Fifth Third Bancorp Has $20.86 Million Stock Position in Schlumberger Limited $SLB

Key Points

• Fifth Third Bancorp has reduced its stake in Schlumberger by 18.8%, owning approximately $20.86 million worth of shares after selling a significant number during the 2nd quarter.
• Other institutional investors have significantly increased their holdings in Schlumberger, with Charles Schwab Investment Management raising its stake by 478.8% in the first quarter alone.
• Schlumberger has announced a quarterly dividend of $0.285 per share, representing a 3.3% yield, set to be paid on October 9th, 2023.

Fifth Third Bancorp lessened its position in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 18.8% during the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission. The institutional investor owned 617,256 shares of the oil and gas company's stock after selling 142,784 shares during the quarter. Fifth Third Bancorp's holdings in Schlumberger were worth $20,863,000 as of its most recent filing with the Securities and Exchange Commission.

Other large investors have also modified their holdings of the company. Charles Schwab Investment Management Inc. raised its stake in shares of Schlumberger by 478.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company's stock valued at $1,994,674,000 after buying an additional 39,474,501 shares in the last quarter. Boston Partners increased its stake in Schlumberger by 27.7% in 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 acquiring an additional 4,300,222 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in Schlumberger by 211.1% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,992,997 shares of the oil and gas company's stock valued at $250,507,000 after acquiring an additional 4,066,500 shares during the period. Nuveen LLC acquired a new position in Schlumberger in the first quarter worth about $169,232,000. Finally, Banque Transatlantique SA lifted its stake in Schlumberger by 21,737.8% during the first quarter. Banque Transatlantique SA now owns 1,859,274 shares of the oil and gas company's stock worth $71,821,000 after purchasing an additional 1,850,760 shares during the period. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Stock Performance

Schlumberger stock opened at $34.63 on Thursday. The stock has a 50-day simple moving average of $34.61 and a 200 day simple moving average of $35.47. The stock has a market capitalization of $51.73 billion, a price-to-earnings ratio of 11.86, a P/E/G ratio of 9.57 and a beta of 1.05. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, topping 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 firm had revenue of $8.55 billion for the quarter, compared to analyst estimates of $8.51 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. The company's revenue was down 6.5% on a year-over-year basis. On average, research analysts anticipate that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The business also recently disclosed 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 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's payout ratio is 39.04%.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $36.08, for a total value of $1,433,350.16. Following the transaction, the insider directly owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

Several equities research analysts have recently weighed in on the company. Stifel Nicolaus lowered their price objective on Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Melius Research initiated coverage on Schlumberger in a research note on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Barclays cut their price objective on Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a report on Monday, July 21st. Susquehanna lowered their target price on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a report on Monday, July 21st. Finally, Wells Fargo & Company downgraded shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the stock. According to data from MarketBeat, Schlumberger presently has an average rating of "Moderate Buy" and an average price target of $52.18.

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.

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