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Market Update (NYSE:SLB): EU clears acquisition of Cameron by Schlumberger

[Reuters] – The European Union executive on Friday cleared the purchase of equipment maker Cameron International Corp by Schlumberger, the world’s No.1 oilfield services provider. This is the second-biggest tie-up in the energy services after Halliburton’s proposed takeover for Baker Hughes of about $35 billion. “The proposed acquisition would raise no competition concerns, given the very limited overlaps between the companies ’ activities and the modest increment in market shares brought about by the transaction,” the European Commission said in a statement. Read more on this. Schlumberger Limited (SLB) , valued at $87.29B, opened at $69.70. During the trading session, SLB traded between $69.03 to $70.07 and has traded between $59.60 and $95.13 over the past 12 months. SLB shares are currently priced at 33.91x this year’s forecasted earnings, which makes them relatively expensive compared to the industry ’s 15.97x forward p/e ratio. The company pays shareholders $2.00 per share in dividend income per year, for a current yield of 2.91%. In a review of the consensus earnings estimate this quarter, 33 sell-side analysts are looking at $0.50 per share, which would be $0.56 worse than the year-ago quarter and a $0.11 sequential decrease. Investors should also note that the full-year EPS estimate of $2.08 is a $1.29 setback when compared to the previous year’s annual results. The quarterly earnings estimate is based on a consensus revenue forecast of the current quarter of $7.05 Billion. If realized, that would be a 31.22% decrease over the year-ago quarter. In terms of ratings, Citigroup upgraded SLB from Neutral to Buy (Sep 3, 2015). Previously, Standpoint Research upgraded SLB from Hold to Buy. With the above information in mind, readers should note that the average price target is $81.39, which is 16.77% above where the stock opened this morning. See more in (NYSE:SLB) Similar Articles: Market Update (NYSE:SLB): Schlumberger Announces Full-Year and Fourth-Quarter 2015 Results Stock Update (NYSE:SLB): Schlumberger does not intend to extend agreement to buy stake in Eurasia Market Update: Schlumberger Limited (NYSE:SLB) – Russia may toughen requirements for Schlumberger’s bid for Eurasia Drilling – RIA
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