Griffin Securities Comments on Schlumberger Limited’s Q2 2024 Earnings (NYSE:SLB)

Schlumberger Limited (NYSE:SLB) – Investment analysts at Griffin Securities decreased their Q2 2024 earnings per share estimates for Schlumberger in a report issued on Sunday, April 21st. Griffin Securities analyst K. Simpson now forecasts that the oil and gas company will earn $0.83 per share for the quarter, down from their previous estimate of $0.85. The consensus estimate for Schlumberger’s current full-year earnings is $3.51 per share. Griffin Securities also issued estimates for Schlumberger’s Q3 2024 earnings at $0.91 EPS and FY2024 earnings at $3.50 EPS.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.75. The business had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.70 billion. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.63 EPS.

SLB has been the topic of several other research reports. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price objective on shares of Schlumberger in a report on Monday. Wells Fargo & Company raised their price target on Schlumberger from $69.00 to $70.00 and gave the company an “overweight” rating in a report on Monday, January 22nd. HSBC reissued a “buy” rating and set a $71.00 price objective on shares of Schlumberger in a report on Thursday, April 4th. Barclays reduced their target price on shares of Schlumberger from $74.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Finally, Bank of America dropped their price target on shares of Schlumberger from $63.00 to $62.00 and set a “buy” rating for the company in a research note on Monday. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and an average target price of $69.67.

Schlumberger Price Performance

SLB opened at $49.52 on Tuesday. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 1.02. The stock has a market capitalization of $70.68 billion, a P/E ratio of 16.45, a price-to-earnings-growth ratio of 0.95 and a beta of 1.60. The company’s 50 day simple moving average is $51.64 and its 200-day simple moving average is $52.32. Schlumberger has a one year low of $42.73 and a one year high of $62.12.

Schlumberger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be given a $0.275 dividend. The ex-dividend date is Wednesday, June 5th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 2.22%. Schlumberger’s payout ratio is currently 36.54%.

Insider Buying and Selling

In other news, EVP Abdellah Merad sold 50,000 shares of the company’s stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the transaction, the executive vice president now owns 261,507 shares in the company, valued at $12,688,319.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Abdellah Merad sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $48.52, for a total value of $2,426,000.00. Following the sale, the executive vice president now directly owns 261,507 shares of the company’s stock, valued at approximately $12,688,319.64. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, CFO Stephane Biguet sold 6,250 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.64, for a total value of $304,000.00. Following the transaction, the chief financial officer now owns 242,932 shares of the company’s stock, valued at approximately $11,816,212.48. The disclosure for this sale can be found here. In the last three months, insiders sold 133,621 shares of company stock valued at $6,691,623. 0.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Schlumberger

Institutional investors have recently bought and sold shares of the company. Norges Bank bought a new stake in shares of Schlumberger in the fourth quarter worth $1,000,292,000. Price T Rowe Associates Inc. MD boosted its stake in shares of Schlumberger by 12.9% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock worth $3,922,768,000 after buying an additional 8,617,971 shares during the last quarter. Winslow Capital Management LLC grew its holdings in shares of Schlumberger by 123,063.5% in the 4th quarter. Winslow Capital Management LLC now owns 4,347,671 shares of the oil and gas company’s stock valued at $226,253,000 after acquiring an additional 4,344,141 shares in the last quarter. Royal Bank of Canada increased its position in shares of Schlumberger by 79.7% in the third quarter. Royal Bank of Canada now owns 4,919,990 shares of the oil and gas company’s stock valued at $286,835,000 after acquiring an additional 2,182,706 shares during the last quarter. Finally, Sanders Capital LLC raised its holdings in Schlumberger by 34.9% during the third quarter. Sanders Capital LLC now owns 8,056,492 shares of the oil and gas company’s stock worth $469,693,000 after acquiring an additional 2,085,506 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Schlumberger Company Profile

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.