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Schlumberger Limited (NYSE:SLB) is one of the premier oilfield service companies in the world.

While I have held SLB for several months personally and for clients, the stock is turning into a much longer term holding than I originally anticipated. I am expecting 20% or more EPS growth for SLB in the next several years and consider it an excellent long term investment. Considering my projected annual growth rate in earnings of at least 20% for several years, SLB sells at a reasonable 21 times current year’s consensus and 18 times next year’s estimates. Put this together and you get a sub 1 PEG ratio stock which is a bargain.

As a result, yesterday I bought SLB for my children’s accounts (on the morning dip), thereby adding the company to the Bar Mitzvah Portfolio. SLB now joins Apple Computer (NASDAQ:AAPL), Goldman Sachs (NYSE:GS), Google (NASDAQ:GOOG), McDonald’s (NYSE:MCD) and Sears Holdings (NASDAQ:SHLD) in the Bar Mitzvah Portfolio.

Dislcosure: At the time of writing, the author, his family and / or clients of LakeView Asset Management, LLC were long shares of AAPL, GS, GOOG, MCS, SHLD and SLB.

SLB 1-yr chart:

SLB

Source: Adding Schlumberger to the Bar Mitzvah Portfolio