Third-quarter earnings are off to a promising start, and some companies reporting this week have momentum on their side. About 7% of S & P 500 companies have reported earnings thus far. Of those companies, 81% have exceeded analyst expectations, according to FactSet. Another 10% of S & P 500 companies is due to report earnings this week, with Netflix and Tesla as major headliners.
Earnings per share estimates for Schlumberger are also up 8.8% and 27.1% in the past three and six months, respectively. Morgan Stanley highlighted Schlumberger last week as one of its top plays in the global energy sector. Analyst Daniel Kutz pointed out the company's growing exposure to the Middle East and North Africa, as well as its position to benefit from decarbonization efforts in the region. After tumbling in the first half of the year, the stock is now up 38% since its May low.
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