SLB N.V. (SLB) continued to log losses for the seventh straight session on Thursday. The stock was down 1.73% to $47.06 during midday trading.
The stock declined nearly 7% between February 26 and March 4. SLB ended 5.25% on March 3, further pressuring the share price.
However, on a YTD basis, the company has far outpaced the broader markets, gaining over 22% compared to a marginal movement in the S&P 500 index.
Last month, the company won two major contracts from the Kuwait Oil Company and Mubadala Energy in Indonesia. The Kuwaiti contract was worth $1.5B.
As per Seeking Alpha’s quant rating, the stock has a Hold rating with a score of 3.23 out of 5. SLB has been rated an A- for profitability, while it scored a D- for valuation. Seeking Alpha analysts also help with a cautious stance with a Hold rating. However, Wall Street analysts had a Buy call on the stock.
In January, SA analyst Dair Sansyzbayev rated the stock as a buy ahead of its earnings, arguing that excessive optimism was already baked into its stock price.
However, despite being overvalued, Sansyzbayev anticipated sentiment-driven share price spikes on the back of potentially positive news related to Venezuela.