FBR Capital Maintains an 'Outperform' on Schlumberger (SLB); Weaker Q1 Should Not Thwart International Margin Expansion
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Price: $49.44 +0.67%
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
Rating Summary:
45 Buy, 7 Hold, 2 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 12 | New: 13
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FBR Capital maintains an 'Outperform' on Schlumberger (NYSE: SLB), PT $110.
FBR analyst says, "Similar to other large-cap oil services companies that have also reported 1Q11 earnings, Schlumberger reported noisy results. However, with North American and Australian weather, as well as seasonality in the North Sea, contributing to the majority of the weakness, we do not view 1Q11 earnings as a new run-rate going forward. We still expect the international oil service market to see revenue and margin improvement in 2011, accelerating in 2012 as healthy oil prices promote increased E&P activity."
"We are adjusting our model to incorporate Schlumberger's new product group segment reporting and geographic breakdown. We leave our 2011 EPS estimate unchanged at $3.75 and increase our 2012 EPS estimate to $5.10 from $4.90."
For more ratings news on Schlumberger click here and for the rating history of Schlumberger click here.
Shares of Schlumberger closed at $88.05 yesterday.
FBR analyst says, "Similar to other large-cap oil services companies that have also reported 1Q11 earnings, Schlumberger reported noisy results. However, with North American and Australian weather, as well as seasonality in the North Sea, contributing to the majority of the weakness, we do not view 1Q11 earnings as a new run-rate going forward. We still expect the international oil service market to see revenue and margin improvement in 2011, accelerating in 2012 as healthy oil prices promote increased E&P activity."
"We are adjusting our model to incorporate Schlumberger's new product group segment reporting and geographic breakdown. We leave our 2011 EPS estimate unchanged at $3.75 and increase our 2012 EPS estimate to $5.10 from $4.90."
For more ratings news on Schlumberger click here and for the rating history of Schlumberger click here.
Shares of Schlumberger closed at $88.05 yesterday.
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