stock continues to slump, CEO Olivier Le Peuch just scooped up a large amount of shares of the oil-services giant.
Le Peuch said in April that the coronavirus pandemic and a battle for market share among oil-producing countries are “a double black swan event.” Schlumberger has slashed its dividend and laid off about a quarter of its employees in 2020. More recently, it said it would unload its North American hydraulic-fracturing unit, combining it with
Liberty Oilfield Services
Schlumberger stock is down 53.4% this year through Friday’s close, compared with a 2.7% rise in the
S&P 500 index,
a broad measure of the market.
Le Peuch paid $450,000 on Sept. 14 for 25,000 Schlumberger shares, an average per-share price of $17.95. According to a form he filed with the Securities and Exchange Commission, Le Peuch now owns 191,770 Schlumberger shares.
Schlumberger said Le Peuch wasn’t available to comment on his stock purchase.
He had also been a buyer earlier this year. Le Peuch paid $137,650 on March 31 for 10,000 Schlumberger shares, an average per-share price of $13.77. The stock purchases this year are Le Peuch’s first open-market buys since at least 2011, when he was a vice president. He assumed the CEO post last August.
Le Peuch’s latest purchase is the largest in value by a Schlumberger insider in two years, surpassing director Mark G. Papa’s $292,000 purchase last month of 15,000 Schlumberger shares, a per-share average price of $19.46. Le Peuch’s latest buy is just shy of the $482,480 that then-director Michael Marks paid in September 2018 for 8,000 shares, a per-share average price of $60.31. Marks, the founding managing partner of venture-capital firm WRVI Capital, left Schlumberger’s board last year after 13 years as a director.
Inside Scoop is a regular Barron’s feature covering stock transactions by corporate executives and board members—so-called insiders—as well as large shareholders, politicians, and other prominent figures. Due to their insider status, these investors are required to disclose stock trades with the Securities and Exchange Commission or other regulatory groups.