In recent transactions reported by Schlumberger Limited (NYSE:SLB), director Patrick de La Chevardiere sold a total of $430,055 worth of common stock. The sales come as the stock trades near its 52-week low of $36.52, having declined over 8% in the past week. The sales occurred in two separate transactions. On May 3, 2024, de La Chevardiere sold 2,000 shares at a price of $47.2768 per share. Later, on September 4, 2024, he sold an additional 8,000 shares at a price of $41.9377 per share. Following these transactions, de La Chevardiere holds 22,811 shares of Schlumberger stock. Despite the recent selling pressure, the company maintains a perfect Piotroski Score of 9 and has sustained dividend payments for 54 consecutive years. According to InvestingPro analysis, the stock appears significantly undervalued at current levels, with 12 additional exclusive insights available to subscribers.
In other recent news, Schlumberger Limited (SLB), a leading oilfield services company, has seen several financial firms revise their outlook on the company's shares. Citi, TD (TSX:TD) Cowen, and Stifel have all lowered their price targets on SLB but maintained a Buy rating. Susquehanna, on the other hand, has reduced its price target but kept a positive rating on the stock. These revisions come in light of recent developments, such as a deceleration in upstream capital expenditures and changes in earnings forecasts.
SLB recently reported third-quarter earnings, with revenues of $9.2 billion and an adjusted EBITDA margin of 25.6%. Despite a decline in Well Construction revenue, the company's Digital & Integration division saw a revenue increase, driven by digital sales. Furthermore, SLB demonstrated a commitment to shareholder returns, repurchasing over $500 million worth of shares in the third quarter.
The company also secured a contract from bp for the supply of a subsea boosting system for the deepwater Kaskida project in the U.S. Gulf of Mexico. This contract marks the first engineering, procurement, and construction agreement between SLB's OneSubsea joint venture and bp. Additionally, the anticipated sale of the Palliser property in Canada is expected to help SLB exceed its return targets, with projections now set to surpass the $3.0 billion mark in 2024 and its $4.0 billion target in 2025. These are the recent developments surrounding SLB.
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