Schlumberger (SLB) Jumps on Higher Crude Prices

Shares of Schlumberger Ltd. (NYSE:SLB) closed up Tuesday as oil prices moved up again, as Goldman Sachs (NYSE:GS) and others up their outlook for crude prices.

Light sweet crude oil for July delivery was up $1.89 to settle at $99.59 a barrel. Brent crude oil for July delivery rose $2.35 to $112.45 a barrel.

Another factor was the weakening dollar again, as the euro increased 0.5 percent at $1.4113, bolstering its buying power for oil.

Goldman increased it estimate for Brent crude from $105 to $120 a barrel for 2011, and for 2012 Goldman raised it from $120 to $140 a barrel.

Schlumberger Ltd. (SLB), which supplies technology, integrated project management, and information solutions to the oil and gas industry around the world, closed Tuesday at $83.28, gaining $1.20, or 1.46 percent.

An ex-dividend is coming on May 27, 2011 for shareholder. Schlumberger pays a quarterly dividend of $0.25, with a yield of about 1.19 percent.

Citigroup (NYSE:C) Sees Schlumberger (NYSE:SLB) Margins Rising in North America

Citigroup (NYSE:C) increased it price target on Schlumberger Ltd. (NYSE:SLB), saying its margins in the North American market should increase.

"We are increasing our North [American] margins to 18.0% from 15.2% in 2011 and to 20.0% from 17.5% in 2012, raising estimates slightly," Citigroup analyst Robin Shoemaker wrote in a note.

Schlumberger closed Monday at $68.53, gaining $0.76, or 1.12 percent.

The price target was raised from $77 to $82. A "Buy" rating on the stock was maintained by Citigroup.

Schlumberger (NYSE:SLB) Declares Dividend Ahead of Earnings Report

Schlumberger LTD (NYSE:SLB) declared a dividend of 21 cents a share, a day ahead of its quarterly report on Friday morning.

Analysts are expecting the largest oilfield services firm in the world to generate a profit of 61 cents a share.

The dividend is payable to shareholders of record on June 2 and will be paid out on July 2, 2010.