Atb Cap Markets Comments on Schlumberger Limited’s Q3 2024 Earnings (NYSE:SLB)

Schlumberger Limited (NYSE:SLB) – Equities researchers at Atb Cap Markets reduced their Q3 2024 earnings per share estimates for shares of Schlumberger in a note issued to investors on Tuesday, October 1st. Atb Cap Markets analyst W. Syed now expects that the oil and gas company will post earnings per share of $0.87 for the quarter, down from their previous forecast of $0.88. The consensus estimate for Schlumberger’s current full-year earnings is $3.49 per share. Atb Cap Markets also issued estimates for Schlumberger’s FY2024 earnings at $3.38 EPS.

A number of other brokerages also recently issued reports on SLB. TD Cowen boosted their price target on Schlumberger from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Benchmark reiterated a “buy” rating and issued a $68.00 price objective on shares of Schlumberger in a research report on Monday, July 22nd. StockNews.com downgraded Schlumberger from a “buy” rating to a “hold” rating in a report on Thursday, June 6th. Barclays cut their price target on shares of Schlumberger from $70.00 to $67.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. Finally, Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a research report on Thursday. Two research analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $65.29.

Schlumberger Price Performance

SLB stock opened at $44.88 on Thursday. The stock has a market capitalization of $63.72 billion, a price-to-earnings ratio of 14.91, a PEG ratio of 0.90 and a beta of 1.51. The firm’s 50-day moving average price is $43.41 and its two-hundred day moving average price is $46.86. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. Schlumberger has a 12-month low of $38.66 and a 12-month high of $61.20.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.83 by $0.02. The company had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share.

Schlumberger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.275 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.45%. Schlumberger’s payout ratio is 36.54%.

Insider Transactions at Schlumberger

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the sale, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.29, for a total value of $492,900.00. Following the completion of the transaction, the director now directly owns 62,354 shares of the company’s stock, valued at $3,073,428.66. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The disclosure for this sale can be found here. Insiders have sold a total of 180,716 shares of company stock valued at $9,048,624 in the last ninety days. 0.26% of the stock is currently owned by corporate insiders.

Institutional Trading of Schlumberger

Institutional investors and hedge funds have recently modified their holdings of the business. Crescent Grove Advisors LLC bought a new stake in Schlumberger in the 2nd quarter worth approximately $257,000. National Bank of Canada FI lifted its holdings in Schlumberger by 15.0% in the first quarter. National Bank of Canada FI now owns 396,382 shares of the oil and gas company’s stock valued at $21,726,000 after acquiring an additional 51,637 shares during the period. Mission Wealth Management LP bought a new position in Schlumberger in the first quarter valued at about $245,000. Public Sector Pension Investment Board boosted its position in Schlumberger by 0.6% in the second quarter. Public Sector Pension Investment Board now owns 1,901,713 shares of the oil and gas company’s stock worth $89,723,000 after purchasing an additional 11,813 shares during the last quarter. Finally, Canada Pension Plan Investment Board grew its stake in shares of Schlumberger by 9.0% during the 1st quarter. Canada Pension Plan Investment Board now owns 788,484 shares of the oil and gas company’s stock valued at $43,217,000 after purchasing an additional 64,974 shares during the period. Institutional investors own 81.99% of the company’s stock.

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.