Oil and gas exploration services provider Schlumberger Limited ( SLB ) on Tuesday saw its coverage initiated with a "Buy" rating by analysts at Jefferies & Co.
The firm also set a $90 price target on SLB shares, suggesting a 30% upside to the stock's Monday closing price of $69.22.
A Jefferies analyst commented, "SLB is the undisputed industry leader with a global footprint and leading technology across most product lines. The company is highly leveraged to a continued recovery in international drilling activity as well as the long-term growth of deepwater drilling activity."
Schlumberger shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of Schlumberger ( SLB ) have a 1.44% dividend yield, based on last night's closing stock price of $69.22. The stock has technical support in the $61-$63 price area. If the shares can firm up, we see overhead resistance around the $75-$76 price levels.
Schlumberger Limited ( SLB ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.1 out of 5 stars.
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