NEW YORK ( TheStreet) -- I was recently asked how a stock like Schlumberger (SLB - Get Report) that trades at twice the price-to-earnings ratio of a dominant company like Exxon Mobil (XOM) can be considered cheap, especially because Schlumberger's P/E of 18 is already a point higher than the industry average?The energy sector has been extremely volatile, but Schlumberger has always carried this sort of premium, even over formidable rivals such as Halliburton (HAL - Get Report) and Baker Hughes (BHI - Get Report). But Schlumberger has shown no immunity to sluggish oil prices and weak rig counts -- the same issues that has impacted the industry.
Schlumberger Slips in North America, but Stock Priced Well
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