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

Posted by Defense World Staff on Oct 26th, 2023

Schlumberger Limited (NYSE:SLB – Free Report) – Investment analysts at Griffin Securities lifted their FY2023 earnings per share (EPS) estimates for Schlumberger in a research report issued on Monday, October 23rd. Griffin Securities analyst K. Simpson now anticipates that the oil and gas company will post earnings per share of $2.97 for the year, up from their prior forecast of $2.96. The consensus estimate for Schlumberger’s current full-year earnings is $2.96 per share. Griffin Securities also issued estimates for Schlumberger’s Q1 2024 earnings at $0.76 EPS, Q2 2024 earnings at $0.92 EPS and Q3 2024 earnings at $0.97 EPS.

SLB has been the topic of several other reports. Morgan Stanley reiterated an “overweight” rating and set a $62.00 target price on shares of Schlumberger in a report on Monday, July 24th. Citigroup boosted their price objective on Schlumberger from $66.00 to $70.00 and gave the company a “buy” rating in a research report on Thursday, September 21st. Royal Bank of Canada boosted their price objective on Schlumberger from $60.00 to $62.00 and gave the company an “outperform” rating in a research report on Thursday, July 20th. HSBC cut their target price on Schlumberger from $75.00 to $71.00 in a research note on Thursday, July 27th. Finally, StockNews.com started coverage on Schlumberger in a research note on Thursday, October 5th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $70.27.

Check Out Our Latest Analysis on SLB

Schlumberger Stock Performance

Schlumberger stock opened at $56.62 on Wednesday. The stock’s 50-day moving average is $58.97 and its 200-day moving average is $53.54. The company has a market cap of $80.47 billion, a price-to-earnings ratio of 19.59, a price-to-earnings-growth ratio of 0.77 and a beta of 1.79. The company has a debt-to-equity ratio of 0.57, a current ratio of 1.36 and a quick ratio of 1.02. Schlumberger has a 12 month low of $42.73 and a 12 month high of $62.78.

Schlumberger (NYSE:SLB – Get Free Report) last released its earnings results on Friday, October 20th. The oil and gas company reported $0.78 earnings per share for the quarter, topping the consensus estimate of $0.77 by $0.01. Schlumberger had a return on equity of 21.80% and a net margin of 12.98%. The firm had revenue of $8.31 billion for the quarter, compared to the consensus estimate of $8.32 billion. During the same period in the prior year, the business posted $0.63 earnings per share. The firm’s revenue for the quarter was up 11.1% compared to the same quarter last year.

Institutional Inflows and Outflows

Several hedge funds have recently bought and sold shares of SLB. BluePath Capital Management LLC bought a new position in Schlumberger during the third quarter worth about $25,000. Acadian Asset Management LLC bought a new position in shares of Schlumberger during the 1st quarter valued at about $25,000. Exos TFP Holdings LLC lifted its holdings in shares of Schlumberger by 269.7% during the 1st quarter. Exos TFP Holdings LLC now owns 536 shares of the oil and gas company’s stock valued at $26,000 after purchasing an additional 391 shares in the last quarter. Coppell Advisory Solutions LLC bought a new position in shares of Schlumberger during the 2nd quarter valued at about $27,000. Finally, MCF Advisors LLC lifted its holdings in shares of Schlumberger by 1,355.9% during the 3rd quarter. MCF Advisors LLC now owns 495 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 461 shares in the last quarter. 79.43% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, VP Kevin Fyfe sold 7,716 shares of the business’s stock in a transaction dated Wednesday, August 9th. The stock was sold at an average price of $59.34, for a total transaction of $457,867.44. Following the completion of the transaction, the vice president now owns 28,316 shares of the company’s stock, valued at approximately $1,680,271.44. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, insider Katharina Beumelburg sold 5,500 shares of the firm’s stock in a transaction that occurred on Thursday, August 3rd. The stock was sold at an average price of $57.88, for a total transaction of $318,340.00. Following the completion of the transaction, the insider now owns 931 shares in the company, valued at approximately $53,886.28. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, VP Kevin Fyfe sold 7,716 shares of the stock in a transaction on Wednesday, August 9th. The stock was sold at an average price of $59.34, for a total value of $457,867.44. Following the transaction, the vice president now owns 28,316 shares of the company’s stock, valued at $1,680,271.44. The disclosure for this sale can be found here. In the last 90 days, insiders sold 121,966 shares of company stock valued at $7,195,582. Insiders own 0.23% of the company’s stock.

Schlumberger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 11th. Investors of record on Wednesday, December 6th will be given a dividend of $0.25 per share. The ex-dividend date is Tuesday, December 5th. This represents a $1.00 annualized dividend and a dividend yield of 1.77%. Schlumberger’s dividend payout ratio is presently 34.60%.

Schlumberger Company Profile

(Get Free Report)

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, integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.