Energy technology and solutions provider Schlumberger Ltd. (NYSE:SLB) has delivered a better-than-expected set of numbers for the first quarter.
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Revenue rose 30% year-over-year to $7.7 billion, outperforming expectations by $240 million. EPS at $0.63 too came in ahead of expectations by $0.03. During the quarter, SLB saw double-digit growth in North America as well as International geographic verticals.
Moreover, the company’s Reservoir Performance, Well Construction, and Production Systems segments clocked a double-digit growth as compared to the year-ago period.
Looking ahead, for Q2, the company expects robust growth on the back of a seasonal recovery in the Northern Hemisphere, capacity expansion in the Middle East, and activity uptick in Asia and Sub-Sahara Africa.
Overall, the Street has a $66.88 consensus price target on SLB, pointing to a 28.7% potential upside in the stock. That’s on top of a 13.7% gain in the share price over the past month.
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