Fly News Breaks for March 3, 2020
Mar 3, 2020 | 06:23 EDT
UBS analyst Amy Wong downgraded Schlumberger to Neutral from Buy with a price target of $30, down from $47. The analyst is turning "more cautious" on the company amid the challenging backdrop for oil services, noting that while consensus earnings have already been cut by about 2/3rds, they will continue to trend lower. Wong adds that Schlumberger should just be able to fund its dividend out of free cash flow, but warns that investors may not be pricing in a dividend cut, since the stock price retreat has taken the company's dividend yield to 7% vs. its historical average of 1.5%.
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