2 months ago
Stock Market

Energy Stocks Jump Midday as Schlumberger Results Spur Optimism

Investing.com - Oilfield services company Schlumberger (NYSE:SLB) helped rally energy stocks on Frida, after its fourth quarter revenue came in

Investing.com - Oilfield services company Schlumberger (NYSE:SLB) helped rally energy stocks on Frida, after its fourth quarter revenue came in higher than expected and it forecast international growth, even as crude prices have fallen.

The company reported revenue from its North America business rose 0.3% year over year to $2.82 billion, while international revenue rose nearly 1% to $5.28 billion. Revenue was flat at $8.18 billion, compared with a year earlier, but beat the average analyst estimate of $8.04 billion.

The company has a modestly positive outlook on the oil sector in 2019, although the fall in oil prices and volatility have increased uncertainty on the company’s outlook for the year, according to Briefing.com.

The energy sector as a whole was higher, with the S&P 500 Energy index gaining 1.27%.

Schlumberger jumped 6.9% while Chevron (NYSE:CVX) rose 1.8% and Devon Energy (NYSE:DVN) increased 1.7%.