NEW YORK (TheStreet) -- Shares of Schlumberger (SLB) - Get Report are gaining 0.74% to $80.61 in after-hours trading Thursday after the company reported better-than-expected earnings and revenue for the 2016 second quarter.

After today's market close, the oilfield services company posted adjusted earnings of 23 cents per diluted share, above analysts' estimates of 21 cents per share.

Revenue for the quarter was $7.16 billion, higher than Wall Street's projections of $7.13 billion.

"In the second quarter market conditions worsened further in most parts of our global operations, but in spite of the continuing headwinds we now appear to have reached the bottom of the cycle," CEO Paal Kibsgaard said in a statement.

About 6.1 million of the company's shares changed hands today vs. its average volume of 5.48 million shares per day.

(Schlumberger is held in Jim Cramer's charitable trust Action Alerts PLUS. See all of his holdings with afree trial.)

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. Among the primary strengths of the company is its solid financial position based on a variety of debt and liquidity measures that were evaluated.

But the team also finds weaknesses including a generally disappointing performance in the stock itself, feeble growth in the company's earnings per share and premium valuation.

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

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