- Schlumberger (SLB -0.1%) is added to the Conviction Buy list at Goldman Sachs, which says any further pullback in the stock following its 11% drop since April 20 would present a buying opportunity.
- Goldman says SLB is "best positioned for the New Oil Order, given the company’s exposure to “incremental sources of oil supply" such as the U.S. shales, Middle East OPEC and Russia, and the balance sheet offers operational and financial flexibility.
- The firm also notes several positive catalysts in the offing for the company, such as “positive updates on the Cameron integration process and revenue/cost synergies.”
- Goldman has a $94 price target on SLB shares and sees a 29% upside over the next 12 months.
- Now read Schlumberger: There's a reason it is the top oil service provider