Schlumberger (SLB) Stock Price Target Raised at Jefferies

NEW YORK (TheStreet) -- Schlumberger  (SLB) stock price target was increased today to $91 from $89 by analysts at Jefferies with a "hold" rating.

"SLB has 'teased' us with the possibilities of new business models and further integration/ownership of drilling," analysts said.

They added that "footage-based contracting models and rig ownership/control, which allows for integration/coordination with the drill string to optimize performance, are anchored in the view that SLB should get rewarded if it can drill wells faster."

Schlumberger supplies technology, integrated project management, and information solutions to the oil and gas exploration and production industries worldwide.

In Wednesday's late morning trading, shares of Schlumberger Limited are dropping 0.02% to $90.54.

Separately, the Houston-based company announced last month that it will cut another 11,000 jobs, bringing the total job cuts announced this year to 20,000--about 15% of its workforce.

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 multiple strengths, 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 largely solid financial position with reasonable debt levels by most measures and good cash flow from operations. We feel its strengths outweigh the fact that the company has had somewhat weak growth in earnings per share."

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