The buying and selling of stock by a company’s insider give investors a sense that the stock will rise or fall in the future. Schlumberger Ltd. shares valued at $2,426,000 were sold by Merad Abdellah on Feb 26 ’24. At $48.52 per share, Merad Abdellah sold 50,000 shares. The insider’s holdings dropped to 261,507 shares worth approximately $14.12 million following the completion of this transaction.
Also, Biguet Stephane sold 6,250 shares, netting a total of over 304,000 in proceeds. Following the sale of shares at $48.64 each, the insider now holds 242,932 shares.
Before that, Rennick Gavin had sold 20,045 shares from its account. In a trade valued at $977,494, the President New Energy traded Schlumberger Ltd. shares for $48.77 each. Upon closing the transaction, the insider’s holdings decreased to 20,045 shares, worth approximately $4.19 million.
As published in their initiating research note from Societe Generale on October 09, 2023, Schlumberger Ltd. [SLB] has been a Buy and the price target has been revised to $81. Analysts at CapitalOne started covering the stock with ‘”an Overweight”‘ outlook in a report released in early June. As of April 19, 2023, UBS has increased its “Neutral” rating to a “Buy” for SLB. Earlier on January 23, 2023, Susquehanna resumed its rating. Their recommendation was “a Positive” for SLB stock.
Analyzing SLB Stock Performance
During the last five days, there has been a drop of approximately -0.50%. Over the course of the year, Schlumberger Ltd. shares have jumped approximately 3.77%. Shares of the company reached a 52-week high of $55.69 on 03/28/24 and a 52-week low of $46.91 on 02/09/24. A 50-day SMA is recorded $51.12, while a 200-day SMA reached $54.19. Nevertheless, trading volume fell to 7.52 million shares from 8.18 million shares the previous day.
Support And Resistance Levels for Schlumberger Ltd. (SLB)
According to the 24-hour chart, there is a support level at 53.31, which, if violated, would cause prices to drop to 52.61. In the upper region, resistance lies at 54.53. The next price resistance is at 55.06. RSI (Relative Strength Index) is 56.03 on the 14-day chart, showing neutral technical sentiment. Moving Average Convergence Divergence (MACD) is at -0.34, which suggests the price will decrease in the coming days. Percent R is at 66.40%, indicating low price movement. Stochastics %K at holding indicates that the stock is to be held.
Is Schlumberger Ltd. subject to short interest?
Stocks of Schlumberger Ltd. saw a sharp steep in short interest on Mar 28, 2024 dropping by -1.82 million shares to 19.39 million. Data from Yahoo Finance shows that the short interest on Feb 29, 2024 was 21.21 million shares. A decline of -9.39% in short interest reflects a positive sentiment towards the stock. Despite the fact that short shares comprise just 2.34 of the overall float, the days-to-cover ratio (short ratio) decline to 2.34.
