Why did Schlumberger surge today? More upside seen after best quarter since 2015
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Schlumberger (NYSE:SLB) ended Friday at the top of the S&P 500 leadboard, +10.3% to $50.41 for its highest closing price in nearly four years, after reporting its best quarterly profit in seven years and raising guidance for the rest of 2022.
The company said it expects Q4 sales will surge in the mid-20% range from the year-earlier quarter, slightly more bullish than the 19.3% growth expected by analysts, according to data compiled by Bloomberg, with EBITDA margin growth of 200 bps from a year ago.
"We're already witnessing the next phase of growth with an acceleration in pace in the offshore and international markets, that was very visible" in Q3, CEO Olivier Le Peuch said during the earnings conference call, adding the company expects the next phase of global market inflection will be driven by increasing activity in the Middle East.
Piper Sandler analyst Luke Lemoine, who rates the stock at Overweight, said Q3 was "very positive," with an 8% EBITDA neat following a 12% beat in Q2.
Other oil services providers (OIH) finished higher; Halliburton (HAL), which reports earnings next Tuesday, closed +7%, with (BKR) +2.7%, (LBRT) +1.5%.
Earlier this week, rival oil services peer Baker Hughes said it expects drillers will boost spending by double digits globally next year.