|Bid||17.57 x 2900|
|Ask||0.00 x 3100|
|Day's Range||17.94 - 18.61|
|52 Week Range||11.87 - 41.40|
|Beta (5Y Monthly)||2.12|
|PE Ratio (TTM)||N/A|
|Forward Dividend & Yield||0.50 (2.67%)|
|Ex-Dividend Date||Jun. 02, 2020|
|1y Target Est||N/A|
This year has been terrible for shareholders of the oilfield services giant as the supply of crude has outstripped the world's demand.
In the latest trading session, Schlumberger (SLB) closed at $17.98, marking a +1.47% move from the previous day.
Schlumberger (SLB) announced initiatives to save roughly $1.5 billion in costs annually, while Continental Resources (CLR) said that it will gradually restore its output on improving fundamentals.
The oil services giant is planning more changes to deal with sharply lower oil prices and drilling activity as demand fell from COVID-19 pandemic impacts.
The changes will be implemented in phases and are designed to forge "a leaner, simplified and more responsive organization," Chief Executive Olivier Le Peuch said in the memo dated on Wednesday and reviewed by Reuters. Schlumberger has cut hundreds of jobs, reduced executive pay by at least 20% and put some low-tech units up for sale. As part of the restructuring, Schlumberger plans to consolidate its 17 product lines into four divisions to "align with our customer's workflows," the memo said.
Oil prices rose and so did shares of energy services companies, as investors hope the worst is over in the oil patch.
U.S. stock indexes were set to open sharply higher on Monday on optimism fueled by encouraging data from a potential COVID-19 vaccine trial, with investors also counting on more stimulus to rescue the economy from a deep economic slump. Drugmaker Moderna Inc said its experimental vaccine for COVID-19 showed promising results in an early stage study. Markets were also encouraged by Federal Reserve Chairman Jerome Powell's remarks over the weekend on a gradual economic recovery, and his affirmation that more monetary stimulus was on the way if required.
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Schlumberger expects overall global spending to fall roughly 20% in 2020, with a 40% drop in North America. While OPEC and allies agreed to reduce output next month by 9.7 million barrels per day (bpd) to buttress crude prices, the flood of oil on markets and business lockdowns from the coronavirus continue to hit oil prices. The second quarter "is likely to be the most uncertain and disruptive quarter the industry has ever seen," Chief Executive Olivier Le Peuch told investors on Friday.
U.S. stock index futures jumped on Friday as President Donald Trump laid out plans to re-open the economy from coronavirus-induced lockdowns and on reports of encouraging data on a drug to potentially treat COVID-19. Gilead Sciences Inc's shares surged 11.9% in premarket trading following a media report that patients with severe symptoms of the disease had responded positively to its experimental drug, remdesivir.
While it is gearing up to be a relatively quiet Friday, investors will closely monitoring coronavirus-related developments and key earnings announcements from Kansas City Southern and Schlumberger.
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Domestic oil drillers may again remove rigs since explorers have decided to curb spending on the drilling of new wells for the second straight year in 2020.