Schlumberger (SLB) Q4 Results Bode Well For Oil Services

January 22, 2013 11:38 AM EST
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Price: $87.20 -0.32%

Rating Summary:
    34 Buy, 6 Hold, 1 Sell

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    Up: 23 | Down: 34 | New: 34
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Analysts at FBR Capital think Schlumberger's (NYSE: SLB) earnings report last week bodes well for oilfield service stocks and supports their belief that U.S. well count should be up substantially in 2013.

"One of the largest takeaways from the conference call was the promising outlook for offshore activity in 2013. U.S," said analyst Robert MacKenzie. The company also expressed optimism for land drilling, with rig count seen rising 100 to 150 in Q1.

Additionally, international operations "appear to be firing on all cylinders", said the analyst.

FBR Capital reiterated an Outperform rating on Schlumberger and raised its price target to $100.00 (from $92.00).

For an analyst ratings summary and ratings history on Schlumberger (NYSE: SLB) click here. For more ratings news on Schlumberger click here.

Shares of Schlumberger closed at $76.50 yesterday.

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