After you receive this Alert, we will put some of our
newly acquired cash to work, picking up 300 shares of
Schlumberger (SLB:NYSE) at about $86.01.
The stock has dipped over 5% since we trimmed our
position on June 11, providing a great opportunity to add
back to our holdings. We have always remained bullish on
the company's long-term prospects and believe that with
the largest oil service platform globally, a dominant
international franchise, and the smallest exposure to
U.S. land among the diversified competitors (about 15%),
Schlumberger is the best positioned among the
international services names to navigate the current
Schlumberger is also the clear technology leader in the
sector, with a deep reservoir of talent globally and a
well-earned reputation for consistent execution, paving a
nice path towards long-term value.
Our target remains $105.
Jim Cramer, Portfolio Manager & Jack Mohr, Director of
Research - Action Alerts PLUS
DISCLOSURE: At the time of publication, Action Alerts
was long SLB.
Today's rumor-driven rally provides an opportunity to protect ourselves from further downside.
Stock has exceeded our cost basis.
We continued to put our large cash position to work this week, adding to one holding, as the market lost some steam.
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