Hedges Asset Management LLC Sells 16,500 Shares of Schlumberger Limited $SLB

Key Points

• Hedges Asset Management LLC decreased its holdings in Schlumberger Limited by 32.2%, selling 16,500 shares and now owning 34,700 shares valued at approximately $1.17 million.
• Schlumberger's recent quarterly earnings exceeded analysts' forecasts, reporting $0.74 EPS on revenues of $8.55 billion, despite a 6.5% year-over-year decline in revenue.
• The company has declared a $0.285 quarterly dividend with a yield of 3.2%, which will be paid on October 9th to shareholders of record from September 3rd.

Hedges Asset Management LLC reduced its position in Schlumberger Limited (NYSE:SLB - Free Report) by 32.2% during the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The firm owned 34,700 shares of the oil and gas company's stock after selling 16,500 shares during the quarter. Hedges Asset Management LLC's holdings in Schlumberger were worth $1,173,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors also recently made changes to their positions in SLB. Brighton Jones LLC grew its holdings in shares of Schlumberger by 21.4% during the 4th quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock valued at $253,000 after purchasing an additional 1,166 shares during the last quarter. Bison Wealth LLC bought a new stake in shares of Schlumberger during the 4th quarter valued at approximately $238,000. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. grew its holdings in shares of Schlumberger by 4.9% during the 4th quarter. MIRAE ASSET GLOBAL ETFS HOLDINGS Ltd. now owns 140,587 shares of the oil and gas company's stock valued at $5,390,000 after purchasing an additional 6,597 shares during the last quarter. Man Group plc grew its holdings in shares of Schlumberger by 132.9% during the 4th quarter. Man Group plc now owns 417,104 shares of the oil and gas company's stock valued at $15,992,000 after purchasing an additional 237,992 shares during the last quarter. Finally, Quantinno Capital Management LP grew its holdings in shares of Schlumberger by 12.2% during the 4th quarter. Quantinno Capital Management LP now owns 149,928 shares of the oil and gas company's stock valued at $5,748,000 after purchasing an additional 16,312 shares during the last quarter. 81.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

Several equities research analysts recently issued reports on the stock. Barclays decreased their price target on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. JPMorgan Chase & Co. cut their target price on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research report on Monday, June 30th. Melius assumed coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 target price on the stock. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, Susquehanna cut their target price on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a research report on Monday, July 21st. Two investment 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. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $52.86.

Insider Activity

In other news, insider Dianne B. Ralston sold 39,727 shares of the business's stock in a transaction that occurred on 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 transaction, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. The trade was a 16.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company's stock.

Schlumberger Stock Down 1.2%

Shares of NYSE SLB opened at $35.58 on Friday. The company has a market capitalization of $53.14 billion, a P/E ratio of 12.18, a price-to-earnings-growth ratio of 10.00 and a beta of 1.05. Schlumberger Limited has a 52-week low of $31.11 and a 52-week high of $46.15. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31. The company's 50 day moving average price is $34.82 and its 200-day moving average price is $35.75.

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 firm had revenue of $8.55 billion for the quarter, compared to the consensus estimate of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The company's revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the company earned $0.85 EPS. Equities analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current 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 $0.285 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. Schlumberger's payout ratio is 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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