Griffin Securities Forecasts Schlumberger FY2024 Earnings

Schlumberger Limited (NYSE:SLB) – Griffin Securities lowered their FY2024 EPS estimates for shares of Schlumberger in a research note issued on Monday, October 21st. Griffin Securities analyst K. Simpson now expects that the oil and gas company will earn $3.40 per share for the year, down from their prior estimate of $3.49. The consensus estimate for Schlumberger’s current full-year earnings is $3.44 per share. Griffin Securities also issued estimates for Schlumberger’s Q4 2024 earnings at $0.91 EPS, Q1 2025 earnings at $0.81 EPS, Q3 2025 earnings at $0.95 EPS, Q4 2025 earnings at $1.03 EPS and FY2025 earnings at $3.70 EPS.

Schlumberger (NYSE:SLB) last posted its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The company had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.27 billion. During the same period in the previous year, the business posted $0.78 EPS. Schlumberger’s revenue was up 10.2% on a year-over-year basis.

Several other equities research analysts also recently issued reports on the company. Barclays cut their price objective on Schlumberger from $67.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. JPMorgan Chase & Co. cut their price target on shares of Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Bank of America dropped their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, October 14th. BMO Capital Markets reduced their target price on shares of Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, October 10th. Finally, Evercore ISI dropped their price target on shares of Schlumberger from $74.00 to $62.00 and set an “outperform” rating for the company in a research note on Monday. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Schlumberger currently has an average rating of “Moderate Buy” and an average target price of $60.97.

Schlumberger Stock Up 0.5 %

Shares of NYSE SLB opened at $42.13 on Wednesday. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.55. The business’s 50 day moving average is $43.00 and its two-hundred day moving average is $45.75. Schlumberger has a 52-week low of $38.66 and a 52-week high of $59.05. The firm has a market cap of $59.82 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.27 and a beta of 1.51.

Hedge Funds Weigh In On Schlumberger

Several hedge funds have recently made changes to their positions in SLB. Vanguard Group Inc. increased its stake in Schlumberger by 1.4% in the first quarter. Vanguard Group Inc. now owns 134,150,168 shares of the oil and gas company’s stock valued at $7,352,771,000 after purchasing an additional 1,868,688 shares during the period. Capital World Investors grew its stake in shares of Schlumberger by 72.3% during the 1st quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock worth $4,875,402,000 after purchasing an additional 37,333,485 shares during the period. Price T Rowe Associates Inc. MD increased its holdings in shares of Schlumberger by 14.1% in the 1st quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after purchasing an additional 10,606,191 shares in the last quarter. Legal & General Group Plc lifted its stake in shares of Schlumberger by 14.0% in the second quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company’s stock valued at $598,544,000 after purchasing an additional 1,560,684 shares during the period. Finally, Boston Partners boosted its holdings in Schlumberger by 35.8% during the first quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock worth $635,883,000 after buying an additional 3,069,395 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.61%. Schlumberger’s dividend payout ratio is presently 35.37%.

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.