Cary Street Partners Financial LLC Purchases 80,203 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• Cary Street Partners Financial LLC significantly increased its stake in Schlumberger Limited by 950.7% during the first quarter, owning 88,639 shares valued at approximately $3.71 million.
• Institutional investors currently hold 81.99% of Schlumberger's stock, with several other funds also increasing their holdings in recent months.
• Schlumberger recently declared a quarterly dividend of $0.285 per share, with an annualized dividend yield of 3.4%, set to be paid on October 9th.

Cary Street Partners Financial LLC grew its holdings in Schlumberger Limited (NYSE:SLB - Free Report) by 950.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 88,639 shares of the oil and gas company's stock after acquiring an additional 80,203 shares during the period. Cary Street Partners Financial LLC's holdings in Schlumberger were worth $3,705,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD raised its stake in shares of Schlumberger by 7.4% in 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 in the last quarter. Lazard Asset Management LLC lifted its position in Schlumberger by 3,112.1% during the 4th quarter. Lazard Asset Management LLC now owns 3,627,051 shares of the oil and gas company's stock valued at $139,059,000 after purchasing an additional 3,514,134 shares during the period. Deutsche Bank AG lifted its position 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 period. Bank of Nova Scotia raised its position in shares of Schlumberger by 817.7% in the 4th quarter. Bank of Nova Scotia now owns 1,694,494 shares of the oil and gas company's stock valued at $64,967,000 after acquiring an additional 1,509,852 shares during the period. Finally, Universal Beteiligungs und Servicegesellschaft mbH acquired a new stake in shares of Schlumberger in the 4th quarter valued at approximately $56,507,000. 81.99% of the stock is owned by institutional investors.

Insider Buying and Selling

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the firm's stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total transaction of $167,900.00. Following the completion of the sale, the director directly owned 23,525 shares of the company's stock, valued at $789,969.50. This trade represents a 17.53% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Insiders own 0.26% of the company's stock.

Wall Street Analyst Weigh In

SLB has been the subject of several research reports. Barclays decreased their price target on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, July 21st. Morgan Stanley dropped their target price on 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 Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Susquehanna lowered their target price on Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a research note on Monday, July 21st. Finally, Piper Sandler lowered their target price on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Friday, July 18th. Four analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat.com, Schlumberger presently has a consensus rating of "Moderate Buy" and a consensus target price of $49.28.

Schlumberger Stock Up 0.3%

Shares of NYSE:SLB traded up $0.11 during trading on Friday, reaching $32.90. 10,215,438 shares of the stock were exchanged, compared to its average volume of 19,141,180. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.16. The stock has a fifty day moving average of $34.72 and a two-hundred day moving average of $36.91. The firm has a market cap of $44.46 billion, a price-to-earnings ratio of 11.27, a price-to-earnings-growth ratio of 9.10 and a beta of 1.03.

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

Schlumberger Announces Dividend

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