What's Going On With Oilfield Services Giant Schlumberger Stock Today?
Portfolio Pulse from Lekha Gupta
Schlumberger Ltd (NYSE:SLB) stock is trading higher after reaffirming its FY24 guidance, despite Saudi Aramco's decision to suspend its oil capacity expansion plans. Schlumberger's stock had previously fallen over 7% but is recovering on the back of strong FY24 revenue growth and margin expansion projections, as well as plans to increase share repurchases in 2024. CEO Olivier Le Peuch remains confident in the company's growth, particularly in the Middle East, despite Aramco's recent announcement to halt its production capacity increase.
January 31, 2024 | 11:05 am
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POSITIVE IMPACT
Schlumberger Ltd reaffirmed its FY24 guidance, projecting strong year-over-year revenue growth, margin expansion, and increased share repurchases. The company's stock is recovering after a previous 7% drop, showing resilience in the face of Saudi Aramco's production capacity suspension.
Schlumberger's stock is likely to experience a short-term positive impact due to the company's reaffirmation of its FY24 guidance, which includes strong revenue growth and margin expansion. The announcement of increased share repurchases for 2024 also signals a commitment to enhancing shareholder value. Despite the negative news from Saudi Aramco, Schlumberger's confidence in its growth trajectory, especially in the Middle East, is reassuring to investors and may contribute to a positive stock performance in the short term.
CONFIDENCE 85
IMPORTANCE 90
RELEVANCE 100