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SLB to Report Q1 Earnings: What's in the Offing?

SLB SLB is set to report first-quarter 2024 earnings on Apr 19, before the opening bell.

In the last reported quarter, the company’s registered earnings of 86 cents per share (excluding charges and credits) beat the Zacks Consensus Estimate of 84 cents. The results were driven by higher evaluation and stimulation services and strong activities across all areas.

SLB’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 2.09%. This is depicted in the graph below:

SLB Price and EPS Surprise

Schlumberger Limited Price and EPS Surprise
Schlumberger Limited Price and EPS Surprise

SLB price-eps-surprise | SLB Quote

Estimate Trend

The Zacks Consensus Estimate for first-quarter earnings per share of 75 cents has witnessed one downward revision over the past 30 days. The estimated figure implies a 19.05% improvement from the prior-year reported number.

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The Zacks Consensus Estimate for first-quarter revenues of $8.69 billion indicates a 12.4% increase from the year-ago recorded figure.

Factors to Consider

SLB is anticipated to have sustained a stable performance in the first quarter of 2024, supported by long-term contracts with state-run entities that ensure stability, consistent revenues and protection against short-term market fluctuations.

SLB stands out for its heavy reliance on lucrative international markets, especially in complex oilfield projects. Its leadership in technology positions it well for new offshore ventures outside North America.

However, challenges are likely to have loomed due to the softening of oil and gas prices, driven by a sluggish global economy and geopolitical tensions. Per the EIA data, the West Texas Intermediate crude price declined 1.4% sequentially in the first quarter.

These factors are anticipated to have affected demand and pricing dynamics, adversely impacting SLB's financial performance in the quarter.

Earnings Whispers

Our proven model does not indicate an earnings beat for SLB this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy) or 3 (Hold) increases the chances of an earnings beat. That is not the case here, as you will see below.

Earnings ESP: SLB’s Earnings ESP is -0.11%. You can uncover the best stocks to buy or sell before they’re reported with our Earnings ESP Filter.

Zacks Rank: The company currently carries a Zacks Rank #3.

Stocks to Consider

Here are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

PBF Energy PBF currently has an Earnings ESP of +14.72% and a Zacks Rank #2. You can see the complete list of today’s Zacks #1 Rank stocks here.

PBF Energy is scheduled to release first-quarter earnings on May 2. The Zacks Consensus Estimate for PBF’s quarterly earnings is pegged at 46 cents per share, implying an 83.3% decline from the prior-year reported figure.

Marathon Oil Corporation MRO presently has an Earnings ESP of +0.45% and a Zacks Rank #3.

Marathon Oil is scheduled to release first-quarter earnings on May 1. The Zacks Consensus Estimate for MRO’s quarterly earnings is pegged at 56 cents per share, indicating a 16.4% decline from the prior-year reported number.

Halliburton Company HAL currently has an Earnings ESP of +0.81% and a Zacks Rank #3.

Halliburton is scheduled to release first-quarter earnings on Apr 23. The Zacks Consensus Estimate for HAL’s quarterly earnings is pegged at 74 cents per share, indicating a 2.8% increase from the prior-year reported figure.

Stay on top of upcoming earnings announcements with the Zacks Earnings Calendar.

Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report

Schlumberger Limited (SLB) : Free Stock Analysis Report

Halliburton Company (HAL) : Free Stock Analysis Report

Marathon Oil Corporation (MRO) : Free Stock Analysis Report

PBF Energy Inc. (PBF) : Free Stock Analysis Report

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Zacks Investment Research