Stephane Biguet, Executive Vice President and Chief Financial Officer of Schlumberger Limited (NYSE:SLB), recently sold 11,520 shares of the company's common stock. The transaction, dated November 13, 2024, was executed at a price of $44.47 per share, amounting to a total sale value of $512,294.
Following this transaction, Biguet holds 191,556 shares in the company. The sale was documented in a Form 4 filing with the Securities and Exchange Commission. Schlumberger Limited is a prominent player in the oil and gas field services sector, with its headquarters based in Houston, Texas.
In other recent news, Schlumberger Limited (SLB) announced a significant contract with bp for the supply of a subsea boosting system for the Kaskida project in the U.S. Gulf of Mexico. This contract marks the first engineering, procurement, and construction agreement for a subsea boosting system between SLB's OneSubsea joint venture and bp. In other developments, SLB's operations in Russia have been scrutinized by a group of bipartisan U.S. Representatives due to concerns over the company's expansion in the country amid calls for stricter sanctions.
Analysts from various firms have adjusted their outlook on SLB's shares. TD Cowen, Susquehanna, Stifel, and Citi have all lowered their price targets but maintained positive ratings on the stock. These revisions followed SLB's recent third-quarter earnings report, which showed revenues of $9.2 billion and an adjusted EBITDA margin of 25.6%.
The company's Digital & Integration division saw a revenue increase, driven by digital sales, while Well Construction revenue declined. SLB also demonstrated a commitment to shareholder returns, repurchasing over $500 million worth of shares in the third quarter. The anticipated sale of the Palliser property in Canada is expected to help SLB exceed its return targets, with projections set to surpass the $3.0 billion mark in 2024 and its $4.0 billion target in 2025.
InvestingPro Insights
While Stephane Biguet's recent stock sale might raise eyebrows, it's important to consider Schlumberger's overall financial health and market position. According to InvestingPro data, Schlumberger boasts a market capitalization of $61.56 billion, underlining its significant presence in the oil and gas services industry.
The company's financial metrics paint a picture of stability and growth. Schlumberger's revenue for the last twelve months as of Q3 2024 stood at $35.99 billion, with a notable revenue growth of 12.4% over the same period. This growth trajectory is further supported by a robust EBITDA growth of 15.45%, indicating improved operational efficiency.
InvestingPro Tips highlight Schlumberger's financial strength and shareholder-friendly policies. The company has maintained dividend payments for an impressive 54 consecutive years, demonstrating a commitment to returning value to shareholders. Additionally, Schlumberger operates with a moderate level of debt and has liquid assets exceeding short-term obligations, suggesting a solid financial foundation.
Despite the recent insider sale, Schlumberger's stock appears to be trading at a discount compared to analyst expectations. The current stock price of $44.33 is significantly below the fair value of $58 based on analyst targets, potentially indicating an attractive entry point for investors.
It's worth noting that InvestingPro offers 10 additional tips for Schlumberger, providing a more comprehensive analysis for those seeking deeper insights into the company's prospects.
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