SLB (NYSE:SLB), formerly Schlumberger, slipped in Friday’s trading as the oil field services company announced mixed Q3 results. The company’s adjusted earnings went up by 24% year-over-year to $0.78 per share, just sliding past consensus estimates of $0.77 per share.
The company’s revenues in the third quarter jumped by 11% year-over-year to $8.31 billion but fell short of analysts’ forecasts of $8.32 billion.
Olivier Le Peuch, the CEO of SLB, commented, “The oil and gas industry continues to benefit from a multiyear growth cycle that has shifted to the international and offshore markets where we are the clear leader. “
The company’s Board of Directors approved a quarterly cash dividend of $0.25 per share, which is payable on January 11, 2024, to stockholders of record on December 6.
Is SLB a Good Stock to Buy?
Analysts remain bullish about SLB stock, with a Strong Buy consensus rating based on a unanimous 16 Buys. The average SLB price target of $70 implies an upside potential of 22.3% from current levels.
