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Schlumberger N.V. (NYSE:SLB) reported upbeat sales for its first quarter on Friday.
The company a first-quarter 2024 revenue increase of 13% year-over-year to $8.707 billion, beating the consensus of $8.689 billion. Adjusted EPS increased 19% Y/Y to 75 cents, which aligned with the consensus, according to data from Benzinga Pro.
Digital & Integration $953 million (+7% Y/Y); Reservoir Performance $1.725 billion (+15% Y/Y); Well Construction $3.368 billion (+3% Y/Y), and Production Systems $2.82 billion (+28% Y/Y). International revenue grew 18% Y/Y, with YoY growth of 29% in the Middle East & Asia and 18% in Europe & Africa. North American market revenue declined 6% Y/Y.
SLB declared a quarterly cash dividend of 27.5 cents per share, payable on July 11, 2024, to stockholders of record on June 5, 2024.
"We remain confident in our global revenue growth outlook for 2024, with softness in North America being offset by upside in the international markets," CEO Olivier Le Peuch commented. "Based on our strong start to the year, confidence in our ability to generate robust cash flows, and the anticipated contribution of the announced ChampionX acquisition, we are targeting to return $7 billion to shareholders over the next two years. This represents a target for returns to shareholders of $3 billion in 2024 and $4 billion in 2025."
SLB shares fell 0.2% to trade at $49.76 on Monday.
These analysts made changes to their price targets on SLB following earnings announcement.
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Posted In: SLB