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Will This Oil Giant Resume Its Uptrend Ahead of Fourth-Quarter Results?
Oilfield services giant Schlumberger (SLB - Free Report) is attempting to find support at a pivotal level ahead of its upcoming earnings announcement. The stock is hovering near a 4-month low amid broad weakness in the energy sector. A Zacks Rank #3 (Hold), Schlumberger is expected to deliver strong Q4 results on solid demand for drilling services and equipment. Given a long history of exceeding earnings estimates, is SLB a buy?
Schlumberger is set to deliver fourth-quarter results on Friday before the bell. The company is expected to post a quarterly profit of $0.84/share, which would reflect 18.3% growth relative to the same quarter in the prior year. Revenues are anticipated to climb 14% to $8.98 billion.
SLB has established a long history of beating earnings estimates. Our proprietary Zacks Earnings ESP does not conclusively predict another beat for the fourth quarter. Investors should be cautious heading into the announcement amid weakness in the energy sector.