Schlumberger (NYSE:SLB) Announces Quarterly Earnings Results, Beats Estimates By $0.02 EPS

Schlumberger (NYSE:SLB – Get Rating) announced its quarterly earnings results on Friday. The oil and gas company reported $0.71 earnings per share for the quarter, beating the consensus estimate of $0.69 by $0.02, RTT News reports. The company had revenue of $7.88 billion during the quarter, compared to analysts’ expectations of $7.80 billion. Schlumberger had a return on equity of 16.58% and a net margin of 11.26%. Schlumberger’s quarterly revenue was up 26.6% on a year-over-year basis. During the same period last year, the business earned $0.41 earnings per share.

Schlumberger Stock Performance

Shares of Schlumberger stock traded down $0.03 on Friday, reaching $57.35. 19,204,828 shares of the company were exchanged, compared to its average volume of 7,449,242. Schlumberger has a 1-year low of $30.65 and a 1-year high of $59.45. The firm has a market cap of $81.32 billion, a price-to-earnings ratio of 23.90, a P/E/G ratio of 0.50 and a beta of 1.79. The company’s 50-day moving average is $52.90 and its two-hundred day moving average is $44.53. The company has a debt-to-equity ratio of 0.71, a quick ratio of 1.03 and a current ratio of 1.40.

Schlumberger Increases Dividend

The business 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. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.74%. This is a boost from Schlumberger’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, February 7th. Schlumberger’s dividend payout ratio is presently 29.17%.

Analyst Ratings Changes

Several research analysts recently commented on SLB shares. Royal Bank of Canada increased their price objective on Schlumberger from $59.00 to $66.00 and gave the company an “outperform” rating in a research note on Tuesday, November 8th. Citigroup increased their price target on Schlumberger to $62.00 in a report on Wednesday, November 16th. Griffin Securities reiterated a “buy” rating on shares of Schlumberger in a report on Monday, January 16th. Jefferies Financial Group initiated coverage on Schlumberger in a report on Wednesday, October 19th. They set a “buy” rating and a $59.00 target price for the company. Finally, Piper Sandler increased their price target on Schlumberger from $60.00 to $64.00 and gave the company an “overweight” rating in a research report on Friday, November 18th. One investment analyst has rated the stock with a hold rating and twenty-two have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $55.04.

Insider Buying and Selling

In other Schlumberger news, CAO Howard Guild sold 20,053 shares of the stock in a transaction on Monday, November 7th. The stock was sold at an average price of $53.00, for a total transaction of $1,062,809.00. Following the completion of the transaction, the chief accounting officer now directly owns 35,994 shares of the company’s stock, valued at approximately $1,907,682. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. In other news, insider Dianne B. Ralston sold 10,493 shares of the firm’s stock in a transaction on Friday, December 23rd. The stock was sold at an average price of $52.52, for a total transaction of $551,092.36. Following the completion of the sale, the insider now directly owns 23,379 shares of the company’s stock, valued at approximately $1,227,865.08. The transaction was disclosed in a filing with the SEC, which is accessible through this hyperlink. Also, CAO Howard Guild sold 20,053 shares of the firm’s stock in a transaction on Monday, November 7th. The stock was sold at an average price of $53.00, for a total value of $1,062,809.00. Following the sale, the chief accounting officer now directly owns 35,994 shares of the company’s stock, valued at $1,907,682. The disclosure for this sale can be found here. Insiders sold 12,496,976 shares of company stock valued at $196,612,911 in the last three months. 0.28% of the stock is currently owned by corporate insiders.

Institutional Trading of Schlumberger

Hedge funds and other institutional investors have recently modified their holdings of the company. Busey Wealth Management grew its position in Schlumberger by 4.1% during the second quarter. Busey Wealth Management now owns 170,074 shares of the oil and gas company’s stock worth $6,082,000 after buying an additional 6,669 shares in the last quarter. Sawtooth Solutions LLC lifted its stake in Schlumberger by 3.3% during the third quarter. Sawtooth Solutions LLC now owns 12,150 shares of the oil and gas company’s stock worth $436,000 after purchasing an additional 388 shares during the period. Harel Insurance Investments & Financial Services Ltd. bought a new position in Schlumberger during the third quarter worth about $180,000. Moody National Bank Trust Division raised its stake in shares of Schlumberger by 3.4% in the third quarter. Moody National Bank Trust Division now owns 29,675 shares of the oil and gas company’s stock valued at $1,065,000 after acquiring an additional 983 shares during the last quarter. Finally, Texas Permanent School Fund raised its stake in shares of Schlumberger by 7.2% in the third quarter. Texas Permanent School Fund now owns 200,127 shares of the oil and gas company’s stock valued at $7,185,000 after acquiring an additional 13,430 shares during the last quarter. 80.22% of the stock is currently owned by hedge funds and other institutional investors.

About Schlumberger

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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.