Cresset Asset Management LLC Decreases Stock Holdings in Schlumberger Limited $SLB

Key Points

• Cresset Asset Management LLC reduced its holdings in Schlumberger Limited by 23.0%, owning 28,376 shares worth approximately $1.2 million after selling 8,456 shares.
• During the same quarter, several other hedge funds, including Nuveen LLC and Scharf Investments LLC, also increased their stakes in Schlumberger, leading to over 81.99% of the stock being held by institutional investors.
• Schlumberger reported a quarterly earnings per share of $0.74, slightly above analysts' estimates, alongside a declared dividend of $0.285 per share with a 3.4% yield, set to be paid on October 9th.

Cresset Asset Management LLC trimmed its position in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 23.0% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 28,376 shares of the oil and gas company's stock after selling 8,456 shares during the period. Cresset Asset Management LLC's holdings in Schlumberger were worth $1,195,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also modified their holdings of the company. Nuveen LLC purchased a new stake in shares of Schlumberger during the 1st quarter worth approximately $169,232,000. Scharf Investments LLC raised its holdings in Schlumberger by 20.5% during the 1st quarter. Scharf Investments LLC now owns 1,653,895 shares of the oil and gas company's stock valued at $69,133,000 after buying an additional 281,773 shares during the period. Integrated Advisors Network LLC lifted its position in Schlumberger by 810.4% in the first quarter. Integrated Advisors Network LLC now owns 75,163 shares of the oil and gas company's stock worth $3,142,000 after buying an additional 66,907 shares during the last quarter. Alan B Lancz & Associates Inc. bought a new stake in Schlumberger in the first quarter worth $308,000. Finally, Stratos Investment Management LLC lifted its position in Schlumberger by 236.0% in the first quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company's stock worth $6,141,000 after buying an additional 103,182 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Schlumberger Price Performance

SLB opened at $33.7660 on Friday. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.16. 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 business's fifty day simple moving average is $34.53 and its 200-day simple moving average is $36.40. The company has a market capitalization of $45.63 billion, a price-to-earnings ratio of 11.56, a PEG ratio of 9.26 and a beta of 1.03.

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

Schlumberger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Wednesday, September 3rd will be given a dividend of $0.285 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.4%. Schlumberger's dividend payout ratio is presently 39.04%.

Analyst Ratings Changes

A number of brokerages recently issued reports on SLB. Barclays lowered their price target on Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Stifel Nicolaus lowered their price target on Schlumberger from $54.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Piper Sandler lowered their price target on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, JPMorgan Chase & Co. reduced their target price on Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Schlumberger currently has a consensus rating of "Moderate Buy" and an average price target of $52.86.

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.

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