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Schlumberger Limited (NYSE:SLB) and ChampionX Corporation (NASDAQ:CHX) received a second request from the United States Department of Justice regarding Schlumberger’s planned acquisition of ChampionX.
SLB currently anticipates the transaction to conclude in late 2024 or early 2025, subject to regulatory approvals and customary closing conditions.
The acquisition was approved by ChampionX stockholders at a special meeting on June 18, 2024.
In April, Schlumberger announced that it would acquire ChampionX. In exchange for each ChampionX share, the shareholders will receive 0.735 shares of Schlumberger.
Post closure, Schlumberger expects to realize annual pretax synergies of around $400 million within the first three years through revenue growth and cost savings.
Also, this week, Schlumberger and TotalEnergies SE (NYSE:TTE) entered into a 10-year partnership to co-create scalable digital solutions to improve access to energy resources while enhancing performance and efficiency.
Stock Prediction 2024
Schlumberger’s revenue growth in FY23 was 17.96%, reflecting the influence of various factors including the macroeconomic environment, demand for its products and services, and its position relative to competitors. This growth is a critical indicator for investors assessing the company’s future prospects.
Some macro factors that could impact the company's performance in the next year include higher interest rates, progress on reeling in inflation and labor market strength. The Fed's benchmark rate is currently at 5.33%, while PPI recently came in at -0.2%, growing 2.2% from last year. The unemployment rate was most recently reported as 4.0%.
An investor should pay attention to economic conditions to decide whether they think the macro environment is positive or negative for Schlumberger stock. For real time economic data and breaking market updates, check out Benzinga Pro. Try it for free.
How does this stack up against Schlumberger's peers?
Investors may also want to analyze a stock in comparison to companies with similar products or in similar industries. Schlumberger operates in the Energy sector. The stock has experienced average annual growth of 14.42% compared to the 18.29% average of its peer companies. This is below the broader sector movement of Schlumberger.
Investors can gain exposure to Schlumberger via VanEck Oil Services ETF (NYSE:OIH) and IShares U.S. Oil Equipment & Services ETF (NYSE:IEZ).
Price Action: SLB shares are down 0.13% at $46.63 premarket at the last check Wednesday.
Disclaimer: This content was partially produced with the help of AI tools and was reviewed and published by Benzinga editors.
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