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Work on the floor section of a drilling rig. Schlumberger’s earnings topped expectations.
Photograph by Kosuke Okahara/Bloomberg
Schlumberger stock was rising after the oil-services company reported consensus-topping first-quarter earnings and raised its dividend.
For the March quarter,
Schlumberger
delivered adjusted earnings of 34 cents a share, slightly higher than the consensus estimate of 33 cents, according to a survey of analysts tracked by FactSet. Revenue of $5.96 billion was more than the $5.91 billion analysts had expected.
Schlumberger’s (ticker: SLB) stock rose 2.4% to $41.64 in premarket trading on Friday. The stock has gained over 35% this year, through Thursday’s close, thanks to the rise in oil prices.
The company noted the uncertainty linked to Russia but maintained its outlook for full-year revenue growth in the midteens. Analysts expect $25.98 billion in revenue for the full year 2022, which translates to 13.3% growth compared with last year.
Schlumberger’s also announced a 40% increase in its quarterly cash dividend, from $0.125 per share to $0.175 per share.
Out of 31 analysts tracked by FactSet, 26 are bullish on the stock, while five rate it as Hold. The average target for the stock price is $47.95.
Write to Karishma Vanjani at karishma.vanjani@dowjones.com
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