Contravisory Investment Management Inc. Sells 17,623 Shares of Schlumberger Limited $SLB

Key Points

• Contravisory Investment Management Inc. significantly reduced its holdings in Schlumberger Limited by 80.6%, ending with a position worth $143,000 after selling 17,623 shares.
• Schlumberger reported quarterly earnings of $0.74 per share, beating analysts' expectations, with total revenue of $8.55 billion despite a 6.5% decline year-over-year.
• The company announced a quarterly dividend of $0.285 per share, reflecting a 3.3% dividend yield, with a payout ratio of 39.04%.

Contravisory Investment Management Inc. cut its holdings in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 80.6% during the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 4,232 shares of the oil and gas company's stock after selling 17,623 shares during the period. Contravisory Investment Management Inc.'s holdings in Schlumberger were worth $143,000 at the end of the most recent quarter.

A number of other large investors have also bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in Schlumberger by 478.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company's stock worth $1,994,674,000 after acquiring an additional 39,474,501 shares during the last quarter. Boston Partners lifted its holdings in Schlumberger by 27.7% during the 1st quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company's stock worth $824,160,000 after buying an additional 4,300,222 shares in the last quarter. Northern Trust Corp lifted its holdings in Schlumberger by 4.4% during the 1st quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company's stock worth $602,860,000 after buying an additional 604,832 shares in the last quarter. Dimensional Fund Advisors LP lifted its holdings in Schlumberger by 22.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company's stock worth $375,738,000 after buying an additional 1,667,203 shares in the last quarter. Finally, Invesco Ltd. lifted its holdings in Schlumberger by 3.8% during the 1st quarter. Invesco Ltd. now owns 7,659,177 shares of the oil and gas company's stock worth $320,154,000 after buying an additional 281,937 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

Schlumberger Stock Performance

SLB stock traded down $0.27 during mid-day trading on Friday, hitting $34.47. 33,102,000 shares of the company were exchanged, compared to its average volume of 15,493,405. The business has a 50 day simple moving average of $34.66 and a 200-day simple moving average of $35.59. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $51.49 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 9.56 and a beta of 1.05. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.15.

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 for the quarter, beating analysts' consensus estimates of $0.73 by $0.01. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The company had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. During the same period in the previous year, the business earned $0.85 earnings per share. The firm's quarterly revenue was down 6.5% on a year-over-year basis. On average, equities analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's dividend payout ratio (DPR) is currently 39.04%.

Analysts Set New Price Targets

Several research firms have issued reports on SLB. Atb Cap Markets raised Schlumberger from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 1st. Melius began coverage on Schlumberger in a report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective on the stock. Barclays reduced their price objective on Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Susquehanna cut their price target on Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a research note on Monday, July 21st. Finally, Piper Sandler cut their price target on Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.18.

Insider Activity

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of the company's stock in a transaction on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the sale, the insider owned 202,201 shares of the company's stock, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.22% of the stock is owned by company insiders.

About Schlumberger

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.