Greenleaf Trust Trims Position in Schlumberger Limited $SLB

Key Points

• Greenleaf Trust has decreased its position in Schlumberger Limited by 39.9%, holding 19,711 shares worth approximately $666,000 after selling 13,111 shares in the second quarter.
• Several institutional investors have increased their stakes in Schlumberger, with Raleigh Capital Management raising their holdings by 156.2% in the same quarter.
• Schlumberger's stock recently traded down 2.8% and reported quarterly earnings of $0.74 per share, slightly exceeding analyst expectations.

Greenleaf Trust lessened its stake in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 39.9% during the 2nd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 19,711 shares of the oil and gas company's stock after selling 13,111 shares during the period. Greenleaf Trust's holdings in Schlumberger were worth $666,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Capital Investment Advisors LLC raised its holdings in shares of Schlumberger by 32.6% during the 2nd quarter. Capital Investment Advisors LLC now owns 10,726 shares of the oil and gas company's stock worth $363,000 after acquiring an additional 2,638 shares during the period. Raleigh Capital Management Inc. raised its holdings in shares of Schlumberger by 156.2% during the 2nd quarter. Raleigh Capital Management Inc. now owns 11,436 shares of the oil and gas company's stock worth $387,000 after acquiring an additional 6,972 shares during the period. GC Wealth Management RIA LLC purchased a new stake in Schlumberger in the 2nd quarter valued at about $280,000. Washington Capital Management Inc. raised its holdings in Schlumberger by 22.4% in the 2nd quarter. Washington Capital Management Inc. now owns 37,185 shares of the oil and gas company's stock valued at $1,257,000 after buying an additional 6,800 shares during the period. Finally, Beacon Capital Management LLC raised its holdings in Schlumberger by 1,062.3% in the 2nd quarter. Beacon Capital Management LLC now owns 3,394 shares of the oil and gas company's stock valued at $115,000 after buying an additional 3,102 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

Insider Activity at Schlumberger

In other news, insider Dianne B. Ralston sold 39,727 shares of the business's stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the transaction, the insider directly owned 202,201 shares of the company's stock, valued at approximately $7,295,412.08. The trade was a 16.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Corporate insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SLB shares. Wells Fargo & Company lowered shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 20th. Stifel Nicolaus reduced their price objective on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Jefferies Financial Group reduced their price objective on shares of Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a report on Thursday, June 26th. UBS Group reduced their price objective on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a report on Wednesday, August 20th. Finally, JPMorgan Chase & Co. reduced their price objective on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a report on Monday, June 30th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. According to data from MarketBeat.com, Schlumberger presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.18.

Schlumberger Stock Down 2.8%

Shares of NYSE:SLB opened at $34.13 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. The firm has a market capitalization of $50.97 billion, a PE ratio of 11.69, a price-to-earnings-growth ratio of 9.74 and a beta of 0.97. The firm's 50-day moving average is $34.65 and its two-hundred day moving average is $35.23. Schlumberger Limited has a 1 year low of $31.11 and a 1 year high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last issued 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. The company had revenue of $8.55 billion for 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 business's revenue for the quarter 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. Analysts predict that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Dividend Announcement

The business also recently disclosed 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 3.3%. Schlumberger's payout ratio is currently 39.04%.

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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