Palisade Asset Management LLC cut its position in shares of Schlumberger Limited. (NYSE:SLB) by 38.6% in the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 17,388 shares of the oil and gas company’s stock after selling 10,940 shares during the period. Palisade Asset Management LLC’s holdings in Schlumberger were worth $594,000 as of its most recent SEC filing.
A number of other institutional investors have also recently made changes to their positions in the stock. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Schlumberger by 1.0% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,410 shares of the oil and gas company’s stock valued at $1,010,000 after purchasing an additional 262 shares during the last quarter. Pendal Group Ltd raised its holdings in shares of Schlumberger by 1.5% in the second quarter. Pendal Group Ltd now owns 18,636 shares of the oil and gas company’s stock worth $703,000 after buying an additional 269 shares during the period. Artemis Investment Management LLP raised its holdings in shares of Schlumberger by 4.9% in the second quarter. Artemis Investment Management LLP now owns 6,260 shares of the oil and gas company’s stock worth $248,000 after buying an additional 293 shares during the period. Glassman Wealth Services raised its holdings in shares of Schlumberger by 6.0% in the second quarter. Glassman Wealth Services now owns 5,177 shares of the oil and gas company’s stock worth $206,000 after buying an additional 295 shares during the period. Finally, Truvestments Capital LLC raised its holdings in shares of Schlumberger by 19.6% in the second quarter. Truvestments Capital LLC now owns 1,860 shares of the oil and gas company’s stock worth $74,000 after buying an additional 305 shares during the period. 76.69% of the stock is owned by institutional investors.
In other news, EVP Patrick Schorn sold 12,151 shares of Schlumberger stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $38.93, for a total value of $473,038.43. Following the transaction, the executive vice president now directly owns 130,000 shares in the company, valued at approximately $5,060,900. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephanie Cox sold 24,057 shares of Schlumberger stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $40.59, for a total value of $976,473.63. Following the completion of the transaction, the insider now owns 46,354 shares in the company, valued at $1,881,508.86. The disclosure for this sale can be found here. Company insiders own 0.48% of the company’s stock.
Several brokerages have recently weighed in on SLB. Raymond James reiterated a “hold” rating on shares of Schlumberger in a report on Friday, June 21st. Bank of America reduced their price target on Schlumberger from $51.00 to $45.00 and set a “buy” rating on the stock in a report on Wednesday, August 28th. AltaCorp Capital reiterated an “outperform” rating on shares of Schlumberger in a report on Thursday, June 20th. Morgan Stanley reduced their price target on Schlumberger from $51.00 to $50.00 and set an “overweight” rating on the stock in a report on Tuesday, October 8th. Finally, Citigroup reduced their price target on Schlumberger from $45.00 to $44.00 and set a “buy” rating on the stock in a report on Monday, September 23rd. One investment analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have given a buy rating to the company’s stock. Schlumberger has an average rating of “Buy” and an average price target of $49.39.
SLB traded up $0.03 during trading on Thursday, hitting $31.98. 4,102,713 shares of the stock were exchanged, compared to its average volume of 11,808,971. The firm has a 50 day simple moving average of $34.17 and a 200 day simple moving average of $37.91. The firm has a market cap of $45.04 billion, a price-to-earnings ratio of 19.74, a P/E/G ratio of 2.50 and a beta of 1.49. Schlumberger Limited. has a 1 year low of $30.65 and a 1 year high of $61.19. The company has a debt-to-equity ratio of 0.47, a quick ratio of 1.01 and a current ratio of 1.39.
Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $8.27 billion for the quarter, compared to the consensus estimate of $8.11 billion. Schlumberger had a return on equity of 5.62% and a net margin of 6.38%. Schlumberger’s quarterly revenue was down .4% on a year-over-year basis. During the same period last year, the business posted $0.43 EPS. As a group, equities analysts anticipate that Schlumberger Limited. will post 1.47 earnings per share for the current fiscal year.
The company also recently disclosed a quarterly dividend, which was paid on Friday, October 11th. Shareholders of record on Wednesday, September 4th were issued a dividend of $0.50 per share. The ex-dividend date was Tuesday, September 3rd. This represents a $2.00 annualized dividend and a yield of 6.25%. Schlumberger’s payout ratio is currently 123.46%.
Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company's Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.
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