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Oil Giant Resumes Uptrend on Q4 Earnings Beat
Oilfield services giant Schlumberger (SLB - Free Report) has surged more than 55% in the past year despite the price of oil falling markedly from its peak in March of last year. The stock is hovering near a 52-week high amid Q4 earnings results that beat expectations. Strong demand for drilling services and equipment helped boost profits, as the company’s fourth-quarter per share earnings were the highest since 2015.
The company reported quarterly earnings of $0.71/share, surpassing the $0.69/share Zacks Consensus Estimate by 2.9%. SLB’s fourth-quarter per share earnings were the highest since 2015. Revenues of $7.88 billion also exceeded estimates.
Schlumberger is a Zacks Rank #3 (Hold) stock. The company has beaten earnings estimates in each of the past four quarters, with an average surprise of 12.73%. SLB and the energy sector continue to hold up well in a difficult market environment.