Schlumberger (NYSE:SLB) Positioned for Long-Term Growth Run

If investors are patient, Canaccord says Schlumberger (NYSE:SLB) has positioned themselves for a nice long-term growth run.

Canaccord noted, "$4.3B in international sales were in line with forecast and saw 3% q/q improvement. SLB continues to stay upbeat about the upcoming international ramp-up in H2/11, and we are believers as we continue to see increased orders for new on/offshore rigs, project announcements, and capex increases. We feel that, although patience is required, we will see 2011/12 international sales and pricing traction drive the long term growth run for SLB.

"Overall outlook for SLB in 2011/12 remains bright as $80+ oil prices continue to drive E&P projects globally, especially those in deepwater and unconventional plays. Our 2011E EPS stays unchanged at $3.85, and we introduce our 2012 earnings estimate of $4.80."

Canaccord Genuity maintains a "Buy" rating on Schlumberger (SLB), which closed Monday at $84.25, gaining $0.77, or 0.92 percent. Canaccord raised their price target on Schlumberger from $82 to $95.