Schlumberger Limited to Post Q2 2024 Earnings of $0.83 Per Share, Griffin Securities Forecasts (NYSE:SLB)

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

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

SLB has been the topic of a number of other reports. HSBC reissued a “buy” rating and issued a $71.00 price target on shares of Schlumberger in a research note on Thursday, April 4th. Stifel Nicolaus reissued a “buy” rating and issued a $64.00 target price on shares of Schlumberger in a research report on Monday. Benchmark reaffirmed a “buy” rating and set a $68.00 price target on shares of Schlumberger in a research report on Monday. BMO Capital Markets decreased their price target on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday. Finally, TD Cowen dropped their price objective on Schlumberger from $64.00 to $63.00 and set a “buy” rating for the company in a report on Monday. One investment analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $69.67.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $49.52 on Tuesday. The company has a market cap of $70.68 billion, a P/E ratio of 16.45, a P/E/G ratio of 0.95 and a beta of 1.60. The business has a fifty day simple moving average of $51.64 and a 200-day simple moving average of $52.32. Schlumberger has a 52 week low of $42.73 and a 52 week high of $62.12. The company has a quick ratio of 1.02, a current ratio of 1.37 and a debt-to-equity ratio of 0.49.

Institutional Investors Weigh In On Schlumberger

Hedge funds and other institutional investors have recently modified their holdings of the stock. Highland Capital Management LLC increased its holdings in Schlumberger by 2,494.0% in the fourth quarter. Highland Capital Management LLC now owns 101,426 shares of the oil and gas company’s stock valued at $5,278,000 after buying an additional 97,516 shares during the last quarter. Guinness Asset Management LTD raised its position in shares of Schlumberger by 0.3% during the 3rd quarter. Guinness Asset Management LTD now owns 331,309 shares of the oil and gas company’s stock valued at $19,468,000 after acquiring an additional 965 shares in the last quarter. Nordea Investment Management AB lifted its stake in Schlumberger by 36.4% during the fourth quarter. Nordea Investment Management AB now owns 1,424,625 shares of the oil and gas company’s stock worth $74,080,000 after purchasing an additional 380,185 shares during the last quarter. Allworth Financial LP boosted its holdings in Schlumberger by 3.8% in the third quarter. Allworth Financial LP now owns 5,557 shares of the oil and gas company’s stock worth $324,000 after purchasing an additional 206 shares during the period. Finally, Asset Management One Co. Ltd. increased its stake in Schlumberger by 6.3% during the fourth quarter. Asset Management One Co. Ltd. now owns 607,312 shares of the oil and gas company’s stock valued at $31,726,000 after purchasing an additional 35,763 shares during the last quarter. Institutional investors own 81.99% of the company’s stock.

Insiders Place Their Bets

In other news, CAO Howard Guild sold 22,853 shares of the firm’s stock in a transaction dated Wednesday, January 24th. The stock was sold at an average price of $51.66, for a total transaction of $1,180,585.98. Following the completion of the sale, the chief accounting officer now directly owns 22,181 shares in the company, valued at $1,145,870.46. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction 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 completion of the sale, the chief financial officer now owns 249,182 shares in the company, valued at $13,151,825.96. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Howard Guild sold 22,853 shares of the stock in a transaction on Wednesday, January 24th. The shares were sold at an average price of $51.66, for a total transaction of $1,180,585.98. Following the transaction, the chief accounting officer now owns 22,181 shares in the company, valued at $1,145,870.46. The disclosure for this sale can be found here. Insiders have sold 133,621 shares of company stock worth $6,691,623 in the last quarter. 0.26% of the stock is owned by corporate insiders.

Schlumberger Increases Dividend

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