<p>在 4 月 25 日，SLB NYSE: SLB 报告了近年来最困难的一个季度之一。然而，这可能是这家曾被称为施伦贝谢的油田服务领导者最不重要的事情。</p>
<p>尽管有机收入下降，利润率压缩，收益下滑，但公司的数字业务在增长，NVIDIA NASDAQ: NVDA 扩大了合作关系，管理层回购了股票。今年该公司的股价飙升近 40%。</p>
<p>短期和长期的故事可能指向相反的方向，但这种紧张正是投资者机会所在。</p>
<h2>SLB 的核心业务面临压力</h2>
<p>油田服务行业通常很艰难。而如今，情况比以往更为严峻。即使油价在一个月内从每桶不到 70 美元飙升至超过 100 美元，全球紧张局势仍在 SLB 第一季度的业绩中占据重要位置。</p>
<p>SLB 以 87 亿美元的第一季度收入开启了新的一年，比去年同期增长约 3%。但这个数字可能具有误导性。ChampionX 是一家 SLB 在 2025 年收购的生产化学品公司，在本季度贡献了 8.38 亿美元的收入和 1.99 亿美元的调整后息税折旧摊销前利润（EBITDA）。</p>
<p>如果没有这部分，整体情况并不乐观。即使包括 ChampionX 在内，公司的调整后 EBITDA 同比下降了 12%，而利润率压缩了 346 个基点。这意味着公司需要更加努力地将收入转化为利润。如果不包括 ChampionX，基础收入将同比下降 7%。</p>
<p>收益也遵循了类似的模式。净收入为 7.52 亿美元，稀释后每股收益为 50 美分，低于去年同期的 58 美分。即使经过调整，每股收益（EPS）为 52 美分，仍比去年同期低约 20 美分。</p>
<p>更值得注意的是，本季度的自由现金流也转为负值，尽管这一异常波动源于季节性模式和 ChampionX 的整合。在 2025 年全年，SLB 产生了约 41 亿美元的自由现金流。</p>
<h2>中东紧张局势对业绩造成压力</h2>
<p>导致大部分下降的原因，主要是头条新闻。中东战争使 SLB 在 3 月发出了罕见的季度中期警告，表示由于干扰和额外成本，收益可能会受到每股 6-9 美分的影响。</p>
<p>公司还表示，由于减少活动、暂停旅行和撤回该地区的一些项目，第一季度的收入将低于预期。股价立即反应，连续 10 天下跌 13%，跌破 45 美元。4 月底的业绩反映了这些警告，股价保持稳定。</p>
<h2>SLB 重注数字增长</h2>
<p>但尽管压力体现在收入数字上，底层的变化更具变革性。</p>
<p>SLB 的数字业务同比增长约 9%，季度收入达到 6.4 亿美元。公司还在 3 月底宣布扩大与 NVIDIA 的合作，以工业化能源领域的人工智能。</p>
<p>随着数字业务的年度经常性收入超过 10 亿美元，这是一项重大转变。它有潜力将 SLB 从长期依赖钻井服务的历史中推向高利润的技术领域，进一步进入软件、数据分析和销售给能源公司的人工智能驱动的油藏建模工具。</p>
<p>SLB 不再是一个依赖波动的井施工和油田周期的公司，而是可能在寻求可预测的类似订阅的现金流，以帮助平滑这些干扰。</p>
<h2>公司继续回报股东</h2>
<p>这对股东来说是个好消息。截至 4 月，公司表示，由于中东的紧张局势，当前季度的精确指导 “具有挑战性”。</p>
<p>即使面临压力，SLB 在今年前三个月仍继续向股东返还资本。</p>
<p>公司在本季度回购了价值 4.51 亿美元的股票，并将股息提高至每年 1.18 美元，收益率为 2.21%。</p>
<p>总体而言，SLB 承诺在 2026 年通过股息和回购向股东返还超过 40 亿美元。</p>
<p>管理层的全年指导预计收入在 369 亿美元到 377 亿美元之间，EBITDA 利润率大致与 2025 年水平一致。</p>
<p>这表明在一个具有挑战性的起点上，仍有温和但真实的增长。</p>
<p>这也表明，假设中东业务正常化且 ChampionX 的协同效应逐步显现，今年初的疲软可能会在下半年得到部分抵消。</p>
<h2>华尔街仍然期待进一步增长</h2>
<p>分析师们普遍达成一致。</p>
<p>SLB 股票目前的共识评级为适度买入，平均 12 个月的目标价暗示出小幅上涨。覆盖该股票的 23 位分析师中，有 19 位给予买入评级，3 位给予持有评级，1 位建议卖出。</p>
<p>总体而言，目标价共识约为 60 美元，略高于当前价格。瑞银为 SLB 股票设定了 69 美元的最高目标。</p>
<h2>投资者正在为长期质量买单</h2>
<p>显然，SLB 并不是一只廉价股票。由于股票交易的市盈率在 20 多倍的中间水平，投资者为一家暂时表现不佳的企业支付了溢价。</p>
<p>但该公司仍然是全球技术最先进的油田服务提供商。它在深水钻井、井施工、油藏性能以及现在的数字服务方面具有能力。其在能源领域的竞争对手，包括哈里伯顿 NYSE: HAL 和贝克休斯 NASDAQ: BKR，尚未赶上。</p>
<p>在能源领域投资总是短期风险较高。希望获得短期收益或深度折扣估值的投资者可能会另寻他处。但对于愿意在不可预测事件和波动过渡中持有的耐心投资者来说，SLB 是质量、收入和长期战略定位的引人注目的组合。</p>
<h2>你现在应该投资 1000 美元在 SLB 吗？</h2>
<p>在你考虑 SLB 之前，你需要听听这个。</p>
<p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 SLB 并不在名单上。</p>
<p>虽然 SLB 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
<p>在这里查看这五只股票</p>

斯伦贝谢

油气服务 ETF - Market Vectors

标普油气设备与服务 ETF - SPDR

美国石油设备与服务 ETF - iShares

油气开采 ETF - SPDR

2 倍做多标普能源行业指数 ETF - ProShares

2 倍做多能源 ETF - Direxion

NRGU

3 倍做多原油与天然气开采 ETN - MicroSectors

<p>SLB 报告了一个具有挑战性的季度，主要由于中东紧张局势，导致有机收入和收益下降。尽管如此，该公司的数字业务同比增长了 9%，并且与 NVIDIA 的合作关系得到了扩展。SLB 继续通过回购和分红来回馈股东，承诺到 2026 年回报超过 40 亿美元。分析师对 SLB 股票维持中性买入评级，预计随着运营正常化和收购带来的协同效应的发展，增长将保持温和</p>

<p>On April 25, SLB NYSE: SLB reported one of its more difficult quarters in years. Yet that may be the least important thing about this oilfield services leader, formerly known as Schlumberger.</p>
<div class="lb-trans"><p>在 4 月 25 日，SLB NYSE: SLB 报告了近年来最困难的一个季度之一。然而，这可能是这家曾被称为施伦贝谢的油田服务领导者最不重要的事情。</p>
</div><p>While organic revenue was down, margins compressed, and earnings fell, the company's digital business was growing, NVIDIA NASDAQ: NVDA expanded its partnership, and management bought back stock. Shares in the company have soared nearly 40% this year.</p>
<div class="lb-trans"><p>尽管有机收入下降，利润率压缩，收益下滑，但公司的数字业务在增长，NVIDIA NASDAQ: NVDA 扩大了合作关系，管理层回购了股票。今年该公司的股价飙升近 40%。</p>
</div><p>The short-term and the long-term stories may be pointing in opposite directions, but that tension is exactly where the opportunity lives for investors.</p>
<div class="lb-trans"><p>短期和长期的故事可能指向相反的方向，但这种紧张正是投资者机会所在。</p>
</div><h2>SLB's Core Business Is Under Pressure</h2>
<div class="lb-trans"><h2>SLB 的核心业务面临压力</h2>
</div><p>The oilfield services industry is often tough. And these days, it’s tougher than usual. Even with oil surging from below $70 a barrel to over $100 in just one month, global tensions were front and center in SLB’s first quarter results.</p>
<div class="lb-trans"><p>油田服务行业通常很艰难。而如今，情况比以往更为严峻。即使油价在一个月内从每桶不到 70 美元飙升至超过 100 美元，全球紧张局势仍在 SLB 第一季度的业绩中占据重要位置。</p>
</div><p>SLB kicked off the year with Q1 revenue of $8.7 billion, up roughly 3% from a year earlier. But that figure can be misleading. ChampionX, a production chemicals company SLB bought in 2025, contributed $838 million in revenue during the quarter and $199 million of adjusted earnings before interest, taxes, depreciation, and amortization (EBITDA).</p>
<div class="lb-trans"><p>SLB 以 87 亿美元的第一季度收入开启了新的一年，比去年同期增长约 3%。但这个数字可能具有误导性。ChampionX 是一家 SLB 在 2025 年收购的生产化学品公司，在本季度贡献了 8.38 亿美元的收入和 1.99 亿美元的调整后息税折旧摊销前利润（EBITDA）。</p>
</div><p>Without that, the organic picture wasn’t pretty. Even with ChampionX included, the company’s adjusted EBITDA fell 12% year-over-year (YOY), while the margin compressed 346 basis points. That means the company needs to work harder to convert revenue into profit. Excluding ChampionX, underlying revenue would have declined 7% YOY.</p>
<div class="lb-trans"><p>如果没有这部分，整体情况并不乐观。即使包括 ChampionX 在内，公司的调整后 EBITDA 同比下降了 12%，而利润率压缩了 346 个基点。这意味着公司需要更加努力地将收入转化为利润。如果不包括 ChampionX，基础收入将同比下降 7%。</p>
</div><p>Earnings followed a similar pattern. Net income came in at $752 million, with diluted earnings per share of 50 cents, down from 58 cents a year earlier. Even adjusted, earnings per share (EPS) were 52 cents, still about 20 cents below the year-ago figure.</p>
<div class="lb-trans"><p>收益也遵循了类似的模式。净收入为 7.52 亿美元，稀释后每股收益为 50 美分，低于去年同期的 58 美分。即使经过调整，每股收益（EPS）为 52 美分，仍比去年同期低约 20 美分。</p>
</div><p>More notably, free cash flow for the quarter also turned negative, though the unusual blip stemmed from seasonal patterns and the ChampionX integration. Over the full year 2025, SLB generated approximately $4.1 billion in free cash flow.</p>
<div class="lb-trans"><p>更值得注意的是，本季度的自由现金流也转为负值，尽管这一异常波动源于季节性模式和 ChampionX 的整合。在 2025 年全年，SLB 产生了约 41 亿美元的自由现金流。</p>
</div><h2>Middle East Tensions Weighed on Results</h2>
<div class="lb-trans"><h2>中东紧张局势对业绩造成压力</h2>
</div><p>The culprit for much of the decline is, for the most part, front-page news. The war in the Middle East led SLB to issue a rare mid-quarter warning in March, indicating that earnings would likely take a 6-9 cent-per-share hit from disruptions and added costs.</p>
<div class="lb-trans"><p>导致大部分下降的原因，主要是头条新闻。中东战争使 SLB 在 3 月发出了罕见的季度中期警告，表示由于干扰和额外成本，收益可能会受到每股 6-9 美分的影响。</p>
</div><p>The company also said first-quarter revenue would come in below expectations as it curtailed activity, suspended travel, and pulled back some projects in the region. Shares reacted immediately, capping a 10-day 13% slide below $45. Results in late April reflected these warnings, and the stock held its ground.</p>
<div class="lb-trans"><p>公司还表示，由于减少活动、暂停旅行和撤回该地区的一些项目，第一季度的收入将低于预期。股价立即反应，连续 10 天下跌 13%，跌破 45 美元。4 月底的业绩反映了这些警告，股价保持稳定。</p>
</div><h2>SLB Bets Heavily on Digital Growth</h2>
<div class="lb-trans"><h2>SLB 重注数字增长</h2>
</div><p>But while the pressures show up in the top-line numbers, what’s beneath is more transformative.</p>
<div class="lb-trans"><p>但尽管压力体现在收入数字上，底层的变化更具变革性。</p>
</div><p>SLB's digital business grew roughly 9% YOY, reaching $640 million in quarterly revenue. The company also announced in late March that it had expanded its work with NVIDIA to industrialize AI for the energy sector.</p>
<div class="lb-trans"><p>SLB 的数字业务同比增长约 9%，季度收入达到 6.4 亿美元。公司还在 3 月底宣布扩大与 NVIDIA 的合作，以工业化能源领域的人工智能。</p>
</div><p>With annual recurring revenue from digital crossing $1 billion, this is a major pivot. It has the potential to take SLB beyond its long history of drilling services into high-margin tech as it pushes further into software, data analytics, and AI-driven reservoir modeling tools that it sells to energy companies.</p>
<div class="lb-trans"><p>随着数字业务的年度经常性收入超过 10 亿美元，这是一项重大转变。它有潜力将 SLB 从长期依赖钻井服务的历史中推向高利润的技术领域，进一步进入软件、数据分析和销售给能源公司的人工智能驱动的油藏建模工具。</p>
</div><p>Instead of a company dependent on the volatile well construction and oilfield cycles, SLB is potentially looking at the kind of predictable subscription-like cash flows that can help smooth out these disruptions.</p>
<div class="lb-trans"><p>SLB 不再是一个依赖波动的井施工和油田周期的公司，而是可能在寻求可预测的类似订阅的现金流，以帮助平滑这些干扰。</p>
</div><h2>The Company Continues Rewarding Shareholders</h2>
<div class="lb-trans"><h2>公司继续回报股东</h2>
</div><p>That would be good news for shareholders. As of April, the company has advised that precise guidance for the current quarter was “challenging” given the tensions in the Middle East.</p>
<div class="lb-trans"><p>这对股东来说是个好消息。截至 4 月，公司表示，由于中东的紧张局势，当前季度的精确指导 “具有挑战性”。</p>
</div><p>Even with the pressure, SLB has continued returning capital to shareholders in this year’s first three months.</p>
<div class="lb-trans"><p>即使面临压力，SLB 在今年前三个月仍继续向股东返还资本。</p>
</div><p>The company repurchased $451 million worth of shares during the quarter and raised its dividend to an annual $1.18, giving a yield of 2.21%.</p>
<div class="lb-trans"><p>公司在本季度回购了价值 4.51 亿美元的股票，并将股息提高至每年 1.18 美元，收益率为 2.21%。</p>
</div><p>Overall, SLB has committed to return more than $4 billion to shareholders in 2026 via dividends and buybacks.</p>
<div class="lb-trans"><p>总体而言，SLB 承诺在 2026 年通过股息和回购向股东返还超过 40 亿美元。</p>
</div><p>Management's full-year guidance calls for revenue in a range of $36.9 billion to $37.7 billion, with EBITDA margins broadly in line with 2025 levels.</p>
<div class="lb-trans"><p>管理层的全年指导预计收入在 369 亿美元到 377 亿美元之间，EBITDA 利润率大致与 2025 年水平一致。</p>
</div><p>That suggests modest but real growth from a challenging starting point.</p>
<div class="lb-trans"><p>这表明在一个具有挑战性的起点上，仍有温和但真实的增长。</p>
</div><p>It also points to an expectation that this year’s early softness may be partially offset by a stronger second half, assuming Middle East operations normalize and ChampionX synergies build.</p>
<div class="lb-trans"><p>这也表明，假设中东业务正常化且 ChampionX 的协同效应逐步显现，今年初的疲软可能会在下半年得到部分抵消。</p>
</div><h2>Wall Street Still Expects Further Gains</h2>
<div class="lb-trans"><h2>华尔街仍然期待进一步增长</h2>
</div><p>Analysts broadly agree.</p>
<div class="lb-trans"><p>分析师们普遍达成一致。</p>
</div><p>SLB stock currently carries a consensus Moderate Buy rating, with average 12-month price targets implying a small upside from recent levels. Of the 23 analysts covering the stock, 19 rate it a Buy, three have slated it a Hold, and one suggests a Sell.</p>
<div class="lb-trans"><p>SLB 股票目前的共识评级为适度买入，平均 12 个月的目标价暗示出小幅上涨。覆盖该股票的 23 位分析师中，有 19 位给予买入评级，3 位给予持有评级，1 位建议卖出。</p>
</div><p>Overall, the consensus price target is around $60, slightly above the current price. UBS has assigned SLB stock the highest target of $69.</p>
<div class="lb-trans"><p>总体而言，目标价共识约为 60 美元，略高于当前价格。瑞银为 SLB 股票设定了 69 美元的最高目标。</p>
</div><h2>Investors Are Paying for Long-Term Quality</h2>
<div class="lb-trans"><h2>投资者正在为长期质量买单</h2>
</div><p>Clearly, SLB is not a bargain basement stock. With shares trading at a trailing price-to-earnings ratio in the mid-20s, investors are paying a premium for a franchise that is temporarily underperforming its own history.</p>
<div class="lb-trans"><p>显然，SLB 并不是一只廉价股票。由于股票交易的市盈率在 20 多倍的中间水平，投资者为一家暂时表现不佳的企业支付了溢价。</p>
</div><p>But the company remains the most technologically sophisticated oilfield services provider in the world. It has capabilities in deepwater drilling, well construction, reservoir performance, and now digital services. Its competitors in the energy sector, including Halliburton NYSE: HAL and Baker Hughes NASDAQ: BKR, have not yet caught up.</p>
<div class="lb-trans"><p>但该公司仍然是全球技术最先进的油田服务提供商。它在深水钻井、井施工、油藏性能以及现在的数字服务方面具有能力。其在能源领域的竞争对手，包括哈里伯顿 NYSE: HAL 和贝克休斯 NASDAQ: BKR，尚未赶上。</p>
</div><p>Playing the energy sector is always short-term risky. Investors who want near-term earnings or deeply discounted valuations will probably look elsewhere. But for patient investors willing to hold through unpredictable events and a bumpy transition, SLB is a compelling combination of quality, income, and long-term strategic positioning.</p>
<div class="lb-trans"><p>在能源领域投资总是短期风险较高。希望获得短期收益或深度折扣估值的投资者可能会另寻他处。但对于愿意在不可预测事件和波动过渡中持有的耐心投资者来说，SLB 是质量、收入和长期战略定位的引人注目的组合。</p>
</div><h2>Should You Invest $1,000 in SLB Right Now?</h2>
<div class="lb-trans"><h2>你现在应该投资 1000 美元在 SLB 吗？</h2>
</div><p>Before you consider SLB, you'll want to hear this.</p>
<div class="lb-trans"><p>在你考虑 SLB 之前，你需要听听这个。</p>
</div><p>MarketBeat keeps track of Wall Street's top-rated and best performing research analysts and the stocks they recommend to their clients on a daily basis. MarketBeat has identified the five stocks that top analysts are quietly whispering to their clients to buy now before the broader market catches on... and SLB wasn't on the list.</p>
<div class="lb-trans"><p>MarketBeat 每天跟踪华尔街顶级评级和表现最佳的研究分析师及其向客户推荐的股票。MarketBeat 已经识别出五只顶级分析师正在悄悄向客户推荐的股票，建议在更广泛的市场注意到之前购买……而 SLB 并不在名单上。</p>
</div><p>While SLB currently has a Moderate Buy rating among analysts, top-rated analysts believe these five stocks are better buys.</p>
<div class="lb-trans"><p>虽然 SLB 目前在分析师中获得了中等买入评级，但顶级分析师认为这五只股票更值得购买。</p>
</div><p>View The Five Stocks Here</p>
<div class="lb-trans"><p>在这里查看这五只股票</p>
</div>

斯伦贝谢的艰难季度掩盖了一个强劲的长期转变