|Bid||0.00 x 0|
|Ask||0.00 x 0|
|Day's range||37.57 - 37.57|
|52-week range||37.57 - 6,536.00|
|Beta (3Y monthly)||0.74|
|PE ratio (TTM)||31.07|
|Forward dividend & yield||2.00 (4.32%)|
|1y target est||N/A|
The oilfield services provider also posted higher-than-expected second-quarter revenue and a year-over-year profit increase, as demand in international markets countered weakness in North America. Its earnings of 35 cents a share were in line with analysts' expectations, but shares fell as much as 3% in early trading amid forecasts for continued soft demand for oilfield services in North America. "North America remains a challenging environment," Le Peuch told investors on Friday during a conference call, pointing to softer pricing and an overcapacity of equipment, particularly in hydraulic fracturing.
The 55-year-old Frenchman, appointed as Schlumberger's chief operating officer in February and seen as its CEO- in-waiting, is being watched for signs he plans to return the top oil services provider by revenue to its roots in high-tech equipment and services. Since current CEO Paal Kibsgaard took charge in August 2011, the company has overspent on costly program-management ventures, paid $430 million for pressure pumping gear as the market became oversaturated, and seen its share price tumble about 58%. Le Peuch, an electrical engineer by training with more than three decades at the company, is expected to take over this year from Kibsgaard.
Top Oilfield Services Stocks: Changes in Institutional OwnershipInstitutional investors added to their positionsTogether, the top ten institutional investors in Schlumberger (SLB) added 20.7 million Schlumberger shares to their positions in the
Better-than-expected revenue in North America, along with the company's claim that prices were bottoming out, initially drove shares in the oilfield services giant almost 5 percent higher after it published first quarter results. "I don't think there was anything in there to get people off the sidelines," said Jennifer Rowland, an analyst at brokerage Edward Jones, arguing the company's comments fell short of what was needed to shift sentiment around the industry. Halliburton and larger rival Schlumberger NV have been struggling with a tightening of spending by U.S. oil producers in response to shareholder pressure for greater returns following a period of heavy investment in shale.
Schlumberger said last week that investments by oil producers in international markets will increase by 7 percent to 8 percent this year, citing a 20 percent increase last quarter in offshore rig counts and growing exploration activity in Latin America, Africa and Asia. Halliburton's international revenue rose 11 percent in the first quarter, driven by gains in Mexico, Argentina and the Middle East.
The oilfield services sector bellwether said it expects a 7 to 8 percent increase in investments by oil producers in markets outside North America, citing a 20 percent increase last quarter in offshore rig counts and growing exploration activity in Latin America, Africa and Asia.
On a per-share basis, the The Hague, Netherlands-based company said it had profit of 30 cents. The results met Wall Street expectations. The average estimate of 13 analysts surveyed by Zacks Investment ...
Le Peuch has previously served as the president of Schlumberger's oilfield equipments making unit Cameron Group. The appointment marks the formal beginning of CEO succession, wrote Jefferies analyst Brad Handler in a note. "That process comes earlier than we expected given Paal's age and the recent downturn", he added.
Schlumberger earnings met views and the oil services giant sees a delayed spending recovery. But Schlumberger stock rose as crude oil prices jumped.
** Schlumberger NV said it would withdraw its application for the acquisition of a stake in Russia's Eurasia Drilling Company (EDC) if it is not successful in getting approvals soon. ** The chief executive officer of Canadian oil producer MEG Energy Corp invited his counterpart at Husky Energy Inc earlier this month to negotiate a friendly takeover of MEG but Husky did not follow up, MEG's vice president of investor relations, John Rogers, said.