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Barclays Defends Bullish View on Schlumberger; Sees Higher Demand in Coming Years (SLB)

By Dividend.com,  September 07, 2012, 08:39:52 AM EDT

Oilfield services provider Schlumberger Limited ( SLB ) on Friday received some continued bullish support from analysts at Barclays Capital.

The firm reiterated its "Overweight" rating and $98 price target on SLB, which suggests a 35% upside to the stock's Thursday closing price of $72.46.

A Barclays analyst commented, "SLB is a leader in reservoir characterization and multiphase boosting and metering (Framo), and has a significant presence in ESPs. A complete system would require additional subsea hardware." The analyst said that a recent presentation at the Barclays CEO Energy Conference indicated SLB is primed to meet the changing technological demands of oil producers in coming years.

Schlumberger shares rose 59 cents, or +0.8%, in premarket trading Friday.

The Bottom Line
Shares of Schlumberger ( SLB ) have a 1.52% dividend yield, based on last night's closing stock price of $72.46. The stock has technical support in the $65-$67 price area. If the shares can firm up, we see overhead resistance around the $75-$77 price levels.

Schlumberger Limited ( SLB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.2 out of 5 stars.

Be sure to visit our complete recommended list of the Best Dividend Stocks , as well as a detailed explanation of our ratings system here .




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Stocks

Referenced Stocks: SLB



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