Griffin Securities Analysts Reduce Earnings Estimates for Schlumberger Limited (NYSE:SLB)

Schlumberger Limited (NYSE:SLBGet Rating) – Analysts at Griffin Securities decreased their Q1 2023 earnings per share (EPS) estimates for Schlumberger in a research report issued on Sunday, January 22nd. Griffin Securities analyst K. Simpson now forecasts that the oil and gas company will earn $0.60 per share for the quarter, down from their previous estimate of $0.64. Griffin Securities has a “Buy” rating on the stock. The consensus estimate for Schlumberger’s current full-year earnings is $3.03 per share. Griffin Securities also issued estimates for Schlumberger’s Q2 2023 earnings at $0.74 EPS, Q3 2023 earnings at $0.80 EPS, Q4 2023 earnings at $0.86 EPS, FY2023 earnings at $3.00 EPS, Q1 2024 earnings at $0.78 EPS, Q2 2024 earnings at $0.94 EPS, Q3 2024 earnings at $1.00 EPS, Q4 2024 earnings at $1.09 EPS and FY2024 earnings at $3.80 EPS.

Schlumberger (NYSE:SLBGet Rating) last announced its quarterly earnings results on Friday, January 20th. The oil and gas company reported $0.71 EPS for the quarter, topping the consensus estimate of $0.69 by $0.02. The company had revenue of $7.88 billion during the quarter, compared to analyst estimates of $7.80 billion. Schlumberger had a return on equity of 18.51% and a net margin of 12.25%. The firm’s revenue was up 26.6% on a year-over-year basis. During the same period in the prior year, the firm posted $0.41 earnings per share.

Several other brokerages have also commented on SLB. Citigroup upped their price target on Schlumberger from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday. Barclays increased their target price on Schlumberger from $61.00 to $62.00 and gave the company an “overweight” rating in a research note on Wednesday, October 26th. Royal Bank of Canada increased their target price on Schlumberger from $59.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, November 8th. Susquehanna increased their target price on Schlumberger from $65.00 to $68.00 and gave the company a “positive” rating in a research note on Monday. Finally, Morgan Stanley increased their target price on Schlumberger from $52.00 to $55.00 and gave the company an “overweight” rating in a research note on Monday, November 7th. One analyst has rated the stock with a hold rating and nineteen have issued a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average target price of $57.52.

Schlumberger Stock Performance

Shares of NYSE:SLB opened at $55.47 on Tuesday. The firm has a market capitalization of $78.66 billion, a PE ratio of 23.11, a P/E/G ratio of 0.50 and a beta of 1.79. The company has a debt-to-equity ratio of 0.59, a current ratio of 1.25 and a quick ratio of 0.92. The business has a 50-day moving average of $52.95 and a two-hundred day moving average of $44.91. Schlumberger has a 12 month low of $30.65 and a 12 month high of $62.78.

Hedge Funds Weigh In On Schlumberger

A number of hedge funds have recently modified their holdings of the stock. Vanguard Group Inc. boosted its position in shares of Schlumberger by 1.1% in the third quarter. Vanguard Group Inc. now owns 123,210,874 shares of the oil and gas company’s stock worth $4,423,270,000 after buying an additional 1,393,060 shares during the period. State Street Corp boosted its position in shares of Schlumberger by 1.7% in the third quarter. State Street Corp now owns 91,245,791 shares of the oil and gas company’s stock worth $3,291,135,000 after buying an additional 1,537,620 shares during the period. FMR LLC boosted its position in shares of Schlumberger by 44.9% in the second quarter. FMR LLC now owns 32,671,828 shares of the oil and gas company’s stock worth $1,168,374,000 after buying an additional 10,121,321 shares during the period. Amundi boosted its position in shares of Schlumberger by 1.5% in the second quarter. Amundi now owns 29,555,312 shares of the oil and gas company’s stock worth $931,195,000 after buying an additional 439,979 shares during the period. Finally, Jennison Associates LLC boosted its position in shares of Schlumberger by 59.3% in the second quarter. Jennison Associates LLC now owns 28,917,488 shares of the oil and gas company’s stock worth $1,034,089,000 after buying an additional 10,761,322 shares during the period. 80.22% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity

In other news, VP Kevin Fyfe sold 6,095 shares of Schlumberger stock in a transaction on Monday, November 7th. The stock was sold at an average price of $53.00, for a total transaction of $323,035.00. Following the transaction, the vice president now directly owns 35,535 shares in the company, valued at approximately $1,883,355. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In related news, VP Kevin Fyfe sold 6,095 shares of Schlumberger stock in a transaction on Monday, November 7th. The stock was sold at an average price of $53.00, for a total value of $323,035.00. Following the transaction, the vice president now directly owns 35,535 shares in the company, valued at approximately $1,883,355. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Abdellah Merad sold 70,000 shares of Schlumberger stock in a transaction on Monday, January 23rd. The stock was sold at an average price of $57.20, for a total value of $4,004,000.00. Following the completion of the transaction, the executive vice president now owns 204,357 shares in the company, valued at $11,689,220.40. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 269,389 shares of company stock worth $15,026,271. 0.28% of the stock is owned by company insiders.

Schlumberger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Wednesday, February 8th will be given a dividend of $0.25 per share. The ex-dividend date of this dividend is Tuesday, February 7th. This is a boost from Schlumberger’s previous quarterly dividend of $0.18. This represents a $1.00 annualized dividend and a dividend yield of 1.80%. Schlumberger’s dividend payout ratio (DPR) is 29.17%.

Schlumberger Company Profile

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Schlumberger NV engages in the provision of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. It operates through the following business segments: Digital and Integration, Reservoir Performance, Well Construction, and Production Systems. The Digital and Integration segment combines the company’s software and seismic businesses with its integrated offering of asset performance solutions.

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Earnings History and Estimates for Schlumberger (NYSE:SLB)

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