In a recent transaction on July 22, 2024, Vijay Kasibhatla, the Director of Mergers & Acquisitions at Schlumberger Limited (NYSE:SLB), sold 10,000 shares of the company's common stock. The sale was executed at a weighted average price of $49.29 per share, resulting in a total value of $492,900.
The transaction details indicate that the shares were sold in multiple trades with prices ranging from $49.28 to $49.3003. This price range reflects the market's valuation of Schlumberger's stock at the time of the sale. Following this transaction, Kasibhatla's remaining ownership in the company stands at 62,354 shares of common stock.
Schlumberger Limited, with its headquarters in Houston, Texas, is a global leader in oil and gas field services. The company's stock is traded under the ticker symbol SLB and is part of the energy and transportation sector.
Investors and followers of Schlumberger's financial movements will note that this sale represents a significant transaction by a key insider of the company. It's also worth mentioning that the shares owned by Kasibhatla following the transaction include 238 shares acquired under the Schlumberger discounted stock purchase plan for the period ended June 30, 2024.
The company and Kasibhatla have not made any specific statements regarding the intention or reason behind the stock sale. However, insider transactions are closely monitored by investors as they can provide insights into the company's performance and insider perspectives on the stock's value.
In other recent news, SLB has reported a remarkable second quarter, with earnings before interest, taxes, depreciation, and amortization (EBITDA) exceeding expectations by 3%, reaching $2.288 billion. The company's adjusted earnings per share came in at 85 cents, surpassing the consensus of 83 cents, reflecting robust international growth with revenues 1% higher than consensus estimates. Alongside these positive financial outcomes, SLB has entered into two significant collaborations with TotalEnergies (EPA:TTEF). The first is a contract for a 13-well Subsea Production System and related services for the Kaminho project in Angola's Kwanza Basin. The second partnership aims to co-develop digital solutions to improve access to energy resources and enhance performance and efficiency.
Analysts have responded positively to these developments. TD Cowen increased SLB's price target to $64.00 from $62.00, maintaining a Buy rating. RBC Capital kept its Outperform rating and a steady price target of $69.00, while Citi reiterated its Buy rating with a steady price target of $62.00. However, the proposed acquisition of ChampionX, valued at $7.75 billion, has been delayed due to a second request for more information from the U.S. Department of Justice. These are some of the recent developments that continue to shape the trajectory of SLB.
InvestingPro Insights
As Schlumberger Limited (NYSE:SLB) continues to navigate the energy and transportation sector, recent insider trading activity has caught the attention of investors. Vijay Kasibhatla, a prominent figure within the company, sold a noteworthy number of shares, signaling potential movements within Schlumberger's stock valuation. To provide additional context to this transaction, here are some key metrics and insights from InvestingPro.
InvestingPro Data shows that Schlumberger has a market capitalization of $70.01 billion, reflecting its significant presence in the industry. The company's P/E ratio stands at 16.01, with an adjusted P/E ratio over the last twelve months as of Q2 2024 at 15.28. This valuation comes alongside a PEG ratio of 1.33 and a price/book ratio of 3.15, indicating how the market is currently valuing the company's growth potential relative to its earnings.
One of the InvestingPro Tips highlights that analysts have recently revised their earnings expectations downwards for the upcoming period. This could be an important factor for investors to consider, as it might influence future stock performance. Additionally, the Relative Strength Index (RSI) suggests that Schlumberger's stock is currently in overbought territory, which could indicate a potential retracement or consolidation in the near term.
For those interested in further analysis and additional InvestingPro Tips, including Schlumberger's low price volatility and its impressive track record of maintaining dividend payments for 54 consecutive years, visit the dedicated page at https://www.investing.com/pro/SLB. There are 8 more tips available that could help in making a more informed investment decision. Remember to use coupon code PRONEWS24 to get up to 10% off a yearly Pro and a yearly or biyearly Pro+ subscription.
This article was generated with the support of AI and reviewed by an editor. For more information see our T&C.