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Should you buy Schlumberger stock on a solid Q4 report?

Schlumberger NV (NYSE: SLB) is in focus this morning after the oil services company reported better-than-expected results for its fiscal fourth quarter.

Schlumberger expects a strong 2023

More importantly, Schlumberger is confident that it’ll have a strong 2023 on continued demand and increased investments in oilfield services. In the press release, CEO Olivier Le Peuch said:

Improved pricing and our commercial success – particularly in the Middle East, offshore, and North America – combined to set a very strong foundation for outperformance in 2023.

Schlumberger raised its dividend

Schlumberger reported meaningful growth in all of its business segments this quarter. Consequently, it announced a whopping 43% increase in its quarterly dividend to 25 cents a share on Friday.

Schlumberger stock has gained nearly 70% since late September.

Should you buy Schlumberger stock

Also on Friday, Benchmark analyst Kurt Hallead said this oil stock was a top name for 2023.

Upside earnings momentum should pull investors back into oil services with recession concerns creating pent-up demand. SLB is in a strong position to benefit from increased spending on offshore projects and be a leader in energy transition.

Hallead sees upside in Schlumberger stock to $65 – about a 15% increase from here.

Schlumberger Q4 earnings snapshot

Earned $1.07 billion versus the year-ago $601 million only

Per-share earnings also climbed from 42 cents to 74 cents

Adjusted for one-time items, EPS printed at 71 cents

Revenue jumped 26.6% year-on-year to $7.88 billion

Consensus was 68 cents a share on $7.81 billion revenue

The post Should you buy Schlumberger stock on a solid Q4 report? appeared first on Invezz.

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