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Positive Q2 performance and upside from international activity could drive multiple expansion; the reiterated Buy with a higher target from a top bank adds credibility, while a modest dividend supports price stability in a volatile macro environment. However, Middle East risk remains a macro overhang, capping unless activity recovers decisively.
What happened, with direct paths to the underlying reporting
SLB surpassed expectations in Q2, led by international offshore activity that offset Middle East disruptions. Goldman Sachs maintains a Buy rating with a $62 target, citing a projected 10% international revenue gain through 2027 and a data-center run-rate above $2 billion by 2027. The firm also announced a ~30-cent quarterly dividend (2.4% yield) payable Oct 8, reinforcing a constructive near-term outlook.
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