SLB's Diversified Business Seen Offsetting Middle East Headwinds, UBS Says

MT Newswires Live

Sep 30

SLB's (SLB) strong performance across its diversified business is expected to offset increased Middle East headwinds in Q3, while offshore activity, Venezuela and its Digital and Data Center ventures remain growth drivers, UBS said in a note emailed Tuesday.

UBS expects Middle East activity to remain pressured into Q4 before normalizing toward year-end. It estimates a full-quarter headwind would reduce revenue by about $250 million and adjusted Ebitda by $125 million.

For Q3, UBS forecasts revenue of $9.29 billion, adjusted Ebitda of $2.03 billion and adjusted EPS of $0.62, compared with consensus of $9.27 billion, $2.02 billion and $0.62, respectively.

UBS maintained its buy rating and $75 price target.

Price: 49.52, Change: -1.98, Percent Change: -3.84

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