Wall Street investment bank Goldman Sachs (GS) says investors looking to capitalize on the current surge in crude oil prices should buy the stock of SLB (SLB), formerly known as Schlumberger.
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SLB is a U.S.-based multinational oilfield services company. A going concern since 1926, SLB is well-positioned to gain from the current turmoil in the Middle East after the U.S. and Israel attacked Iran, disrupting oil fields and oil refineries throughout the region.
As such, Neil Mehta, a top five-star rated analyst at Goldman Sachs, has reiterated his Buy rating on GS stock and raised his price target on the shares to $60 from $53 previously. The new price target is nearly 30% higher than where SLB stock currently trades.
Other Analyst Views on SLB Stock
Goldman Sachs’ bullish outlook on SLB stock comes amid a blistering rally in the shares. A little more than two months into the year and SLB stock is already up nearly 20%. Nevertheless, analyst Neil Mehta sees more gains ahead for the stock as it helps to stabilize crude oil operations across the Middle East.
Goldman isn’t alone in its assessment of SLB stock. Currently 16 Wall Street analysts rate the oil company’s stock a Buy. There are no Hold or Sell ratings on the shares. The majority of analysts have also raised their price targets on SLB stock in recent months.
How Analysts See SLB Stock
SLB stock currently has a consensus Strong Buy rating among 16 Wall Street analysts. That is based on a total of 16 Buy ratings placed on the stock in the last three months. The average price target on SLB stock of $54.27 suggests 12.78% upside from current levels.
