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

Schlumberger Limited (NYSE:SLB) – Equities research analysts at Griffin Securities decreased their Q2 2024 earnings per share (EPS) estimates for Schlumberger in a note issued to investors on Sunday, April 21st. Griffin Securities analyst K. Simpson now anticipates 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.

SLB has been the topic of several other research reports. The Goldman Sachs Group reiterated a “buy” rating on shares of Schlumberger in a report on Monday, April 1st. Susquehanna reiterated a “positive” rating and issued a $77.00 price target on shares of Schlumberger in a report on Monday. Benchmark reiterated a “buy” rating and issued a $68.00 price target on shares of Schlumberger in a report on Monday. Morgan Stanley restated an “overweight” rating and issued a $65.00 target price on shares of Schlumberger in a report on Monday. Finally, HSBC restated a “buy” rating and issued a $71.00 target price on shares of Schlumberger in a report on Thursday, April 4th. One equities research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, Schlumberger currently has an average rating of “Moderate Buy” and a consensus price target of $69.67.

Schlumberger Stock Up 0.1 %

Shares of NYSE:SLB opened at $49.55 on Tuesday. The business’s 50 day simple moving average is $51.68 and its two-hundred day simple moving average is $52.28. The firm has a market cap of $70.73 billion, a P/E ratio of 16.46, a PEG ratio of 0.95 and a beta of 1.60. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.02 and a current ratio of 1.37. Schlumberger has a 52-week low of $42.73 and a 52-week high of $62.12.

Schlumberger (NYSE:SLB) last announced 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 analyst estimates of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. The company’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 earnings per share.

Hedge Funds Weigh In On Schlumberger

Hedge funds have recently made changes to their positions in the stock. BluePath Capital Management LLC purchased a new position in shares of Schlumberger in the third quarter valued at $25,000. MCF Advisors LLC boosted its stake in 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 buying an additional 461 shares during the period. Register Financial Advisors LLC bought a new stake in Schlumberger during the first quarter valued at $27,000. Turtle Creek Wealth Advisors LLC bought a new stake in Schlumberger during the fourth quarter valued at $26,000. Finally, Transcendent Capital Group LLC bought a new stake in Schlumberger during the fourth quarter valued at $32,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other Schlumberger news, EVP Abdellah Merad sold 50,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now directly owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. In other Schlumberger news, EVP Abdellah Merad sold 50,000 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now directly owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CFO Stephane Biguet sold 6,250 shares of the firm’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $48.64, for a total value of $304,000.00. Following the completion of the sale, the chief financial officer now directly owns 242,932 shares of the company’s stock, valued at $11,816,212.48. The disclosure for this sale can be found here. Insiders sold 110,768 shares of company stock valued at $5,511,037 over the last ninety days. 0.26% of the stock is currently owned by insiders.

Schlumberger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be given a dividend of $0.275 per share. 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 dividend payout ratio (DPR) is presently 36.54%.

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.