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What's the Market Saying about Schlumberger?

PART:
1 2 3 4
Part 3
What's the Market Saying about Schlumberger? PART 3 OF 4

What’s Schlumberger’s Correlation with Crude Oil as of March 31?

Correlation coefficient

In this part of the series, we’ll analyze the correlation between Schlumberger’s (SLB) stock price and the price of WTI (West Texas Intermediate) crude oil. This correlation coefficient measures the statistical relationship between the two variables. A correlation coefficient value of 0 to 1 shows a positive correlation, with 0 meaning no correlation and -1 to 0 showing an inverse correlation.

Schlumberger’s correlation with crude oil

The correlation coefficient between Schlumberger stock and crude oil from March 31, 2016, to March 31, 2017, is 0.63. That indicates a strong positive relationship between crude oil and Schlumberger stock.

What’s Schlumberger’s Correlation with Crude Oil as of March 31?

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Correlation between OFS stocks and crude oil

As you can see in the above graph, the correlation of the VanEck Vectors Oil Services ETF (OIH) with crude oil since March 31, 2016, is 0.72. OIH tracks 25 OFS (oilfield services and equipment) companies. McDermott International’s (MDR) correlation coefficient with crude oil since March 31, 2016, is 0.53, while Carbo Ceramics’ (CRR) correlation is 0.45. Baker Hughes’s (BHI) correlation is 0.52.

Next, let’s take a look at Wall Street analysts’ recommendations for Schlumberger.

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