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Schlumberger’s 2Q Revenues Plunge 35% on Weak Energy Demand
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Schlumberger’s 2Q Revenues Plunge 35% on Weak Energy Demand

Weak energy demand and low oil prices amid the coronavirus pandemic continue to hurt Schlumberger’s (SLB) financial results. On July 24, the company reported 2Q revenues of $5.36 billion that fell 35.2% year-over-year and missed analysts’ expectations of $5.37 billion.

“This has probably been the most challenging quarter in past decades,” Schlumberger CEO Olivier Le Peuch said.

Nonetheless, the company’s bottom-line results fared better than analysts’ expectations. Schlumberger reported adjusted earnings of $0.05 per share, while analysts were expecting a loss of a penny.

Cowen analyst Marc Bianchi maintained his Buy rating and a price target of $27 following the 2Q earnings beat, saying “revenue is expected to be flat and margins aided by cost savings, mix, and technology.”

The stock has plunged over 51% year-to-date. Overall, SLB analysts have a cautiously optimistic Moderate Buy consensus on the stock. The average analyst price target stands at $22.16, implying 14% upside potential. (See SLB stock analysis on TipRanks).

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