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What the Market Was Saying about Schlumberger on November 10

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What the Market Was Saying about Schlumberger on November 10 PART 1 OF 3

Schlumberger’s 1-Week Returns on November 10

Schlumberger’s 1-week returns and the industry

Schlumberger’s (SLB) one-week return was 3% on November 10, 2017. In comparison, since November 3, 2017, the Energy Select Sector SPDR ETF (XLE) has risen 1%. The VanEck Vectors Oil Services ETF (OIH) had a one-week return of 4%. So SLB underperformed OIH but outperformed XLE in the past week. The Dow Jones Industrial Average (DJIA-INDEX) was unchanged in the past week until November 10, 2017. The SPDR S&P 500 ETF (SPY), since November 3, 2017, has underperformed SLB. SPY has produced zero returns during this period. You can read more about SLB in Market Realist’s Schlumberger: A Look at Its Fiscal 3Q17 Performance.

Schlumberger’s 1-Week Returns on November 10

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Crude oil price and rigs

On November 10, 2017, WTI (West Texas Intermediate) crude oil was 2% higher than a week ago. Nine more rigs went online in the United States in the week that ended November 10, 2017. You can read about energy prices in Market Realist’s Are Russia and the US New Problems for the Crude Oil Market?

Recent events that could affect Schlumberger’s returns

  • On November 9, 2017, Schlumberger inaugurated the expanded reservoir rock and fluid analysis laboratory located in Houston, Texas. That could enable petro-technical experts to better leverage physical and digital rock and fluid analysis.
  • In the company’s 3Q17 earnings call on October 20, 2017, SLB’s management identified the cost of scaling up and scaling down capacity as its biggest risk to its full cycle returns in the core business.
  • On October 19, 2017, Canada’s exploration and production company Torxen Energy and Schlumberger entered into a definitive agreement with Cenovus Energy (CVE) to purchase the Palliser Block located in Alberta, Canada, for ~$1 billion.
  • SLB is slated to complete the joint venture called OneStim with Weatherford International (WFT) during the second half of 2017. On October 24, 2017, WFT confirmed that it expects to close the joint venture before the end of the year. The joint venture has made progress on integration and is finalizing the contractually agreed price adjustments.

You can read more in Schlumberger: A Look at Its Fiscal 3Q17 Performance.

In this series

In this series, we’ll look at Schlumberger and its correlation with crude oil. Let’s start by looking at Schlumberger’s stock price forecast.

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