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Schlumberger (SLB) Surges 8.6%: Is This an Indication of Further Gains?
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Schlumberger (SLB - Free Report) shares ended the last trading session 8.6% higher at $53.35. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.5% gain over the past four weeks.
SLB’s shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices, which is encouraging customers to increase drilling activities. This has increased demand for the company’s oilfield services. With the strong demand for its services, SLB is well positioned to generate significant free cash flows this year as it is one of the largest oilfield service players in the world.
This world's largest oilfield services company is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +42%. Revenues are expected to be $8.26 billion, up 21.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Schlumberger, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SLB going forward to see if this recent jump can turn into more strength down the road.
Schlumberger belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Weatherford (WFRD - Free Report) , closed the last trading session 5.7% higher at $69.62. Over the past month, WFRD has returned 1.1%.
Weatherford's consensus EPS estimate for the upcoming report has changed -4.5% over the past month to $1.23. Compared to the company's year-ago EPS, this represents a change of +1218.2%. Weatherford currently boasts a Zacks Rank of #3 (Hold).
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Schlumberger (SLB) Surges 8.6%: Is This an Indication of Further Gains?
Schlumberger (SLB - Free Report) shares ended the last trading session 8.6% higher at $53.35. The jump came on an impressive volume with a higher-than-average number of shares changing hands in the session. This compares to the stock's 3.5% gain over the past four weeks.
SLB’s shares rallied on the last trading day. The bullishness could be attributed to the sustained high oil and gas prices, which is encouraging customers to increase drilling activities. This has increased demand for the company’s oilfield services. With the strong demand for its services, SLB is well positioned to generate significant free cash flows this year as it is one of the largest oilfield service players in the world.
This world's largest oilfield services company is expected to post quarterly earnings of $0.71 per share in its upcoming report, which represents a year-over-year change of +42%. Revenues are expected to be $8.26 billion, up 21.9% from the year-ago quarter.
While earnings and revenue growth expectations are important in evaluating the potential strength in a stock, empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.
For Schlumberger, the consensus EPS estimate for the quarter has been revised marginally lower over the last 30 days to the current level. And a negative trend in earnings estimate revisions doesn't usually translate into price appreciation. So, make sure to keep an eye on SLB going forward to see if this recent jump can turn into more strength down the road.
The stock currently carries a Zacks Rank #3 (Hold). You can see the complete list of today's Zacks Rank #1 (Strong Buy) stocks here >>>>
Schlumberger belongs to the Zacks Oil and Gas - Field Services industry. Another stock from the same industry, Weatherford (WFRD - Free Report) , closed the last trading session 5.7% higher at $69.62. Over the past month, WFRD has returned 1.1%.
Weatherford's consensus EPS estimate for the upcoming report has changed -4.5% over the past month to $1.23. Compared to the company's year-ago EPS, this represents a change of +1218.2%. Weatherford currently boasts a Zacks Rank of #3 (Hold).