New York, January 26, 2026, 21:34 EST — The market has closed.
- SLB shares ended the day 1.1% higher at $49.70, lagging behind a stronger rally in Baker Hughes
- JPMorgan bumped its SLB price target up to $54, while RBC also raised its target to $54
- Headlines tied to Venezuela and fresh oil-services cues are flashing on traders’ screens Tuesday
SLB’s shares closed Monday at $49.70, up 1.1%, but still trailed Baker Hughes, which jumped 4.4%. The S&P 500 rose 0.5% on the day. SLB’s stock remains roughly 4% shy of its 52-week high, with trading volume significantly above its recent norms. 1
That’s significant since SLB now serves as a clear barometer for investor expectations about the future of global drilling and well work. The stock’s moves reflect analyst calculations just as much as oil prices.
JPMorgan bumped its price target on SLB to $54 from $43, maintaining an “Overweight” rating. The bank cited a cleaner setup after management’s 2026 outlook and potential rebounds in challenging areas like Saudi Arabia, Mexico, and deepwater projects. Remember, a price target reflects where a stock might trade in the next year, not a guarantee. JPMorgan highlighted Data Center Solutions as a key growth area but expects North American land spending to ease in 2026. Raymond James, BMO, and BofA also raised their targets after SLB’s recent quarterly results. 2
RBC Capital’s Keith Mackey boosted his price target to $54 from $51, keeping an Outperform rating intact. He noted that guidance seemed on track but “slightly weighted toward the second half,” anticipating gains in Latin America and the Middle East/Asia regions. Mackey also highlighted free cash flow—cash remaining after capital expenditures—as a key factor underpinning the valuation. 3
The mood leans positive, though it’s far from consistent. Analysts quickly drew a line between the global outlook—where SLB is more exposed—and the weaker stretch seen in North American onshore activity.
Peers pushed the market higher. Baker Hughes posted an 11% jump in adjusted Q4 profit, driven by strong demand for gas-technology gear linked to LNG. The company also forecast mid-single-digit growth in adjusted EBITDA for 2026, despite a drop in oilfield services and equipment revenue. 4
Venezuela remains a hot spot. Bloomberg says the U.S. is engaged in talks with Chevron, other producers, and key service companies on a rapid plan to boost Venezuelan crude output. The discussions reportedly include sending SLB, Halliburton, and Baker Hughes to fix equipment. Reuters, however, couldn’t confirm the story, and the companies involved have yet to comment. 5
Baker Hughes CEO Lorenzo Simonelli said Monday the revenue potential in Venezuela could be “significant,” but emphasized the need for employee safety and clear legal and regulatory guidelines. SLB has indicated it can scale up operations rapidly once licensing and compliance are in place, Reuters reported. 6
The risk is that the tape has already baked in a neat second-half boost that either shows up late or doesn’t come through at all. Oil prices, customer budgets, and how quickly Venezuela reopens are key wildcards—and any of them can flip on a dime.
Tuesday’s session will focus on whether SLB can maintain its position near $50 and if other banks join in with target revisions following the initial round of notes. The next key event is NOV’s earnings report, due February 4 after market close, offering a fresh glimpse into order flow and spending in the oil sector. 7
