Corebridge Financial Inc. Has $13.06 Million Stock Holdings in Schlumberger Limited $SLB

Key Points

• Corebridge Financial Inc. reduced its holdings in Schlumberger Limited by 10.4%, selling 36,354 shares during the first quarter, leaving it with a total of 312,439 shares valued at $13.06 million.
• Schlumberger recently reported $0.74 EPS for the quarter, surpassing consensus estimates, while revenue decreased by 6.5% year-over-year to $8.55 billion.
• The company declared a quarterly dividend of $0.285 per share, representing an annualized dividend of $1.14 and a yield of 3.2%, with a payout ratio of 39.04%.

Corebridge Financial Inc. trimmed its position in Schlumberger Limited (NYSE:SLB - Free Report) by 10.4% in the first quarter, according to its most recent disclosure with the SEC. The institutional investor owned 312,439 shares of the oil and gas company's stock after selling 36,354 shares during the period. Corebridge Financial Inc.'s holdings in Schlumberger were worth $13,060,000 at the end of the most recent reporting period.

Other hedge funds have also bought and sold shares of the company. Charles Schwab Investment Management Inc. lifted its holdings in Schlumberger by 478.8% in the first 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. Deutsche Bank AG lifted its holdings in Schlumberger by 12.2% in the fourth quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock worth $1,101,804,000 after acquiring an additional 3,119,543 shares during the last quarter. Boston Partners raised its holdings in shares of Schlumberger by 27.7% during the first quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company's stock valued at $824,160,000 after buying an additional 4,300,222 shares during the last quarter. Northern Trust Corp raised its holdings in shares of Schlumberger by 4.4% during the first quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company's stock valued at $602,860,000 after buying an additional 604,832 shares during the last quarter. Finally, Dimensional Fund Advisors LP raised its holdings in shares of Schlumberger by 22.8% during the first quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company's stock valued at $375,738,000 after buying an additional 1,667,203 shares during the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Price Performance

NYSE SLB traded up $0.40 on Friday, reaching $36.88. The company's stock had a trading volume of 11,882,956 shares, compared to its average volume of 12,249,297. The firm has a market cap of $49.83 billion, a PE ratio of 12.63, a price-to-earnings-growth ratio of 10.12 and a beta of 1.03. The business has a 50-day moving average price of $34.53 and a 200 day moving average price of $36.20. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.15. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51.

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 company's quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 earnings per share. Sell-side analysts expect that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Announces Dividend

The firm also recently disclosed 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 3.1%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's dividend payout ratio is currently 39.04%.

Analyst Upgrades and Downgrades

SLB has been the topic of a number of recent analyst reports. Melius Research began coverage on Schlumberger in a report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price target on the stock. Susquehanna decreased their price target on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a research report on Monday, July 21st. JPMorgan Chase & Co. lowered their price objective on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research report on Monday, June 30th. Barclays lowered their price objective on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Finally, Piper Sandler lowered their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a report on Friday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have assigned a Hold rating to the company. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $52.86.

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.