The result was another terrible year financially for Schlumberger. Revenue fell 28% in 2020 from 2019 levels, and a second straight year of massive impairment charges pushed Schlumberger’s losses above the $10 billion mark for the second straight year.
Now, however, energy has started to rebound. Oil prices have moved back above $50 per barrel, and some E&P companies are beginning to look more actively at resuming their exploratory activities. That’s good news for Schlumberger and other oilfield services providers, and with Schlumberger stock having fetched triple its current price as recently as mid-2018, asking for a double from here doesn’t seem like too much to expect.
3. Wells Fargo
Last up is Wells Fargo (NYSE: WFC). 2020 was a tough…