Connor Clark & Lunn Investment Management Ltd. Sells 394,554 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• Connor Clark & Lunn Investment Management Ltd. reduced its stake in Schlumberger by 17.1%, owning 1,917,750 shares after selling 394,554 shares in the first quarter.
• Schlumberger reported $0.74 EPS for the quarter, beating estimates, but faced a 6.5% revenue decline year-over-year.
• The company announced a quarterly dividend of $0.285 per share, with an annualized dividend yield of 3.5%.

Connor Clark & Lunn Investment Management Ltd. lowered its position in Schlumberger Limited (NYSE:SLB - Free Report) by 17.1% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 1,917,750 shares of the oil and gas company's stock after selling 394,554 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned about 0.14% of Schlumberger worth $80,162,000 at the end of the most recent reporting period.

Several other large investors also recently modified their holdings of the company. First Command Advisory Services Inc. grew its holdings in Schlumberger by 300.0% during the first quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 477 shares during the period. Alpine Bank Wealth Management bought a new stake in Schlumberger during the first quarter valued at about $34,000. Park Square Financial Group LLC bought a new stake in Schlumberger during the first quarter valued at about $38,000. N.E.W. Advisory Services LLC bought a new stake in Schlumberger during the first quarter valued at about $40,000. Finally, Sound Income Strategies LLC boosted its stake in shares of Schlumberger by 265.4% in the first quarter. Sound Income Strategies LLC now owns 961 shares of the oil and gas company's stock worth $40,000 after acquiring an additional 698 shares during the period. Institutional investors own 81.99% of the company's stock.

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 stock was sold at an average price of $33.58, for a total value of $167,900.00. Following the transaction, the director owned 23,525 shares of the company's stock, valued at $789,969.50. This represents a 17.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through the SEC website. 0.26% of the stock is currently owned by company insiders.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SLB shares. JPMorgan Chase & Co. dropped their price objective on Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday, June 30th. Piper Sandler dropped their price objective on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Friday, July 18th. Morgan Stanley dropped their price objective on Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. UBS Group upped their price objective on Schlumberger from $44.00 to $45.00 and gave the stock a "buy" rating in a research note on Wednesday, July 2nd. Finally, Barclays dropped their price objective on Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, July 21st. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and an average target price of $49.28.

Schlumberger Trading Up 0.3%

SLB stock traded up $0.11 during midday trading on Friday, reaching $32.90. 10,215,438 shares of the company traded hands, compared to its average volume of 19,085,280. Schlumberger Limited has a 52-week low of $31.11 and a 52-week high of $46.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31. The business has a 50 day moving average of $34.72 and a 200-day moving average of $36.84. The firm has a market capitalization of $44.46 billion, a price-to-earnings ratio of 11.27, a P/E/G ratio of 9.12 and a beta of 1.03.

Schlumberger (NYSE:SLB - Get Free Report) last released its earnings results on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, beating analysts' consensus estimates 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 return on equity of 20.99% and a net margin of 11.53%. The company's quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.85 earnings per share. As a group, sell-side analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

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

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.