Gabelli Funds LLC Sells 64,100 Shares of Schlumberger Limited $SLB

Key Points

• Gabelli Funds LLC reduced its stake in Schlumberger Limited by 7.7%, selling 64,100 shares, and now holds approximately 764,498 shares valued at $31.96 million.
• Schlumberger reported earnings of $0.74 EPS, surpassing analysts' estimates of $0.73, despite a year-over-year revenue decline of 6.5% to $8.55 billion.
• The company declared a quarterly dividend of $0.285 per share, with a yield of 3.2%, payable on October 9th to shareholders of record on September 3rd.

Gabelli Funds LLC reduced its position in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 7.7% in the 1st quarter, according to its most recent filing with the Securities & Exchange Commission. The fund owned 764,498 shares of the oil and gas company's stock after selling 64,100 shares during the period. Gabelli Funds LLC owned about 0.06% of Schlumberger worth $31,956,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in SLB. Brighton Jones LLC raised its stake in shares of Schlumberger by 21.4% in the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock worth $253,000 after acquiring an additional 1,166 shares during the last quarter. T. Rowe Price Investment Management Inc. grew its holdings in Schlumberger by 49.4% during the fourth quarter. T. Rowe Price Investment Management Inc. now owns 128,821 shares of the oil and gas company's stock valued at $4,939,000 after purchasing an additional 42,585 shares during the period. The Manufacturers Life Insurance Company grew its holdings in Schlumberger by 12.1% during the fourth quarter. The Manufacturers Life Insurance Company now owns 1,362,401 shares of the oil and gas company's stock valued at $52,234,000 after purchasing an additional 146,675 shares during the period. Northern Trust Corp grew its holdings in Schlumberger by 9.4% during the fourth quarter. Northern Trust Corp now owns 13,817,667 shares of the oil and gas company's stock valued at $529,769,000 after purchasing an additional 1,192,399 shares during the period. Finally, California State Teachers Retirement System grew its holdings in Schlumberger by 14.8% during the fourth quarter. California State Teachers Retirement System now owns 3,424,631 shares of the oil and gas company's stock valued at $131,300,000 after purchasing an additional 441,273 shares during the period. 81.99% of the stock is owned by institutional investors.

Schlumberger Stock Up 0.2%

Shares of NYSE SLB opened at $35.67 on Tuesday. The company has a 50 day simple moving average of $34.51 and a 200 day simple moving average of $36.27. The firm has a market cap of $48.20 billion, a PE ratio of 12.22, a price-to-earnings-growth ratio of 9.88 and a beta of 1.03. Schlumberger Limited has a 1 year low of $31.11 and a 1 year high of $46.16. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98.

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 (EPS) for the quarter, beating analysts' consensus estimates of $0.73 by $0.01. The business had revenue of $8.55 billion during the quarter, compared to analyst estimates of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The firm's quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter last year, the business earned $0.85 EPS. On average, research analysts forecast that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be issued a dividend of $0.285 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.2%. Schlumberger's dividend payout ratio (DPR) is presently 39.04%.

Wall Street Analyst Weigh In

SLB has been the subject of several research analyst reports. Jefferies Financial Group reduced their price target on shares of Schlumberger from $54.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, June 26th. Melius assumed coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price target on the stock. Piper Sandler dropped their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Friday, July 18th. Barclays dropped 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, JPMorgan Chase & Co. decreased their price target on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, June 30th. Two analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. Based on data from MarketBeat, Schlumberger has an average rating of "Moderate Buy" and an average 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.

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