Schlumberger (NYSE:SLB) Stock Price Up 7.4% After Earnings Beat

Schlumberger Limited (NYSE:SLB - Get Free Report)'s share price shot up 7.4% on Friday after the company announced better than expected quarterly earnings. The stock traded as high as $43.82 and last traded at $44.13. 6,062,981 shares were traded during trading, a decline of 47% from the average session volume of 11,501,938 shares. The stock had previously closed at $41.09.

The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.90 by $0.02. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. The company had revenue of $9.28 billion for the quarter, compared to analyst estimates of $9,241,140 billion. During the same period in the previous year, the firm earned $0.86 earnings per share. Schlumberger's revenue for the quarter was up 3.3% compared to the same quarter last year.

Schlumberger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, February 5th will be issued a dividend of $0.285 per share. The ex-dividend date is Wednesday, February 5th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.62%. This is a positive change from Schlumberger's previous quarterly dividend of $0.28. Schlumberger's payout ratio is currently 35.37%.

Wall Street Analysts Forecast Growth

Several analysts have issued reports on the stock. Piper Sandler started coverage on shares of Schlumberger in a research note on Thursday, December 19th. They set a "neutral" rating and a $47.00 target price on the stock. TD Cowen dropped their price target on Schlumberger from $65.00 to $53.00 and set a "buy" rating on the stock in a research report on Wednesday, January 8th. Stifel Nicolaus decreased their price objective on Schlumberger from $60.00 to $59.00 and set a "buy" rating for the company in a research report on Monday, December 23rd. Jefferies Financial Group dropped their target price on Schlumberger from $64.00 to $61.00 and set a "buy" rating on the stock in a report on Friday, January 3rd. Finally, Griffin Securities cut shares of Schlumberger from a "buy" rating to a "neutral" rating in a report on Friday, December 20th. Six research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock has an average rating of "Moderate Buy" and an average target price of $56.03.

Insider Transactions at Schlumberger

In other news, EVP Abdellah Merad sold 60,000 shares of the firm's stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the sale, the executive vice president now owns 211,937 shares of the company's stock, valued at $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Institutional Trading of Schlumberger

A number of large investors have recently bought and sold shares of SLB. ORG Partners LLC increased its holdings in Schlumberger by 393.5% during the 3rd quarter. ORG Partners LLC now owns 607 shares of the oil and gas company's stock worth $25,000 after purchasing an additional 484 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in Schlumberger in the 3rd quarter valued at approximately $29,000. Ashton Thomas Securities LLC acquired a new stake in Schlumberger in the 3rd quarter valued at approximately $37,000. DiNuzzo Private Wealth Inc. lifted its stake in Schlumberger by 1,068.3% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 958 shares of the oil and gas company's stock valued at $40,000 after acquiring an additional 876 shares in the last quarter. Finally, J. Stern & Co. LLP acquired a new position in Schlumberger during the 3rd quarter worth approximately $47,000. 81.99% of the stock is owned by institutional investors.

Schlumberger Stock Up 6.1 %

The firm's 50 day moving average price is $40.86 and its two-hundred day moving average price is $42.90. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The company has a market capitalization of $61.54 billion, a P/E ratio of 14.01, a PEG ratio of 1.35 and a beta of 1.52.

About Schlumberger

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.