Beta Wealth Group Inc. Trims Holdings in Schlumberger Limited (NYSE:SLB)

Key Points

• Beta Wealth Group Inc. significantly reduced its holdings in S schlumberger Limited by 93.9%, now owning only 6,304 shares after selling 97,096 shares in the first quarter.
• Multiple institutional investors have adjusted their positions in Schlumberger, with PNC Financial Services Group Inc. increasing its stake by 2.8% and Barings LLC boosting its stake by 102.3% during the same period.
• Analysts maintain a positive outlook for Schlumberger, with an average rating of "Moderate Buy" and a target price of $49.28, despite recent fluctuations in share prices.

Beta Wealth Group Inc. cut its holdings in Schlumberger Limited (NYSE:SLB - Free Report) by 93.9% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 6,304 shares of the oil and gas company's stock after selling 97,096 shares during the quarter. Beta Wealth Group Inc.'s holdings in Schlumberger were worth $263,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the business. PNC Financial Services Group Inc. boosted its stake in Schlumberger by 2.8% in the 1st quarter. PNC Financial Services Group Inc. now owns 1,085,559 shares of the oil and gas company's stock worth $45,376,000 after purchasing an additional 29,297 shares in the last quarter. Barings LLC boosted its stake in Schlumberger by 102.3% in the 1st quarter. Barings LLC now owns 127,748 shares of the oil and gas company's stock worth $5,340,000 after purchasing an additional 64,594 shares in the last quarter. SPC Financial Inc. bought a new position in Schlumberger in the 1st quarter worth about $228,000. Mcintyre Freedman & Flynn Investment Advisers Inc. boosted its stake in Schlumberger by 5.3% in the 1st quarter. Mcintyre Freedman & Flynn Investment Advisers Inc. now owns 59,765 shares of the oil and gas company's stock worth $2,498,000 after purchasing an additional 3,002 shares in the last quarter. Finally, Baker Avenue Asset Management LP boosted its stake in Schlumberger by 2.3% in the 1st quarter. Baker Avenue Asset Management LP now owns 518,573 shares of the oil and gas company's stock worth $21,676,000 after purchasing an additional 11,484 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently issued reports on the stock. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. Stifel Nicolaus dropped their price target on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. 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 research note on Wednesday, July 2nd. Morgan Stanley dropped their price target on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating on the stock in a research note on Friday, May 16th. Finally, Barclays lowered their target price on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Four investment analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have given a strong buy rating to the company's stock. Based on data from MarketBeat.com, Schlumberger has an average rating of "Moderate Buy" and an average target price of $49.28.

Insider Transactions at Schlumberger

In related news, Director La Chevardiere Patrick De sold 5,000 shares of the stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total value of $167,900.00. Following the completion of the sale, the director directly owned 23,525 shares of the company's stock, valued at approximately $789,969.50. This represents a 17.53% decrease in their position. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company's stock.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $33.04 on Friday. The firm's 50 day moving average price is $34.78 and its 200-day moving average price is $37.21. Schlumberger Limited has a twelve month low of $31.11 and a twelve month high of $46.16. 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 stock has a market capitalization of $44.65 billion, a PE ratio of 11.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.03.

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

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.5%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's dividend payout ratio is currently 39.04%.

Schlumberger 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.

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