These Analysts Revise Their Forecasts On Schlumberger After Q1 Results
Portfolio Pulse from Avi Kapoor
Schlumberger N.V. (NYSE:SLB) reported a 13% year-over-year increase in Q1 2024 revenue to $8.707 billion, surpassing consensus estimates. Adjusted EPS rose 19% Y/Y to 75 cents, meeting expectations. The company saw growth across all segments, with a notable 18% increase in international revenue. Despite a 6% decline in North American market revenue, CEO Olivier Le Peuch remains optimistic about global revenue growth, particularly with the contribution from the ChampionX acquisition. SLB announced a quarterly dividend of 27.5 cents per share. Following the earnings announcement, several analysts revised their price targets for SLB, with most maintaining a positive outlook but slightly lowering their targets.
April 22, 2024 | 5:48 pm
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Schlumberger reported strong Q1 2024 results with revenue and EPS meeting or exceeding expectations, announced a quarterly dividend, and received several positive but slightly adjusted analyst ratings.
The positive earnings report, coupled with the announcement of a dividend and optimistic outlook from the CEO, suggests a strong performance outlook for Schlumberger. Although the stock fell slightly by 0.2% following the announcement, the overall positive adjustments in analyst price targets and the company's strategic moves, including the ChampionX acquisition, indicate potential for short-term price appreciation.
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