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The Zacks Analyst Blog Highlights Schlumberger, Halliburton, OIH, IEZ and XLE
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For Immediate Release
Chicago, IL – October 31, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Schlumberger Ltd. (SLB - Free Report) , Halliburton Co. (HAL - Free Report) , VanEck Vectors Oil Services ETF (OIH - Free Report) , iShares US Oil Equipment & Services ETF (IEZ - Free Report) , and Energy Select Sector SPDR Fund (XLE - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Upbeat Earnings Boost Oil Service ETFs
Big oil services companies started releasing their quarterly numbers from this week. The outlook is bullish this time thanks to the upbeat oil market. OPEC+ producers agreed on deep output cuts, seeking to spur a recovery in crude prices despite repeated calls from U.S. President Joe Biden's administration for the group to pump more to lower fuel prices and contain global inflation.
Against this backdrop, a close monitoring of the energy space, which deals with oil field services, is warranted. Let's delve a little deeper into the earnings picture and see how things are shaping up for the space.
Schlumberger in Focus
On Oct 20, Schlumberger Ltd. has reported third-quarter 2022 earnings of 63 cents per share (excluding charges and credits), comfortably beating the Zacks Consensus Estimate of 55 cents. The bottom line significantly increased from the year-ago quarter's earnings of 36 cents.
The oilfield service giant recorded total quarterly revenues of $7,477 million, outpacing the Zacks Consensus Estimate of $7,143 million. The top line also improved from the year-ago quarter's $5,847 million.
Halliburton in Focus
On Oct 25, Halliburton Co. reported third-quarter 2022 adjusted net income per share of 60 cents, surpassing the Zacks Consensus Estimate of 56 cents and improving from the year-ago profit of 28 cents. The outperformance reflects stronger-than-expected profit from both its divisions and came in spite of the company's exit from Russia.
Revenues of $5.4 billion were 38.8% higher than the corresponding period of 2021 and above the Zacks Consensus Estimate of $5.3 billion. North American revenues rose 63.2% year over year to $2.6 billion, while revenues from Halliburton's international operations were up 21.2% from the year-ago period to $2.7 billion. Investors should know that HAL has outsized exposure to the North American land drilling market.
Market Impact
Investors might want to know the impact of earnings results on ETFs that are heavily invested in these popular oil service companies. Below we highlight three oil-services ETFs with considerable allocation to SLB and HAL that could be in focus:
VanEck Vectors Oil Services ETF
OIH invests $2.79 billion of assets in 25 holdings and devotes as much as 22.45% of the portfolio weight to SLB, followed by 11.48% in HAL. Generally, when one stock accounts for as much as 20% of an ETF's weight, its individual performance decides much of the fund's price movement. OIH gained 13.8% in the past five days (as of Oct 26, 2022).
iShares US Oil Equipment & Services ETF
This ETF invests about $200.0 million of assets in about 26 securities, focusing solely on the energy world. The in-focus SLB takes up the first position here with 24.94% of holdings. HAL takes up the second position with about 21.28% of total assets. The fund added 14.7% in the past five days.
Energy Select Sector SPDR Fund
XLE invests about $41.62 billion of assets in 23 stocks. The fund puts 5.11% of the portfolio weight in SLB. It added about 7.2% in the past five days.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.
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The Zacks Analyst Blog Highlights Schlumberger, Halliburton, OIH, IEZ and XLE
For Immediate Release
Chicago, IL – October 31, 2022 – Zacks.com announces the list of stocks featured in the Analyst Blog. Every day the Zacks Equity Research analysts discuss the latest news and events impacting stocks and the financial markets. Stocks recently featured in the blog include: Schlumberger Ltd. (SLB - Free Report) , Halliburton Co. (HAL - Free Report) , VanEck Vectors Oil Services ETF (OIH - Free Report) , iShares US Oil Equipment & Services ETF (IEZ - Free Report) , and Energy Select Sector SPDR Fund (XLE - Free Report) .
Here are highlights from Friday’s Analyst Blog:
Upbeat Earnings Boost Oil Service ETFs
Big oil services companies started releasing their quarterly numbers from this week. The outlook is bullish this time thanks to the upbeat oil market. OPEC+ producers agreed on deep output cuts, seeking to spur a recovery in crude prices despite repeated calls from U.S. President Joe Biden's administration for the group to pump more to lower fuel prices and contain global inflation.
Against this backdrop, a close monitoring of the energy space, which deals with oil field services, is warranted. Let's delve a little deeper into the earnings picture and see how things are shaping up for the space.
Schlumberger in Focus
On Oct 20, Schlumberger Ltd. has reported third-quarter 2022 earnings of 63 cents per share (excluding charges and credits), comfortably beating the Zacks Consensus Estimate of 55 cents. The bottom line significantly increased from the year-ago quarter's earnings of 36 cents.
The oilfield service giant recorded total quarterly revenues of $7,477 million, outpacing the Zacks Consensus Estimate of $7,143 million. The top line also improved from the year-ago quarter's $5,847 million.
Halliburton in Focus
On Oct 25, Halliburton Co. reported third-quarter 2022 adjusted net income per share of 60 cents, surpassing the Zacks Consensus Estimate of 56 cents and improving from the year-ago profit of 28 cents. The outperformance reflects stronger-than-expected profit from both its divisions and came in spite of the company's exit from Russia.
Revenues of $5.4 billion were 38.8% higher than the corresponding period of 2021 and above the Zacks Consensus Estimate of $5.3 billion. North American revenues rose 63.2% year over year to $2.6 billion, while revenues from Halliburton's international operations were up 21.2% from the year-ago period to $2.7 billion. Investors should know that HAL has outsized exposure to the North American land drilling market.
Market Impact
Investors might want to know the impact of earnings results on ETFs that are heavily invested in these popular oil service companies. Below we highlight three oil-services ETFs with considerable allocation to SLB and HAL that could be in focus:
VanEck Vectors Oil Services ETF
OIH invests $2.79 billion of assets in 25 holdings and devotes as much as 22.45% of the portfolio weight to SLB, followed by 11.48% in HAL. Generally, when one stock accounts for as much as 20% of an ETF's weight, its individual performance decides much of the fund's price movement. OIH gained 13.8% in the past five days (as of Oct 26, 2022).
iShares US Oil Equipment & Services ETF
This ETF invests about $200.0 million of assets in about 26 securities, focusing solely on the energy world. The in-focus SLB takes up the first position here with 24.94% of holdings. HAL takes up the second position with about 21.28% of total assets. The fund added 14.7% in the past five days.
Energy Select Sector SPDR Fund
XLE invests about $41.62 billion of assets in 23 stocks. The fund puts 5.11% of the portfolio weight in SLB. It added about 7.2% in the past five days.
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Past performance is no guarantee of future results. Inherent in any investment is the potential for loss. This material is being provided for informational purposes only and nothing herein constitutes investment, legal, accounting or tax advice, or a recommendation to buy, sell or hold a security. No recommendation or advice is being given as to whether any investment is suitable for a particular investor. It should not be assumed that any investments in securities, companies, sectors or markets identified and described were or will be profitable. All information is current as of the date of herein and is subject to change without notice. Any views or opinions expressed may not reflect those of the firm as a whole. Zacks Investment Research does not engage in investment banking, market making or asset management activities of any securities. These returns are from hypothetical portfolios consisting of stocks with Zacks Rank = 1 that were rebalanced monthly with zero transaction costs. These are not the returns of actual portfolios of stocks. The S&P 500 is an unmanaged index. Visit https://www.zacks.com/performance for information about the performance numbers displayed in this press release.