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

Schlumberger Limited (NYSE:SLB) – Equities researchers at Griffin Securities decreased their Q2 2024 earnings per share (EPS) estimates for Schlumberger in a research note issued to investors 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 forecast of $0.85. The consensus estimate for Schlumberger’s current full-year earnings is $3.50 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 released its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 EPS for the quarter, meeting analysts’ consensus estimates 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 return on equity of 21.88% and a net margin of 12.72%. The business’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter in the prior year, the business posted $0.63 EPS.

A number of other research analysts have also commented on SLB. Wells Fargo & Company lifted their price objective on shares of Schlumberger from $69.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, January 22nd. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Schlumberger in a research note on Monday. TD Cowen lowered their price target on shares of Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday. The Goldman Sachs Group reissued a “buy” rating on shares of Schlumberger in a research note on Monday, April 1st. Finally, BMO Capital Markets reduced their target price on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $69.67.

Schlumberger Stock Down 0.9 %

SLB stock opened at $49.11 on Tuesday. The stock has a market cap of $70.10 billion, a P/E ratio of 16.32, a PEG ratio of 0.95 and a beta of 1.60. The company has a current ratio of 1.37, a quick ratio of 1.02 and a debt-to-equity ratio of 0.49. Schlumberger has a twelve month low of $42.73 and a twelve month high of $62.12. The company’s 50 day moving average is $51.71 and its two-hundred day moving average is $52.25.

Schlumberger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.275 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date is Wednesday, June 5th. Schlumberger’s payout ratio is presently 36.54%.

Insider Buying and Selling

In related news, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction dated Monday, January 29th. The stock was sold at an average price of $52.78, for a total value of $329,875.00. Following the transaction, the chief financial officer now owns 249,182 shares of the company’s stock, valued at approximately $13,151,825.96. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, insider Gavin Rennick sold 20,045 shares of Schlumberger stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $48.77, for a total transaction of $977,594.65. Following the completion of the sale, the insider now directly owns 77,563 shares in the company, valued at approximately $3,782,747.51. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $52.78, for a total value of $329,875.00. Following the sale, the chief financial officer now owns 249,182 shares of the company’s stock, valued at $13,151,825.96. The disclosure for this sale can be found here. In the last quarter, insiders have sold 90,545 shares of company stock valued at $4,458,430. 0.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Schlumberger

Several institutional investors and hedge funds have recently added to or reduced their stakes in the stock. Investment Advisory Services Inc. TX ADV increased its position in Schlumberger by 1.4% in the 3rd quarter. Investment Advisory Services Inc. TX ADV now owns 11,968 shares of the oil and gas company’s stock worth $698,000 after buying an additional 171 shares during the period. Miller Howard Investments Inc. NY lifted its stake in Schlumberger by 0.5% in the third quarter. Miller Howard Investments Inc. NY now owns 32,845 shares of the oil and gas company’s stock valued at $1,915,000 after buying an additional 176 shares during the period. Stonegate Investment Group LLC lifted its stake in Schlumberger by 1.7% in the third quarter. Stonegate Investment Group LLC now owns 10,864 shares of the oil and gas company’s stock valued at $633,000 after buying an additional 177 shares during the period. CI Investments Inc. increased its holdings in shares of Schlumberger by 4.9% in the third quarter. CI Investments Inc. now owns 4,142 shares of the oil and gas company’s stock worth $241,000 after acquiring an additional 192 shares in the last quarter. Finally, Montgomery Investment Management Inc. increased its holdings in shares of Schlumberger by 1.9% in the third quarter. Montgomery Investment Management Inc. now owns 10,920 shares of the oil and gas company’s stock worth $637,000 after acquiring an additional 200 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

About Schlumberger

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.