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What the Market Said about Schlumberger on February 9

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What the Market Said about Schlumberger on February 9 PART 1 OF 3

What Were Schlumberger’s 1-Week Returns on February 9?

Schlumberger’s one-week returns compared to industry

Schlumberger’s (SLB) one-week returns were -11.5% as of February 9, 2018. In comparison, since February 2, 2018, the Energy Select Sector SPDR ETF (XLE) decreased 8.0%. The VanEck Vectors Oil Services ETF (OIH) witnessed -11.1% one-week returns. So, SLB underperformed OIH and XLE in the past week. SLB has also underperformed the SPDR S&P 500 ETF (SPY) since February 2, 2018. SPY has produced -5.1% returns in the past week. SLB accounts for 0.85% of SPY. SPY tracks the S&P 500 Index (SPX-INDEX). SPX-INDEX has decreased 5.2% in the past week.

What Were Schlumberger’s 1-Week Returns on February 9?

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Crude oil price and rigs

On February 9, 2018, the West Texas Intermediate (or WTI) crude oil price was 9.5% lower compared to a week ago. Despite crude oil price’s weakness, 29 additional rigs came online in the US in the past one week as of February 9, 2018. For the latest on energy prices, read Market Realist’s Energy Stocks: Are Bearish Factors Rising?

Some recent factors that affected SLB’s returns

  • adverse change in estimates on a long-term project in the Middle East
  • higher project volume and increased service revenue in the Cameron Group
  • improved pricing in onshore North America benefiting the production group margin
  • acquisition of Weatherford International’s (WFT) pressure pumping and pump-down perforating assets for $430 million on December 29, 2017
  • SLB and WFT also called off the earlier planned joint venture, called OneStim, which could result in additional market share for SLB in the hydraulic fracturing-related services

Series highlights

In this series, we’ll look at Schlumberger and its correlation with crude oil. We’ll discuss Schlumberger’s stock price forecast next.

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