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Schlumberger NYSE:SLB Stock Report

Last Price


Market Cap







07 Aug, 2022


Company Financials +
SLB fundamental analysis
Snowflake Score
Future Growth4/6
Past Performance5/6
Financial Health3/6

SLB Stock Overview

Schlumberger Limited provides technology for the energy industry worldwide.

Schlumberger Competitors

Price History & Performance

Summary of all time highs, changes and price drops for Schlumberger
Historical stock prices
Current Share PriceUS$34.66
52 Week HighUS$49.83
52 Week LowUS$25.90
1 Month Change0.99%
3 Month Change-8.89%
1 Year Change21.96%
3 Year Change0.38%
5 Year Change-45.70%
Change since IPO181.50%

Recent News & Updates

Aug 03

Schlumberger Benefits From Global Operations

Schlumberger’s market capitalization is $51.9 billion. Its dividend yield is 1.9%. The company considers its phenomenal Q2 '22 results—including quarter-over-quarter strongest revenue growth since 2010—an upward inflection that will continue due to the global need for non-Russian oil and gas supply. Of SLB's 2Q22 revenue, 77% was from international operations; the remaining 23% from North America. Schlumberger Limited (SLB), the largest oilfield service firm, nonetheless was as challenged as all other OFS companies during the 2019-2021 downturn. However, both demand increases and supply deficits -- coupled with a new emphasis on energy security-of-supply risk -- have been setting the stage for Schlumberger to profit not just in 2Q22, as it did, but for several quarters forward also. The company's global diversification stands it in good stead, with national and international companies seeking its expertise to line up new reserves outside of Russia. Examples of drilling projects with which Schlumberger is involved include some in the Middle East, the North Sea (Norway), Africa (Namibia) and offshore South America, particularly Brazil and Guyana. Russia-where it has now suspended operations-accounted for only 5% of the company's revenues. Moreover, the need is double-barreled, e.g. not just oil, but also natural gas. Natural gas was already gaining ground as a lower-carbon transition fuel, but the near-total loss of natural gas into Europe from Russia has exposed just how necessary that fuel is for heat, for electricity, and for manufacturing in the EU and the UK. So, there is a quickened rush to meet the desperate demand. The company achieved stellar growth in 2Q22 and expects an equally strong remainder of 2022 and 2023. Having cut its dividend during the downturn, it has begun raising it and expects to raise it further. Share buybacks are also an eventual possibility. I recommend Schlumberger's stock to investors interested in oilfield services growth, particularly internationally. Schlumberger Second Quarter 2022 Results and Guidance Schlumberger's second-quarter 2022 revenues derived 77% from international operations and 23% from North America. In the second quarter, the company earned: $6.7 billion of revenues, the largest sequential increase--14%--and a 20% year-over-year increase; $959 million of net income ($0.67/share); adjusted EBITDA of $1.5 billion at a 22.6% margin; pretax segment operating income of $1.16 billion at a 17.1% margin. Schlumberger is organized by four operating divisions and four geographical regions. Operating divisions are 1) digital & integration, 2) reservoir performance, 3) well construction, and 4) production systems. The company's second-quarter pretax operating income by division, with margin, is shown below. and Starks Energy Economics, LLC The importance of the European and the Middle East/Asian operations are illustrated in the graph of 2Q22 revenue by region. and Starks Energy Economics, LLC Discussing growth ahead, in the company's 2Q22 conference call CEO Olivier Le Peuch said, The second quarter market a significant inflection point for Schlumberger with a strong acceleration of revenue and earnings growth... Growth was broad-based, driven by an increase in activity internationally, in North American, and across all Divisions. The company has $1.5 billion in senior notes due in 2023, and the company expects further dividend increases and, eventually, share repurchases. The company's Russian exposure was about 5% of total worldwide revenue. It has suspended new investment and technology deployment into Russia. Expected full-year 2022 revenue guidance has been increased to at least $27 billion. According to Le Peuch, I think the quarters to come will be definitely quarters to be replenishing and securing enough spare capacity to avoid the exposure, the overexposure to risk on the energy supply. I think we are living through a supply-led unbalance. I think it's quite unique and it will take time before it recovers towards a demand supply balance. Macro and Oil and Gas Prices For European natural gas, the 2021 shortage was made much worse after reactions to the February 2022 Russian invasion of Ukraine. While Russia appears to be selling its oil (10% of world supply) and coal to non-European buyers, it has simply throttled back its natural gas exports to Europe, which had accounted 40% of Europe's consumption. The EU and the UK now desperately need natural gas. In the US, the Biden administration's energy policy is an anti-hydrocarbon "keep it in the ground" series of directives, which has limited supply and driven prices higher. The Biden administration has called on Saudi Arabia (but not US producers!) to increase production, particularly of oil. Incentivized by higher prices, US oil companies have stepped up drilling on non-federal lands from the pandemic lows. National oil companies, like Saudi Aramco, are also drilling more-a benefit for Schlumberger as the largest international oilfield service company. And international oil companies, like Chevron (CVX) and Exxon Mobil (XOM) have intensified acquisitions and drilling in the US and as well as drilling abroad. Notably, in its 2Q22 report, Schlumberger mentions increased work in Guyana (it already has facilities there). ExxonMobil has announced it will drill 60 exploration wells offshore Guyana in the next six years, including 37 in the Stabroek block. The August 2, 2022, Brent NYMEX oil futures price (for October 2022 delivery) was $99.74/barrel. On August 2, 2022, for September delivery: the West Texas Intermediate ((WTI)) oil price was $93.81/barrel, the Henry Hub (Louisiana) natural gas price was $7.67/MMBTU, and the Dutch Title Transfer Facility ((TTF)) liquefied natural gas price was (an astonishing) $60.69/MMBTU. WTI Crude Oil Spot Price data by YCharts Henry Hub Natural Gas Spot Price data by YCharts While prices are indeed down from the peaks in early July, the 5-95 confidence interval for future oil prices remains quite wide. Energy Information Administration Competitors Schlumberger's head office is in Houston, Texas; however, it is administratively headquartered in Paris, France. Tellingly, its 2Q conference call was scheduled on Greenwich Mean Time. Schlumberger's largest oilfield service competitors are Baker Hughes (BKR), Halliburton (HAL), and NOV Inc (NOV). As a leading oilfield services provider to national oil companies (NOCs), it also competes with Middle East/North Africa oilfield service company National Energy Services Reunited (NESR). Liberty Oilfield Services (LBRT), of whom Schlumberger now owns 12% (down from 37% initially in 2020), competes with several other US onshore fracking and pumping service companies. Governance Institutional Shareholder Services ((ISS)) ranks Schlumberger's overall governance on July 31, 2022, as an excellent 1, with sub-scores of audit (1), board (5), shareholder rights (4), and compensation (1). On the ISS scale, 1 represents lower governance risk and 10 represents higher governance risk. Schlumberger's ESG ratings from Sustainalytics during May 2022 were "medium" with a total risk score of 24 (41st percentile). Component parts are environmental risk 8.4, social 9.4, and governance 6.5. Controversy level is 1 (low) on a scale of 0-5, with 5 as the worst. Shorted shares were 1.8% of floated shares on July 15, 2022, and insiders own a tiny fraction (0.15%) of the outstanding stock. At 1.94, Schlumberger's beta is quite high given the company's large size: its stock moves directionally with the overall market but with far more volatility. However, this reflects the large supply and demand uncertainties in the oil services sector during the past four years. On March 30, 2022, much of Schlumberger's stock was held by institutions, some of which represents index fund investments that match the overall market. The six largest institutional holders were Vanguard (8.6%), BlackRock (7.75%), State Street (6.5%), Norges Bank (2.2%), Dodge & Cox (2.2%), and Amundi (2.1%). Vanguard, Blackrock, State Street, and Amundi are signatories to the Glasgow Financial Alliance for Net Zero, a group that, as of May 31, 2022, manages $61.3 trillion in assets worldwide and which (despite less energy supply due to reduced Russian exports to Europe) limits hydrocarbon investment via its commitment to achieve net zero alignment by 2050 or sooner. SLB Financials and Stock Highlights At an August 2, 2022, closing price of $36.69/share, Schlumberger's market capitalization was $51.9 billion. The 52-week price range is $25.90-$49.83 per share, so the closing price is 74% of the one-year high. Trailing twelve-months' ((TTM)) earnings per share ((EPS)) is $1.83 for a current price/earnings ratio of 20. The average of analysts' estimates for 2022 and 2023 EPS is $1.98 and $2.72 respectively, giving a forward price/earnings ratio range of 13.5 to 18.5.

Jul 26
Schlumberger's (NYSE:SLB) Dividend Will Be Increased To $0.175

Schlumberger's (NYSE:SLB) Dividend Will Be Increased To $0.175

Schlumberger Limited's ( NYSE:SLB ) dividend will be increasing from last year's payment of the same period to $0.175...

Jul 21

Will rising oil prices push Schlumberger's Q2 earnings higher and further support FY22 outlook?

Oilfield service provider, Schlumberger (NYSE:SLB) is scheduled to announce Q2 earnings results on Friday, July 22nd, before market open. The consensus EPS Estimate is $0.40 (+33.3% Y/Y) and the consensus Revenue Estimate is $6.28B (+11.5% Y/Y) amid rising oil prices and global equipment shortages persisting thereby sales moving higher to pre-pandemic levels while profit margins displaying a healthy trend. Strong results are driven by strong drilling activities in North America, Latin America and the Middle East. CEO Olivier Le Peuch believes global demand-led capital spending will drive an exceptional multi-year growth cycle. Over the last 2 years, SLB has beaten EPS estimates 100% of the time and has beaten revenue estimates 63% of the time. Over the last 3 months, EPS estimates have seen 7 upward revisions and 9 downward. Revenue estimates have seen 8 upward revisions and 6 downward. The company plans to boost spending by 18% to $2B in 2022, targeting North American oil explorers who should dominate activity in the first half of the year, followed by international growth in the final six months. With an economic recession fear hovering around global conditions, a drop in energy demand is seen likely and also with high exposure to Russia the company is at high risk level; stock has lost 14.6% in past 1-month trading session. Of the 29 Wall Street Analysts covering the stock, 16 have assigned a Strong Buy while 10 rate it a Buy rating on the stock. Of the 6 Seeking Alpha Authors covering the stock in past 30 days, 4 have rated it a Buy; SA Contributor Gen Alpha recently said, "Schlumberger Is A Bargain Hunter's Dream Stock, Here's Why". Peer companies, Baker Hughes missed expectations for Q2 earnings and revenues as oil price surge benefit was outweighed by component shortages, supply chain inflation and the suspension of its Russian operation. Also, Halliburton posted biggest quarterly profit in nearly four years; revenues rose during the quarter while net income dropped.

Jul 15

Schlumberger Is A Bargain Hunter's Dream Stock, Here's Why

Schlumberger is a market leader in the oil and gas industry, with a focus on cutting the cost of oil and gas extraction. It's positioned to benefit from tight energy supplies due to the war in Ukraine. Recent share price decline makes the stock a compelling investment at the current price. There are many different investment strategies out there, and there's not one size fits all approach. However, it's generally a good idea to fill a diversified portfolio with "best of breed" stocks. These stocks have leadership positions in their respective industries through their market share, scale, reputation, technological know-how, and any combination thereof. This brings me to Schlumberger (SLB) which is a moat-worthy company in the oilfield services space. In this article, I highlight why the recent sell-off presents a great buy-the-drop opportunity on this quality stock, so let's get started. Why SLB? Schlumberger is the world's largest products and services provider to the oil and gas industry, providing expertise to its clients on drilling, production, and reservoir mapping and attributes. Notably, it pioneered directional drilling in the 1980s, and today, this technology is core to the U.S. shale revolution. It's also a knowledge leader in understanding oil and gas reservoirs and carries a portfolio of technology patents that serves as a moat around its business. This helps SLB to maintain above-average industry profitability. As shown below, SLB carries a B+ profitability rating, with net income margin and returns on equity that sit well above the sector median. SLB Profitability (Seeking Alpha) SLB's stock, however, has seen material weakness as of late. At the current price of $31.33, SLB sits well below its 50- and 200-day moving averages of $40 and $37. As shown below, SLB now carries an RSI score of 29, indicating that it's now in oversold territory. SLB Stock Technicals (StockCharts) SLB's business, however, has been on a tear with the oil and gas boom, as revenue grew by 14% YoY to $6.0 billion during the first quarter. This was driven by strong performance across three out of its top 4 business lines, digital & integration, reservoir performance, and well construction, all posting double-digit top-line growth, as shown below. SLB Revenue (Company Press Release) Notably, SLB saw an overall 4% decline in sequential QoQ revenues. This was due to seasonal activity decline in the Northern Hemisphere, as well as the decline in value of the ruble in Europe and Africa, and global supply chain constraints impacting production systems. Looking forward, SLB is expected to see a ramp in business due to the war in Ukraine, as this has exacerbated an already tight oil and gas market. This will likely result in increased investments across geographies to stabilize markets and ensure energy diversification away from Russia. This sentiment was echoed by management during the recent conference call: The energy landscape has evolved significantly over the past few months. Recent events have, on one hand, resulted in a change in the pace of demand recovery, while energy security and supply diversification have also emerged as preeminent global drivers that will shape the future of our industry, in addition to decarbonization, capital discipline, and digital transformation. This new dimension will have long-lasting positive implications for energy investment over the next few years. Risks to the thesis include recent volatility in energy prices, which could impact the profitability of SLB's clients. However, as noted during a recent interview, the CEO of Chevron (CVX) noted that the oil price decline may be short-lived, as the oil market remains tight. This should serve as a floor for oil prices, at least in the near term.

Shareholder Returns

SLBUS Energy ServicesUS Market

Return vs Industry: SLB matched the US Energy Services industry which returned 22.2% over the past year.

Return vs Market: SLB exceeded the US Market which returned -12.8% over the past year.

Price Volatility

Is SLB's price volatile compared to industry and market?
SLB volatility
SLB Average Weekly Movement7.4%
Energy Services Industry Average Movement9.6%
Market Average Movement7.9%
10% most volatile stocks in US Market17.1%
10% least volatile stocks in US Market3.2%

Stable Share Price: SLB is not significantly more volatile than the rest of US stocks over the past 3 months, typically moving +/- 7% a week.

Volatility Over Time: SLB's weekly volatility (7%) has been stable over the past year.

About the Company

192692,000Olivier Le Peuch

Schlumberger Limited provides technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers software, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; petro technical data services and training solutions; reservoir interpretation and data processing services; asset performance solutions; open and cased-hole services; exploration and production pressure and flow-rate measurement services; pressure pumping, well stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring, and downhole data acquisition; and integrated production systems.

Schlumberger Fundamentals Summary

How do Schlumberger's earnings and revenue compare to its market cap?
SLB fundamental statistics
Market CapUS$49.02b
Earnings (TTM)US$2.62b
Revenue (TTM)US$24.81b


P/E Ratio


P/S Ratio

Earnings & Revenue

Key profitability statistics from the latest earnings report
SLB income statement (TTM)
Cost of RevenueUS$20.58b
Gross ProfitUS$4.23b
Other ExpensesUS$1.61b

Last Reported Earnings

Jun 30, 2022

Next Earnings Date


Earnings per share (EPS)1.85
Gross Margin17.05%
Net Profit Margin10.56%
Debt/Equity Ratio83.3%

How did SLB perform over the long term?

See historical performance and comparison



Current Dividend Yield


Payout Ratio

Does SLB pay a reliable dividends?

See SLB dividend history and benchmarks
When do you need to buy SLB by to receive an upcoming dividend?
Schlumberger dividend dates
Ex Dividend DateSep 06 2022
Dividend Pay DateOct 13 2022
Days until Ex dividend29 days
Days until Dividend pay date66 days

Does SLB pay a reliable dividends?

See SLB dividend history and benchmarks
We’ve recently updated our valuation analysis.


Is SLB undervalued compared to its fair value, analyst forecasts and its price relative to the market?

Valuation Score


Valuation Score 6/6

  • Price-To-Earnings vs Peers

  • Price-To-Earnings vs Industry

  • Price-To-Earnings vs Fair Ratio

  • Below Fair Value

  • Significantly Below Fair Value

  • Analyst Forecast

Key Valuation Metric

Which metric is best to use when looking at relative valuation for SLB?

Other financial metrics that can be useful for relative valuation.

SLB key valuation metrics and ratios. From Price to Earnings, Price to Sales and Price to Book to Price to Earnings Growth Ratio, Enterprise Value and EBITDA.
Key Statistics
Enterprise Value/Revenue2.4x
Enterprise Value/EBITDA12.1x
PEG Ratio1x

Price to Earnings Ratio vs Peers

How does SLB's PE Ratio compare to its peers?

SLB PE Ratio vs Peers
The above table shows the PE ratio for SLB vs its peers. Here we also display the market cap and forecasted growth for additional consideration.
CompanyPEEstimated GrowthMarket Cap
Peer Average49.1x
HAL Halliburton
WHD Cactus
PFHC ProFrac Holding
NEX NexTier Oilfield Solutions
SLB Schlumberger

Price-To-Earnings vs Peers: SLB is good value based on its Price-To-Earnings Ratio (18.7x) compared to the peer average (49.1x).

Price to Earnings Ratio vs Industry

How does SLB's PE Ratio compare vs other companies in the US Energy Services Industry?

Price-To-Earnings vs Industry: SLB is good value based on its Price-To-Earnings Ratio (18.7x) compared to the US Energy Services industry average (34x)

Price to Earnings Ratio vs Fair Ratio

What is SLB's PE Ratio compared to its Fair PE Ratio? This is the expected PE Ratio taking into account the company's forecast earnings growth, profit margins and other risk factors.

SLB PE Ratio vs Fair Ratio.
Fair Ratio
Current PE Ratio18.7x
Fair PE Ratio24.4x

Price-To-Earnings vs Fair Ratio: SLB is good value based on its Price-To-Earnings Ratio (18.7x) compared to the estimated Fair Price-To-Earnings Ratio (24.4x).

Share Price vs Fair Value

What is the Fair Price of SLB when looking at its future cash flows? For this estimate we use a Discounted Cash Flow model.

Below Fair Value: SLB ($34.66) is trading below our estimate of fair value ($62.32)

Significantly Below Fair Value: SLB is trading below fair value by more than 20%.

Analyst Price Targets

What is the analyst 12-month forecast and do we have any statistical confidence in the consensus price target?

Analyst Forecast: Target price is more than 20% higher than the current share price and analysts are within a statistically confident range of agreement.

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Future Growth

How is Schlumberger forecast to perform in the next 1 to 3 years based on estimates from 25 analysts?

Future Growth Score


Future Growth Score 4/6

  • Earnings vs Savings Rate

  • Earnings vs Market

  • High Growth Earnings

  • Revenue vs Market

  • High Growth Revenue

  • Future ROE


Forecasted annual earnings growth

Earnings and Revenue Growth Forecasts

Analyst Future Growth Forecasts

Earnings vs Savings Rate: SLB's forecast earnings growth (19.4% per year) is above the savings rate (1.9%).

Earnings vs Market: SLB's earnings (19.4% per year) are forecast to grow faster than the US market (12.8% per year).

High Growth Earnings: SLB's earnings are forecast to grow, but not significantly.

Revenue vs Market: SLB's revenue (10.3% per year) is forecast to grow faster than the US market (7.9% per year).

High Growth Revenue: SLB's revenue (10.3% per year) is forecast to grow slower than 20% per year.

Earnings per Share Growth Forecasts

Future Return on Equity

Future ROE: SLB's Return on Equity is forecast to be high in 3 years time (21.5%)

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Past Performance

How has Schlumberger performed over the past 5 years?

Past Performance Score


Past Performance Score 5/6

  • Quality Earnings

  • Growing Profit Margin

  • Earnings Trend

  • Accelerating Growth

  • Earnings vs Industry

  • High ROE


Historical annual earnings growth

Earnings and Revenue History

Quality Earnings: SLB has high quality earnings.

Growing Profit Margin: SLB's current net profit margins (10.6%) are higher than last year (4.7%).

Past Earnings Growth Analysis

Earnings Trend: SLB has become profitable over the past 5 years, growing earnings by -6.2% per year.

Accelerating Growth: SLB's earnings growth over the past year (156.4%) exceeds its 5-year average (-6.2% per year).

Earnings vs Industry: SLB earnings growth over the past year (156.4%) exceeded the Energy Services industry 140.2%.

Return on Equity

High ROE: SLB's Return on Equity (16%) is considered low.

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Financial Health

How is Schlumberger's financial position?

Financial Health Score


Financial Health Score 3/6

  • Short Term Liabilities

  • Long Term Liabilities

  • Debt Level

  • Reducing Debt

  • Debt Coverage

  • Interest Coverage

Financial Position Analysis

Short Term Liabilities: SLB's short term assets ($14.3B) exceed its short term liabilities ($10.6B).

Long Term Liabilities: SLB's short term assets ($14.3B) do not cover its long term liabilities ($15.6B).

Debt to Equity History and Analysis

Debt Level: SLB's net debt to equity ratio (66.4%) is considered high.

Reducing Debt: SLB's debt to equity ratio has increased from 47.1% to 83.3% over the past 5 years.

Debt Coverage: SLB's debt is well covered by operating cash flow (25.6%).

Interest Coverage: SLB's interest payments on its debt are well covered by EBIT (7.2x coverage).

Balance Sheet

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What is Schlumberger current dividend yield, its reliability and sustainability?

Dividend Score


Dividend Score 3/6

  • Notable Dividend

  • High Dividend

  • Stable Dividend

  • Growing Dividend

  • Earnings Coverage

  • Cash Flow Coverage


Current Dividend Yield

Upcoming Dividend Payment

TodayAug 07 2022Ex Dividend DateSep 06 2022Dividend Pay DateOct 13 202237 days from Ex DividendBuy in the next 29 days to receive the upcoming dividend

Dividend Yield vs Market

Notable Dividend: SLB's dividend (2.02%) is higher than the bottom 25% of dividend payers in the US market (1.52%).

High Dividend: SLB's dividend (2.02%) is low compared to the top 25% of dividend payers in the US market (4.09%).

Stability and Growth of Payments

Stable Dividend: SLB's dividend payments have been volatile in the past 10 years.

Growing Dividend: SLB's dividend payments have fallen over the past 10 years.

Earnings Payout to Shareholders

Earnings Coverage: With its reasonably low payout ratio (29.5%), SLB's dividend payments are well covered by earnings.

Cash Payout to Shareholders

Cash Flow Coverage: With its reasonable cash payout ratio (67.4%), SLB's dividend payments are covered by cash flows.

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How experienced are the management team and are they aligned to shareholders interests?


Average management tenure


Olivier Le Peuch (58 yo)





Mr. Olivier Le Peuch has been Chief Executive Officer and Director of Schlumberger Limited since August 1, 2019. Mr. Le Peuch served as Chief Operating Officer at Schlumberger Limited since February 8, 201...

CEO Compensation Analysis

Compensation vs Market: Olivier's total compensation ($USD16.80M) is about average for companies of similar size in the US market ($USD13.00M).

Compensation vs Earnings: Olivier's compensation has increased by more than 20% in the past year.

Leadership Team

Experienced Management: SLB's management team is considered experienced (2.8 years average tenure).

Board Members

Experienced Board: SLB's board of directors are not considered experienced ( 2.8 years average tenure), which suggests a new board.


Who are the major shareholders and have insiders been buying or selling?

Insider Trading Volume

Insider Buying: SLB insiders have only sold shares in the past 3 months.

Recent Insider Transactions

Ownership Breakdown

Dilution of Shares: Shareholders have not been meaningfully diluted in the past year.

Top Shareholders

Company Information

Schlumberger Limited's employee growth, exchange listings and data sources

Key Information

  • Name: Schlumberger Limited
  • Ticker: SLB
  • Exchange: NYSE
  • Founded: 1926
  • Industry: Oil and Gas Equipment and Services
  • Sector: Energy
  • Implied Market Cap: US$49.023b
  • Shares outstanding: 1.41b
  • Website:

Number of Employees


  • Schlumberger Limited
  • 5599 San Felipe
  • 17th Floor
  • Houston
  • Texas
  • 77056
  • United States


Company Analysis and Financial Data Status

All financial data provided by Standard & Poor's Capital IQ.
DataLast Updated (UTC time)
Company Analysis2022/08/07 00:00
End of Day Share Price2022/08/05 00:00
Annual Earnings2021/12/31

Unless specified all financial data is based on a yearly period but updated quarterly. This is known as Trailing Twelve Month (TTM) or Last Twelve Month (LTM) Data. Learn more here.