Barclays Call Schlumberger (SLB) 'A Must Own Stock' As International Activity Turns Positive

July 23, 2012 5:15 PM EDT
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Price: $84.82 --0%

Rating Summary:
    34 Buy, 5 Hold, 1 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 12 | Down: 10 | New: 3
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Barclays maintains an 'Overweight' on Schlumberger (NYSE: SLB) price target of $98.00 (from $103.00).

Analyst, James C. West, said, "We continue to believe Schlumberger will be a primary beneficiary of the multi-year upturn in deepwater, exploration and international spending that is in the early stages. As the near-term macro issues subside, the equity market should once again focus on tight spare capacity in the oil markets and we believe there is considerable upside potential in the shares of SLB as this unfolds."

Citing tempered N. American rig count, which will probably slide somewhat in the second half, but move back up in 2013, West cuts FY13 EPS estimate from $5.75 to $5.50 (Consensus is $5.06)

For an analyst ratings summary and ratings history on Schlumberger click here. For more ratings news on Schlumberger click here.

Shares of Schlumberger closed at $69.33 yesterday.

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