Schlumberger slips on mixed Q1, but results point to improved North America

|About: Schlumberger Limited (SLB)|By:, SA News Editor

Although Schlumberger's (SLB -0.8%) Q1 Gulf of Mexico deepwater drilling revenue fell due to operational delays, "the outlook for deepwater drilling activity in the Gulf of Mexico remains strong for the full year," CEO Paal Kibsgaard said in today's earnings call.

"The industry bellwether posted a solid earnings number in a tough quarter [and] signaled a robust North American market," Barclays says.

Stephens analyst Michael Marino reiterates an Overweight rating on the stock, expecting slow and steady revenue growth and solid incremental margins on a higher deepwater mix, overall efficiency gains and potential pricing gains in North America.

FBR Capital reiterates its own Outperform rating, noting SLB’s share repurchases and reiteration of guidance.

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