Gradient Investments LLC Trims Stock Position in Schlumberger Limited $SLB

Key Points

• Gradient Investments LLC reduced its holdings in Schlumberger Limited by 30.2%, selling 222,201 shares in the second quarter, leaving it with a total of 514,192 shares worth $17,380,000.
• Schlumberger recently reported earnings of $0.74 per share, surpassing analysts' expectations of $0.73, with a revenue of $8.55 billion, down 6.5% year-over-year.
• The company announced a quarterly dividend of $0.285, translating to an annualized yield of 3.2% and a payout ratio of approximately 39.04%.

Gradient Investments LLC cut its holdings in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 30.2% during the second quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 514,192 shares of the oil and gas company's stock after selling 222,201 shares during the period. Gradient Investments LLC's holdings in Schlumberger were worth $17,380,000 as of its most recent SEC filing.

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

Schlumberger Price Performance

Shares of SLB stock opened at $35.58 on Monday. 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 firm has a fifty day simple moving average of $34.82 and a 200-day simple moving average of $35.72. The company has a market capitalization of $53.14 billion, a PE ratio of 12.18, a price-to-earnings-growth ratio of 9.87 and a beta of 1.05. Schlumberger Limited has a twelve month low of $31.11 and a twelve month high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last posted its quarterly earnings data 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. The company had revenue of $8.55 billion during 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 firm's revenue for the quarter was down 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 EPS. Equities 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 issued a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.2%. Schlumberger's dividend payout ratio is presently 39.04%.

Insiders Place Their Bets

In related news, insider Dianne B. Ralston sold 39,727 shares of the company's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $36.08, for a total value of $1,433,350.16. Following the completion of the sale, the insider owned 202,201 shares of the company's stock, valued at $7,295,412.08. This represents a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. 0.22% of the stock is owned by insiders.

Analysts Set New Price Targets

Several equities research analysts recently weighed in on the stock. Piper Sandler cut their target price on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. UBS Group decreased their price target on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, August 20th. Stifel Nicolaus cut their price objective on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating for the company in a research report on Wednesday, July 16th. Finally, Melius began coverage on shares of Schlumberger in a report on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price target for the company. 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's stock. According to MarketBeat, the company has a consensus rating of "Moderate Buy" and an average target price 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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