ICONIQ Capital LLC Acquires New Stake in Schlumberger Limited $SLB

Key Points

• ICONIQ Capital LLC acquired a new stake in Schlumberger Limited, purchasing 7,142 shares valued at approximately $299,000 in the 1st quarter.
• Schlumberger announced a quarterly dividend of $0.285 per share, representing a 3.2% yield and scheduled for payment on October 9th.
• Analysts have given Schlumberger an average rating of "Moderate Buy", with a revised average target price of $52.86, reflecting positive sentiment despite a recent drop in earnings year-over-year.

ICONIQ Capital LLC acquired a new stake in Schlumberger Limited (NYSE:SLB - Free Report) during the 1st quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor acquired 7,142 shares of the oil and gas company's stock, valued at approximately $299,000.

Several other institutional investors and hedge funds have also made changes to their positions in SLB. Brighton Jones LLC increased its stake in Schlumberger by 21.4% in the 4th quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock worth $253,000 after buying an additional 1,166 shares during the period. T. Rowe Price Investment Management Inc. grew its stake in Schlumberger by 49.4% in the 4th quarter. T. Rowe Price Investment Management Inc. now owns 128,821 shares of the oil and gas company's stock worth $4,939,000 after acquiring an additional 42,585 shares in the last quarter. The Manufacturers Life Insurance Company increased its position in shares of 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 worth $52,234,000 after acquiring an additional 146,675 shares during the period. Northern Trust Corp raised its stake in shares of 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 acquiring an additional 1,192,399 shares in the last quarter. Finally, California State Teachers Retirement System raised its stake in shares of 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 acquiring an additional 441,273 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

Schlumberger Trading Up 0.2%

Shares of NYSE SLB opened at $35.67 on Tuesday. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.16. The business has a fifty day moving average price of $34.51 and a 200 day moving average price of $36.27. The stock has a market capitalization of $48.20 billion, a P/E ratio of 12.22, a price-to-earnings-growth ratio of 9.88 and a beta of 1.03. 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 posted its earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate 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 return on equity of 20.99% and a net margin of 11.53%.The firm's quarterly revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share. Equities research analysts expect that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors 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 yield of 3.2%. Schlumberger's dividend payout ratio is presently 39.04%.

Analysts Set New Price Targets

Several brokerages recently issued reports on SLB. Melius Research started coverage on Schlumberger in a research note on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price objective on the stock. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 1st. Susquehanna dropped their price target on Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a research report on Monday, July 21st. Melius began coverage on Schlumberger in a report on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price objective for the company. Finally, Barclays lowered their price objective on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research note 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 issued a Hold rating to the company's stock. Based on data from MarketBeat, Schlumberger presently has an average rating of "Moderate Buy" and an average target price 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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