HOUSTON – Schlumberger Limited/NV (NYSE:SLB) Chief People Officer, Carmen Rando Bejar, has sold a total of 4,980 shares of the company's common stock on June 7, 2024, according to a recent SEC filing. The shares were sold at a price of $43.43 each, amounting to a total value of $216,281.
The transaction leaves Rando Bejar with a direct holding of 22,518 shares in the oilfield services company. Additionally, it was noted that an indirect holding of 158 shares is owned by the executive's spouse. The sale was executed without any disclosed footnotes indicating specific circumstances or intentions behind the transaction.
Schlumberger Limited, headquartered in Houston, Texas, is one of the world's leading providers of technology and services to the energy industry. The company's stock is publicly traded, with investors closely monitoring the buying and selling activities of its executives for insights into the company's performance and management's confidence in its future.
The transaction was signed off by LaToyia Tilley, Attorney-in-Fact, on behalf of Rando Bejar. Schlumberger has not made any official statement regarding the sale as of the filing date. Investors and market watchers typically keep an eye on such filings to gauge insider sentiment and potential future stock movements.
In other recent news, Schlumberger Limited (SLB) has been making significant strides in the Energy Services & Technology sector. The company's noteworthy $8.2 billion acquisition of CHX has been met with positive reviews from analysts, with RBC maintaining an "Outperform" rating and Barclays (LON:BARC) assigning an "Overweight" rating. This strategic move is expected to enhance SLB's portfolio and stimulate future growth, with projected synergies of $400 million suggesting potential upside from future efficiency gains in both costs and revenues.
SLB has also secured an expanded contract with Equinor for the second stage of Phase 3 at the Troll field in the North Sea, further solidifying its position in the industry. This development comes alongside the U.S. State Department's confirmation of SLB's compliance with sanctions imposed on Russia, ensuring the company's operations remain within legal boundaries.
In terms of financial performance, SLB reported a robust start to 2024 in its first quarter earnings call, boasting a 13% revenue increase and mid-teens EBITDA growth. Despite facing a 6% decline in North America due to weaker gas prices and market consolidation, the company anticipates continued international growth and improved adjusted EBITDA margins in upcoming quarters. The recent developments underline SLB's ongoing efforts to navigate the dynamic landscape of the energy sector successfully.
InvestingPro Insights
In the wake of the recent insider stock sale by Schlumberger Limited/NV's Chief People Officer, Carmen Rando Bejar, investors may be seeking additional context to understand the company's financial health and market position. Schlumberger's stock has been under scrutiny, with the company's market capitalization standing at $63.71 billion and a P/E ratio of 14.66, suggesting a valuation that takes into account the earnings power of the firm.
From an earnings perspective, Schlumberger has witnessed a revision in expectations, with 12 analysts having revised their earnings downwards for the upcoming period. This could signal a cautious outlook on the company's future profitability. Despite this, Schlumberger is trading at a P/E ratio relatively high compared to near-term earnings growth, with a PEG ratio over the last twelve months as of Q1 2024 at 1.25. This indicates that the market may be expecting longer-term growth that is not fully captured by near-term earnings projections.
An InvestingPro Tip highlights that Schlumberger's stock is currently in oversold territory according to the Relative Strength Index (RSI), which may interest investors looking for potential entry points. Additionally, the company has demonstrated a commitment to shareholder returns, maintaining dividend payments for 54 consecutive years, with a current dividend yield of 2.52%. This could be a reassuring factor for income-focused investors.
For those interested in further analysis and tips, InvestingPro offers additional insights on Schlumberger. There are 9 more InvestingPro Tips available, which can provide a deeper understanding of the company's financial nuances and stock performance. Investors can access these tips and enrich their investment strategy with the use of coupon code PRONEWS24 to get an additional 10% off a yearly or biyearly Pro and Pro+ subscription at https://www.investing.com/pro/SLB.
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