Crude oil (WTI) is up by 3.34% to $33.38 per barrel this afternoon and Brent crude is higher by 2.54% to $33.94 per barrel.
Russia said on Thursday that Saudi Arabia proposed oil output reductions of up to 5%, causing oil prices to spike on news of the potential agreement, Reuters reports.
However, an OPEC representative refuted the claim, saying that Saudi Arabia has not proposed reductions in production, Bloomberg reports.
"It's possible that Russia could be testing the waters to gauge how OPEC members would respond to the idea of cuts," Jason Bordoff, director of the Center on Global Energy Policy at Columbia University told Bloomberg.
Additionally, Morgan Stanley is expecting a prolonged offshore rig market downturn, but sees Schlumberger as a better to way to play changes in the offshore drilling space.
"We nevertheless see better vehicles (e.g. Schlumberger / FMC Technologies) to play evolving offshore customer behavior outside the offshore drillers," the firm said in an analyst note, cited by Barron's.
The Houston-based company is a supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry.
Separately, TheStreet Ratings Team has a "hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks.
Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that have been evaluated.
At the same time, the team also finds weaknesses including deteriorating net income, poor profit margins and weak operating cash flow.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: SLB