SLB is extending its bounce off recent lows
Energy stocks are in the spotlight today, as oil prices rebound from last session’s lows due to demand uncertainty. These movers include Schlumberger NV (NYSE:SLB) and Valero Energy Corp (NYSE:VLO).
SLB is up 1.9% to trade at $44.45 at last glance, extending its bounce off its June 14, 52-week low of $42.61. Headed for its largest daily percentage gain since January, the equity is currently on track to snap a four-week losing streak. So far this year, shares are down 14.5%.
Meanwhile, Valero Energy stock has reversed earlier gains, down 0.8% to trade at $149.81 at last check and on track to snap a three-day win streak, after jumping as high as $155.09 earlier. Since the start of 2024, VLO has added 15.4%.
Analysts are plenty bullish on both stocks. Of the 21 covering SLB, 20 rate it a “buy” or better, while 12 of the 16 covering VLO rate it a “strong buy.” The 12-month consensus price target on both are also a hefty premium to current levels.