Cleveland-Cliffs (CLF) stocks up, Schlumberger (SLB) down on Q3 results

Highlights

  • The revenue of Schlumberger N.V. (NYSE: SLB) surged 11% YoY in Q3, FY21
  • The adjusted EBITDA of Schlumberger N.V. increased by 27% YoY in Q3, FY21
  • Cleveland-Cliffs Inc. (NYSE: CLF) reported record revenue of US$6 billion in Q3, FY21

The stocks of Schlumberger N.V. (NYSE: SLB) and Cleveland-Cliffs Inc (NYSE: CLF) were trending on Wall Street Friday, October 22, after reporting their quarterly earnings before the market opened. The former tumbled over 1%, while the latter was up by more than 9% in the morning trading.

The SLB shares traded at US$33.74 at 10:01 am ET on Friday, down by 1.63% from its closing price of Thursday, while the CLF stocks were priced at US$23.09 at 10:02 am ET on October 22, up 9.03% from its previous closing price.

Here we explore the stock performances and earnings of the companies.

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Schlumberger N.V. (NYSE: SLB)

Schlumberger is an oilfield services company that provides technologies for reservoirs, drilling, and processing of oil and gas. It is based in Houston, Texas.

The profit of the firm rose in the third quarter, aided by the increasing demand for the company's oilfield services and related instruments from producers.

The revenue of the company was US$5.84 billion in Q3, FY21, an increase of around 11% from US$5.25 billion in the same quarter of the previous year. On a GAAP basis, its net income came in at US$550 million, or US$0.39 per diluted share, versus a loss of US$82 million, or a loss of US$0.06 per diluted share in the year-ago quarter.

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The adjusted EBITDA of the firm was US$1.29 billion in the period, representing an increase of 27% Q3, FY20.

The market cap of the company is US$47.01 billion and P/E ratio is 46.69. Its EPS is US$0.72. The 52-week highest and lowest stock prices of SLB were US$36.87 and US$13.70, respectively. The trading volume was 12,151,390 on October 21.

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Quarterly earnings of Schlumberger N.V. (SLB) and Cleveland-Cliffs Inc. (CLF)

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Cleveland-Cliffs Inc. (NYSE: CLF)

Cleveland-Cliffs is a mining company that engages in the production of steel and manufactures iron ore pellets. It is headquartered in Cleveland, Ohio.

The firm reported stronger-than-anticipated quarterly earnings.

The company has reported record revenue of US$6 billion in Q3, FY21, as compared to US$1.64 billion in the same quarter a year. Its operating income was US$1.64 billion, as compared to US$38 million in the prior year's third quarter.

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The company's record net income was US$1.28 billion, against an income of US$2 million in Q3, FY20. Its net earnings attributable to common shareholders was US$1.27 billion, or US$2.33 per diluted share, against a loss of US$10 million, or a loss of US$0.02 per diluted share in Q3, FY20.

The firm has a market cap of US$11.92 billion, and a P/E ratio of 15.7. Its EPS is US$1.52. The highest and lowest stock prices for the last 52 weeks were US$26.51 and US$7.59. On October 21, CLF's trading volume was 25,914,660.

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Bottom line:

Both of the companies have performed well in recent months, evident by the returns they have provided. The SLB stocks rose 56.26% YTD, while the stock value of CLF increased by 46.74% YTD. However, investors should take a closer look at the stocks and understand better the topsy-turvy environment of the market before spending.

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