Upgrade to Overweight on Intl growth, SPM shift
Early signs of an International recovery (revenues +2% QoQ), a dialling down of ambitions in upstream direct investments (SPM projects), and a reiterated aspiration to achieve incremental margins of 65%, should all favour a higher share price. We upgrade to Overweight (from Neutral) with a revised price target of $90 (from $64).Schlumberger provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The company has four segments: Reservoir Characterization, which consists of the principal technologies involved in finding and defining hydrocarbon resources; Drilling, which consists of the principal technologies involved in the drilling and positioning of oil and gas wells; Production, which consists of the principal technologies involved in the lifetime production of oil and gas reservoirs; and Cameron, which consists of the principal technologies involved in pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities.
Formed in 2003 by an established team from Cazenove, one of the most respected investment banks in the UK, Atlantic Equities conducts and publishes fundamental, bottom up research on mid and large cap US companies.
Atlantic provide order execution through a wide range of DMA products and algorithmic trading suites.
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