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Schlumberger Reports Mixed Q3 Results; Shares Drop
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Schlumberger Reports Mixed Q3 Results; Shares Drop

Shares of Schlumberger (SLB) dropped 1.2% on Friday after the company delivered mixed Q3 results. The company provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry.

Schlumberger reported adjusted earnings of $0.36 per share, up 125% year-over-year. Also, the figure beat the Street’s estimates of $0.35 per share. (See Schlumberger stock chart on TipRanks)

Revenues rose 11% to $5.85 billion but lagged the analysts’ expectations of $5.94 billion. The upside was driven by growth in well construction, digital & integration and production systems revenues.

The CEO of Schlumberger, Olivier Le Peuch, said, “Looking ahead, we anticipate another quarter of growth, and expect to close 2021 with strong momentum that will set the foundation for an exceptional growth cycle.”

“As the market leader, we have an advantaged position from which to capture this growth given our technology, integration capability, and international strength, with our core poised for activity and earnings outperformance,” Le Peuch added.

On October 15, Northland Securities analyst Douglas Becker maintained a Buy rating on SLB with a price target of $38 (12.1% upside potential).

Overall, the stock has a Strong Buy consensus based on 7 Buys and 2 Holds. The average Schlumberger price target of $37.28 implies 9.97% upside potential. (See Analysts’ Top Stocks on TipRanks)

According to TipRanks’ Smart Score system, SLB gets a 7 out of 10, which indicates that the stock is likely to perform in line with market averages.

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