Ballast Advisors LLC Buys New Shares in Schlumberger Limited (NYSE:SLB)

Key Points

• Ballast Advisors LLC has acquired a new stake in Schlumberger Limited by purchasing 62,768 shares worth approximately $2,624,000, making Schlumberger its 20th largest holding.
• Schlumberger recently reported earnings of $0.74 per share, slightly exceeding analyst expectations, despite a 6.5% decline in quarterly revenue year-over-year.
• The company declared a quarterly dividend of $0.285 per share, translating to an annualized dividend of $1.14, with a yield of 3.21%.

Ballast Advisors LLC purchased a new stake in shares of Schlumberger Limited (NYSE:SLB - Free Report) during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor purchased 62,768 shares of the oil and gas company's stock, valued at approximately $2,624,000. Schlumberger makes up about 0.8% of Ballast Advisors LLC's investment portfolio, making the stock its 20th biggest position.

Several other institutional investors have also bought and sold shares of SLB. Price T Rowe Associates Inc. MD raised its holdings in Schlumberger by 7.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company's stock valued at $2,913,312,000 after buying an additional 5,225,828 shares during the period. Lazard Asset Management LLC lifted its holdings in shares of Schlumberger by 3,112.1% in the 4th quarter. Lazard Asset Management LLC now owns 3,627,051 shares of the oil and gas company's stock worth $139,059,000 after acquiring an additional 3,514,134 shares during the last quarter. Deutsche Bank AG grew its holdings in Schlumberger by 12.2% during the 4th quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock valued at $1,101,804,000 after purchasing an additional 3,119,543 shares during the last quarter. Clearbridge Investments LLC raised its position in Schlumberger by 43,028.0% in the 4th quarter. Clearbridge Investments LLC now owns 2,652,804 shares of the oil and gas company's stock worth $101,708,000 after purchasing an additional 2,646,653 shares during the period. Finally, Franklin Resources Inc. lifted its stake in Schlumberger by 12.4% in the fourth quarter. Franklin Resources Inc. now owns 15,396,967 shares of the oil and gas company's stock worth $590,320,000 after purchasing an additional 1,700,203 shares during the last quarter. Institutional investors own 81.99% of the company's stock.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on SLB shares. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 1st. UBS Group upped their price target on shares of Schlumberger from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Morgan Stanley decreased their price objective on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Wells Fargo & Company downgraded shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Finally, Piper Sandler decreased their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Friday, July 18th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company's stock. According to data from MarketBeat.com, Schlumberger presently has an average rating of "Moderate Buy" and an average price target of $49.28.

Schlumberger Stock Down 0.6%

Shares of NYSE SLB traded down $0.20 during trading hours on Thursday, hitting $33.97. 7,036,492 shares of the stock were exchanged, compared to its average volume of 16,690,104. Schlumberger Limited has a 12 month low of $31.11 and a 12 month high of $48.57. The firm has a fifty day moving average price of $34.79 and a 200-day moving average price of $37.32. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market cap of $45.90 billion, a PE ratio of 11.64, a PEG ratio of 9.89 and a beta of 1.01.

Schlumberger (NYSE:SLB - Get Free Report) last released its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.01. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The business had revenue of $8.55 billion for the quarter, compared to analyst estimates of $8.51 billion. During the same period in the previous year, the company earned $0.85 earnings per share. The business's revenue for the quarter was down 6.5% on a year-over-year basis. On average, sell-side analysts expect that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.36%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's dividend payout ratio (DPR) is presently 39.04%.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the business's stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total transaction of $167,900.00. Following the sale, the director owned 23,525 shares in the company, valued at approximately $789,969.50. The trade was a 17.53% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Schlumberger 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.