
SLB: Jefferies still a buyer
(CercleFinance.com) - Jefferies has reaffirmed its buy rating on SLB (formerly Schlumberger) shares, along with its $73 target price, in a note on the major US oil services companies following Q2 results.
The broker highlights the momentum of international activity in the sector, which should continue, while activity in the North American market should follow a downward trend in the second half of the year, as investors await the bottom of the cycle.
Margins remain favourable and should trend upwards (Baker Hughes, SLB), as companies make progress towards their free cash flow and shareholder return targets for 2024, it continues.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
The broker highlights the momentum of international activity in the sector, which should continue, while activity in the North American market should follow a downward trend in the second half of the year, as investors await the bottom of the cycle.
Margins remain favourable and should trend upwards (Baker Hughes, SLB), as companies make progress towards their free cash flow and shareholder return targets for 2024, it continues.
Copyright (c) 2024 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.