Fly News Breaks for January 21, 2020
Jan 21, 2020 | 08:35 EDT
Morgan Stanley analyst Connor Lynagh noted that Schlumberger confirmed that offshore activity will prove to be a tailwind to revenue and product mix in 2020-21, gave some confirmation that international OFS players' discipline is improving, pointed to more concrete plans to scale back North American operations, and continued confirm the sustainability of its dividend with its Q4 earnings beat. Though the company did not explicitly give EPS guidance, he estimates that commentary suggests a "reasonable range" of $1.55-$1.80 in 2020 EPS, added Lynagh, who is starting at the low end of that full-year range "out of our own desire to be conservative." He maintains an Overweight rating on Schlumberger shares with a $50 price target.
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