SLB price target lowered to $70 from $74 at Barclays

Barclays lowered the firm’s price target on SLB to $70 from $74 and keeps an Overweight rating on the shares. In an all-stock transaction, SLB announced it is acquiring ChampionX for its production chemicals business, providing considerable visibility through the end of the decade as Middle East and Offshore volume ramp up, while filling a gap in its portfolio with one of the few “moats” still left, the analyst tells investors in a research note.