NEW YORK, NY / ACCESSWIRE / April 24, 2017 / Large oilfield service companies continue to compete against one another and Schlumberger may be seeing a threat against its industry leading position soon as General Electric Company gears ahead with its Baker Hughes deal. The Baker Hughes-GE deal announced in Q4 of 2016 is aiming to create a $32bn oilfield services giant that could keep Schlumberger on its toes.

RDI Initiates Coverage:

General Electric Company
https://ub.rdinvesting.com/news/?ticker=GE

Schlumberger Limited
https://ub.rdinvesting.com/news/?ticker=SLB

Shares of General Electric closed down 2.38% on Friday despite topping Wall Street's earnings and sales forecasts for Q1. The industrial giant saw earnings per share of 21 cents on $27.66 billion revenue, well ahead of the expected profit of 17 cents a share on revenue of $26.4 billion from analysts, according to a Thomson Reuters consensus estimate. Shares are down 6% since the start of 2017 but are close to retaking their 200-day average for the first time in three months. The company is well on track with the planned merger with Baker Hughes and according to chairman and CEO Jeff Immelt, it should expect to close in mid-2017. GE is creating a $32 billion oil business by combining its petroleum-related operations with Baker Hughes Inc., one of the world's largest oil field services companies.

Access RDI's General Electric Company Research Report at:
https://ub.rdinvesting.com/news/?ticker=GE

The world's largest oilfield services provider, Schlumberger, saw its shares close in the red on Friday, down 2.18%, after reporting first quarter earnings and failing to meet the Street's expectations. Earnings per share of 25 cents were in line with analyst views, but revenue at $6.89 billion came in below the $6.96 billon that Wall Street was looking for. Chairman and CEO Paal Kibsgaard looks optimistic for the second quarter and commented, "As we continue to carefully navigate the current industry landscape, we remain confident and optimistic about the future of Schlumberger, knowing very well that beyond the current market challenges lies a wealth of opportunity for the industry players who are ready and able to think new and to act new." Investors didn't seem too impressed as the stock hit an 11-month intraday low of 73.15 on Friday.

Access RDI's Schlumberger Limited Research Report at:
https://ub.rdinvesting.com/news/?ticker=SLB

Our Actionable Research on General Electric Company (NYSE: GE) and Schlumberger Limited (NYSE: SLB) can be downloaded free of charge at Research Driven Investing.

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SOURCE: RDInvesting.com