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What Did the Market Say about Schlumberger on September 15?

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What Did the Market Say about Schlumberger on September 15? PART 1 OF 3

Schlumberger’s 1-Week Returns on September 15

Schlumberger’s one-week returns 

Schlumberger’s (SLB) one-week returns were 4% until September 15, 2017. Since September 8, 2017, the Energy Select Sector SPDR ETF (XLE) has risen 2%. XLE represents the broader energy industry. The VanEck Vectors Oil Services ETF (OIH), an ETF that represents 25 oilfield services stocks, saw 7% one-week returns. So, Schlumberger outperformed XLE, but underperformed OIH in the past week. The Dow Jones Industrial Average (DJIA-INDEX) rose 2% in the past week until September 15, 2017. Since September 8, 2017, the SPDR S&P 500 ETF (SPY) has underperformed Schlumberger. SPY produced 1% returns during this period.

Crude oil prices and rigs

On September 15, 2017, the West Texas Intermediate crude oil price was 5% higher than the previous week. Despite crude oil prices gaining strength, the US rig count fell 1% in the past week until September 15, 2017. To learn about the energy sector’s recent drivers, read Your Energy Sector Update for the Week Ended September 15. You can also read about National Oilwell Varco (NOV) and Weatherford International’s (WFT) fundamentals in SLB, HAL, NOV, WFT: How They Stack Up after 2Q17.

Schlumberger’s 1-Week Returns on September 15

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Recent events that could impact Schlumberger’s returns

  • On September 13, 2017, Schlumberger announced that it introduced the DELFI cognitive E&P environment. It’s designed to leverage digital technologies like security, analytics and machine learning, high-performance computing, and the Internet of Things to improve efficiency and production.
  • US onshore energy activity will likely remain strong in 2H17. So, Schlumberger’s hydraulic fracturing calendar is booked well into 4Q17 due to the improved demand for drilling services.
  • Schlumberger is on track to complete the OneStim joint venture with Nabors Industries (NBR) during 2H17. The joint venture provides additional hydraulic horsepower capacity and a full suite of multistage completion technology.
  • Russia and OPEC’s Gulf countries are expected to see strong activity in the rest of 2017, which could benefit Schlumberger.
  • Schlumberger bought Petrofac’s stake in Petro-SPM Integrated Services S.A. de C.V. on August 15. Now, Schlumberger owns 100% of Petro-SPM.
  • Based on media news, the Federal Antimonopoly Service, a Russian competition regulator, might object to Schlumberger’s proposed acquisition of Eurasia Drilling. On July 20, 2017, Schlumberger signed an agreement with Eurasia Drilling to acquire a 51% controlling stake in the company.

To learn more, read Schlumberger Sees Twists and Turns before Its Recovery.

In this series

In this series, we’ll  look at Schlumberger and its correlation with crude oil. In the next part, we’ll discuss Schlumberger’s stock price forecast.

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