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

Schlumberger Limited (NYSE:SLB) – Investment analysts at Griffin Securities cut their Q2 2024 earnings estimates for Schlumberger in a research report issued on Sunday, April 21st. Griffin Securities analyst K. Simpson now expects that the oil and gas company will post earnings per share of $0.83 for the quarter, down from their previous forecast 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.

A number of other research firms have also weighed in on SLB. Susquehanna restated a “positive” rating and set a $77.00 price target on shares of Schlumberger in a research report on Monday. Morgan Stanley restated an “overweight” rating and set a $65.00 price target on shares of Schlumberger in a research report on Monday. Royal Bank of Canada lifted their target price on shares of Schlumberger from $66.00 to $69.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Schlumberger in a research note on Monday, April 1st. Finally, Bank of America reduced their target price on shares of Schlumberger from $63.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday. One research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $69.67.

Schlumberger Stock Performance

SLB opened at $49.55 on Tuesday. The firm has a market capitalization of $70.73 billion, a PE ratio of 16.46, a PEG ratio of 0.95 and a beta of 1.60. Schlumberger has a twelve month low of $42.73 and a twelve month high of $62.12. The firm’s 50-day moving average price is $51.68 and its 200 day moving average price is $52.28. 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 (NYSE:SLB) last posted its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.75. The firm had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. Schlumberger’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the previous year, the business posted $0.63 earnings per share.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.22%. This is an increase from Schlumberger’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, June 5th. Schlumberger’s payout ratio is 36.54%.

Insider Activity

In other news, CFO Stephane Biguet sold 6,250 shares of the business’s stock in a transaction that occurred on 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 directly owns 249,182 shares of the company’s stock, valued at approximately $13,151,825.96. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. In related news, VP Kevin Fyfe sold 20,223 shares of the company’s stock in a transaction that occurred on Thursday, January 25th. The shares were sold at an average price of $52.05, for a total transaction of $1,052,607.15. Following the sale, the vice president now directly owns 31,198 shares of the company’s stock, valued at approximately $1,623,855.90. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, CFO Stephane Biguet sold 6,250 shares of the company’s stock in a transaction that occurred on Monday, January 29th. The stock was sold at an average price of $52.78, for a total transaction of $329,875.00. Following the sale, the chief financial officer now directly owns 249,182 shares in the company, valued at $13,151,825.96. The disclosure for this sale can be found here. In the last three months, insiders have sold 110,768 shares of company stock valued at $5,511,037. Company insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Schlumberger

Several large investors have recently added to or reduced their stakes in the business. BluePath Capital Management LLC acquired a new position in shares of Schlumberger during the third quarter valued at $25,000. Turtle Creek Wealth Advisors LLC acquired a new position in shares of Schlumberger during the fourth quarter valued at $26,000. Register Financial Advisors LLC acquired a new position in shares of Schlumberger during the first quarter valued at $27,000. MCF Advisors LLC boosted its holdings in shares of Schlumberger by 1,355.9% during the third quarter. MCF Advisors LLC now owns 495 shares of the oil and gas company’s stock valued at $29,000 after acquiring an additional 461 shares during the period. Finally, Transcendent Capital Group LLC acquired a new position in shares of Schlumberger during the fourth quarter valued at $32,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

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.