NEW YORK (TheStreet) -- Shares of Schlumberger (SLB) are up 1.75% to $84.33 despite a lower price target issued at Jefferies, down to $89 from $90, as Brent crude jumped 2.5% to trade above $62 a barrel on Thursday.
"There is no change to our framework, which uses $72/bbl Brent," Jefferies said.
Analysts said weakness includes devaluation and translation concerns from Russia and Venezuela as well as softer than originally expected year end sales.
Some sustained "impairment" weighs modestly on its price target, Jefferies said, while maintaining a "hold" rating on SLB stock.
Separately, some traders bet a six-month price rout could be ending as more energy firms cut investment budgets, according to CNBC.
Brent futures for February delivery were up 1.6% to $62.16 at 9:25 a.m. in New York.
TheStreet Ratings team rates SCHLUMBERGER LTD as a Buy with a ratings score of B. TheStreet Ratings Team has this to say about their recommendation:
"We rate SCHLUMBERGER LTD (SLB) a BUY. This is driven by several positive factors, which we believe should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks we cover. The company's strengths can be seen in multiple areas, such as its revenue growth, largely solid financial position with reasonable debt levels by most measures, growth in earnings per share, good cash flow from operations and increase in net income. We feel these strengths outweigh the fact that the company shows low profit margins."