion rose 13%. I am pleased with the results and proud of the team's performance. Sustained international activity drove overall growth despite mixed results in North America. The North America business saw strong offshore sales with minimal growth on land due to slowing activity and further pricing weakness. Third-quarter EPS of $0.43, excluding charges, was 23% higher than the second quarter. Sequential international growth was led by the Europe/CIS/Africa area, where revenue increased 9% sequentially driven by peak summer activity in the Northern Hemisphere as well as the start of new projects in Africa. International revenue was also driven by double-digit growth in Asia. Latin America revenue declined 9% sequentially on lower activity in Argentina and Mexico. Excluding Cameron, third-quarter international revenue increased 8% year-over-year, remaining in line with our expectations of high single-digit international growth. As we enter the fourth quarter, international activity will be affected by the usual winter slowdown, particularly in the Northern Hemisphere. In North America, offshore revenue grew sequentially due to higher WesternGeco multiclient seismic license sales. Land revenue was slightly higher, as a modest increase in OneStim activity was offset by softer pricing while land drilling revenue was essentially flat despite the lower rig count. As we exited the quarter, OneStim activity decelerated as frac programs were either deferred or cancelled due to customer budget and cash flow constraints. By business segment, third-quarter sequential growth was led by a 6% increase in revenue in Reservoir Characterization due to peak summer campaigns, particularly in the Northern Hemisphere. Cameron revenue increased 3% sequentially from higher OneSubsea, Surface Systems, and Drilling Systems sales-primarily in the international markets. Drilling and Production revenue each increased 2% sequentially on international growth and decelerating activity in North America land."

  • 18

    Oct

  • 13

    Nov

SLB Schlumberger
$31.90

-0.06 (-0.19%)

09/16/19
LEHM
09/16/19
UPGRADE
Target $50
LEHM
Overweight
Schlumberger upgraded to Overweight from Equal Weight at Barclays
Barclays analyst J. David Anderson upgraded Schlumberger to Overweight from Equal and raised his price target for the shares to $50 from $45.
09/16/19
LEHM
09/16/19
UPGRADE
Target $50
LEHM
Overweight
Barclays upgrades Schlumberger after new CEO 'hit all the right notes'
Barclays analyst J. David Anderson upgraded Schlumberger to Overweight from Equal and raised his price target for the shares to $50 from $45. New CEO Olivier Le Peuch "hit all the right notes" as he repositions the company to succeed in a lower growth environment, Anderson tells investors in a research note. The analyst believes Le Peuch addressed the Street's biggest concerns while also providing "bold, yet achievable" financial targets. Anderson thinks long-only investors will start to pay attention after gaining confidence in the new direction of Schlumberger. The company is now best positioned among the Big 3, says the analyst.
09/16/19
SBSH
09/16/19
NO CHANGE
SBSH
Nabors, Schlumberger, Halliburton have material operations in Saudi, says Citi
Following the attacks on Saudi Arabia, Citi analyst Scott Gruber expects "most if not all" of the Upstream Energy complex could see an uplift. However, Nabors Industries (NBR), Schlumberger (SLB), Halliburton (HAL) and Valaris (VAL) have material operations in Saudi and could see activity slow given the magnitude of the outage, Gruber tells investors in a research note.
09/16/19
09/16/19
UPGRADE

Fly Intel: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Raytheon (RTN) upgraded to Overweight from Neutral at JPMorgan with analyst Seth Seifman saying the stock's outperformance thus far in September is a sign of increasing investor confidence in the outlook for Raytheon and for the United Technologies (UTX) combination, along with some mean reversion. 2. Uber (UBER) and Lyft (LYFT) upgraded to Buy from Hold at HSBC. 3. Schlumberger (SLB) upgraded to Overweight from Equal Weight at Barclays with analyst J. David Anderson saying new CEO Olivier Le Peuch "hit all the right notes" as he repositions the company to succeed in a lower growth environment. 4. RE/MAX Holdings (RMAX) upgraded to Outperform from Market Perform at JMP Securities. 5. Esperion (ESPR) upgraded to Neutral from Sell at Goldman Sachs with analyst Paul Choi saying he now sees less risk of the launch performance of bempedoic acid disappointing over the intermediate term since 2019-2022 consensus revenue estimates have come down "meaningfully." This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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IFF

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IFF

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-0.55 (-0.41%)

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IFF

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IFF

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-0.55 (-0.41%)

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IFF

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PNC

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VIAC

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ANTM

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UHAL

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$148.99

-0.5 (-0.33%)

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PCG

PG&E

$11.26

-0.49 (-4.17%)

07:38
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  • 07

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