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Schlumberger CTO sells over $3m in company stock

Published 14/05/2024, 23:02
SLB
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Schlumberger Limited (NYSE:SLB), a leading provider of technology and services to the energy industry, has reported a significant transaction from its Chief Technology Officer, Demosthenis Pafitis. According to the latest SEC filing, Pafitis sold 63,095 shares of common stock at an average price of $48.26, totaling over $3 million.

The sale, which took place on May 14, 2024, was executed in multiple trades with prices ranging from $48.25 to $48.295. The reported average price represents a weighted average of these sales, as noted in the footnotes of the SEC filing. Following the transaction, Pafitis retains direct ownership of 33,421 shares of Schlumberger stock. Additionally, there is an indirect ownership of 710 shares held by his spouse.

The transaction comes at a time when Schlumberger has been actively managing its portfolio and technology offerings, with Pafitis at the helm of the company's technological advancements. As CTO, his trades are closely watched for insights into executive confidence and strategic positioning.

Investors and market watchers often pay attention to the buying and selling activity of top executives as it may provide indications of their perspective on the company's future performance. However, it's important to note that such transactions can be motivated by a variety of personal financial considerations and not necessarily reflect on the company's operational health.

The details provided in the SEC filing give a transparent view of the transaction, fulfilling regulatory requirements and providing the market with necessary information. Schlumberger and its executives are committed to maintaining high standards of corporate governance and transparency in their financial dealings.

For more information regarding the specifics of the transaction, the SEC filing includes an undertaking by Pafitis to provide full details upon request. This includes the number of shares sold at each specific price point during the transaction period.

Schlumberger has not provided any official statement regarding the transaction, and it remains a matter of public record as part of the company's routine financial disclosures.

InvestingPro Insights

In light of the recent transaction by Schlumberger Limited's Chief Technology Officer, Demosthenis Pafitis, a deeper look at the company's financial health through InvestingPro metrics can provide a broader context for investors. Schlumberger boasts a robust market capitalization of $69.48 billion, reflecting its significant presence in the energy sector. The company's Price/Earnings (P/E) ratio stands at 15.94, with a slight adjustment in the last twelve months as of Q1 2024 to 15.85, indicating a stable valuation relative to its earnings.

Investors considering the company's growth prospects may find the PEG ratio of 1.39 relevant, as it suggests expectations for future earnings growth. Furthermore, Schlumberger's revenue growth of 13.02% in the last twelve months, coupled with a quarterly revenue growth of 12.55% in Q1 2024, underscores its expanding operations and market reach.

An InvestingPro Tip to consider is Schlumberger's gross profit margin of 19.97%, which demonstrates the company's ability to maintain profitability despite industry challenges. Additionally, the InvestingPro Fair Value estimate stands at $54.59, offering a perspective on the stock's potential in comparison to current trading levels.

For investors interested in more comprehensive analyses, there are additional InvestingPro Tips available on the platform. By using the coupon code PRONEWS24, readers can obtain an extra 10% off a yearly or biyearly Pro and Pro+ subscription, unlocking a wealth of data-driven insights to inform their investment decisions.

This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.

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