SLB Limited to Issue Quarterly Dividend of $0.29 (NYSE:SLB)

Key Points

• SLB Limited has declared a quarterly dividend of $0.29 per share, which will be paid on January 8, 2024, to stockholders of record on December 3, 2023, resulting in an annualized dividend yield of 3.5%.
• The company reported earnings of $0.69 per share for the recent quarter, exceeding analysts' expectations of $0.67, despite a revenue decrease of 2.5% year-over-year.
• SLB's stock currently maintains an average rating of "Moderate Buy," with a consensus price target set at $52.00, following recent adjustments by multiple financial analysts.

SLB Limited (NYSE:SLB - Get Free Report) declared a quarterly dividend on Thursday, October 16th. Stockholders of record on Wednesday, December 3rd will be paid a dividend of 0.285 per share by the oil and gas company on Thursday, January 8th. This represents a c) annualized dividend and a dividend yield of 3.5%. The ex-dividend date is Wednesday, December 3rd.

SLB has a payout ratio of 33.5% meaning its dividend is sufficiently covered by earnings. Equities analysts expect SLB to earn $3.58 per share next year, which means the company should continue to be able to cover its $1.14 annual dividend with an expected future payout ratio of 31.8%.

SLB Stock Performance

SLB stock traded down $0.34 during trading on Friday, hitting $32.58. 38,967,110 shares of the company traded hands, compared to its average volume of 16,476,238. The stock's 50-day simple moving average is $34.50 and its 200 day simple moving average is $34.65. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. The company has a market cap of $48.66 billion, a PE ratio of 11.16, a P/E/G ratio of 9.10 and a beta of 0.97. SLB has a 1 year low of $31.11 and a 1 year high of $44.97.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Friday, October 17th. The oil and gas company reported $0.69 earnings per share for the quarter, beating the consensus estimate of $0.67 by $0.02. The company had revenue of $8.93 billion during the quarter, compared to analysts' expectations of $8.99 billion. SLB had a return on equity of 20.99% and a net margin of 11.53%.SLB's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the business earned $0.89 earnings per share. On average, equities analysts expect that SLB will post 3.38 earnings per share for the current fiscal year.

Wall Street Analysts Forecast Growth

Several research analysts recently weighed in on the company. JPMorgan Chase & Co. reduced their price target on SLB from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Monday, June 30th. Barclays cut their price objective on SLB from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Jefferies Financial Group cut their price objective on SLB from $54.00 to $53.00 and set a "buy" rating for the company in a research report on Thursday, June 26th. Stifel Nicolaus cut their price objective on SLB from $54.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Melius Research assumed coverage on SLB in a research report on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price objective for the company. Two investment analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have assigned a Hold rating to the company's stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and a consensus price target of $52.00.

SLB Company Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.