UPDATE: Schlumberger (SLB) PT Raised to $49 at Griffin Securities

Griffin Securities analyst Kevin Simpson raised the price target on Schlumberger (NYSE: SLB) to $49.00 (from $46.00) while maintaining a Buy rating.

The analyst comments "Notwithstanding the expected Russia hit, we are raising our 2022 EPS estimate by $0.05 to $1.80. The combination of much higher than budgeted oil and natural gas prices and new found concern about security of supply is pushing upstream capex plans higher even as publicly traded US oil companies stick with original capex plans that aim to generate modest production growth. Outside North America development drilling plans by National Oil Companies (NOCs) are being boosted with larger activity increases expected for 2H 2022 and for all of 2023. SLB is a differential beneficiary of this incremental strength, with its high market shares with NOCs and leading position in integrated project management, which will facilitate NOCs and smaller overseas independent producers ramping their short cycle development activity."

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