SLB: Oddo BHF remains positive but adjusts TP

Published: 2025-07-21 04:08:28 ET SLB

Published on 07/21/2025 at 04:08

Oddo BHF reiterates its "outperform" rating on SLB and, adjusting its expectations to take into account the acquisition of ChampionX (paid for in shares), lowers its target price from $45 to $42 (cp: $33.3, -3.9%; based on a forward 12-month P/E multiple of 12x).The broker considers Q2 results to be solid, with adjusted EPS of $0.74 and revenue of $8.55bn, slightly above expectations ($0.72 and $8.48bn, respectively).The group remains well positioned amid uncertainty (balance between supply and demand in the oil market in an environment of increased production by OPEC+ and volatility around tariffs), the analyst said. With nearly $3bn already returned to shareholders since the beginning of the year, the group is posting close to 10% return to shareholders for the year, which is high for an oil services company, he adds.