Invenomic Capital Management LP Increases Holdings in Schlumberger Limited $SLB

Key Points

• Invenomic Capital Management LP increased its stake in Schlumberger Limited by 23.2%, now owning 566,191 shares worth approximately $23.67 million.
• Schlumberger's shares are currently priced at $35.99 with a market capitalization of $48.64 billion, and it announced a quarterly dividend of $0.285 per share.
• The company has reported earnings per share of $0.74 for the last quarter, surpassing analysts' expectations, although revenue declined 6.5% year-over-year.

Invenomic Capital Management LP increased its stake in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 23.2% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 566,191 shares of the oil and gas company's stock after buying an additional 106,754 shares during the quarter. Schlumberger accounts for 1.2% of Invenomic Capital Management LP's investment portfolio, making the stock its 20th largest holding. Invenomic Capital Management LP's holdings in Schlumberger were worth $23,667,000 as of its most recent filing with the Securities and Exchange Commission.

Other institutional investors have also bought and sold shares of the company. Nuveen LLC bought a new stake in Schlumberger during the first quarter worth $169,232,000. Scharf Investments LLC boosted its holdings in shares of Schlumberger by 20.5% in the 1st quarter. Scharf Investments LLC now owns 1,653,895 shares of the oil and gas company's stock worth $69,133,000 after buying an additional 281,773 shares during the last quarter. Integrated Advisors Network LLC grew its position in Schlumberger by 810.4% during the first quarter. Integrated Advisors Network LLC now owns 75,163 shares of the oil and gas company's stock valued at $3,142,000 after buying an additional 66,907 shares during the period. Alan B Lancz & Associates Inc. bought a new position in Schlumberger during the first quarter valued at about $308,000. Finally, Stratos Investment Management LLC grew its position in Schlumberger by 236.0% during the first quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company's stock valued at $6,141,000 after buying an additional 103,182 shares during the period. Institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

Several equities analysts recently weighed in on the stock. Wells Fargo & Company lowered shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research report on Sunday, July 20th. 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 for the company. Stifel Nicolaus reduced their price target 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. Piper Sandler reduced their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Finally, Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. 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 stock. Based on data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average target price of $52.86.

Schlumberger Price Performance

SLB traded down $0.21 during trading on Friday, reaching $35.81. 13,436,375 shares of the company were exchanged, compared to its average volume of 12,279,266. The company's 50-day moving average is $34.75 and its two-hundred day moving average is $35.90. The company has a market cap of $48.38 billion, a price-to-earnings ratio of 12.26, a P/E/G ratio of 9.94 and a beta of 1.05. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.15.

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, topping analysts' consensus estimates of $0.73 by $0.01. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The business had revenue of $8.55 billion for the quarter, compared to analysts' expectations of $8.51 billion. During the same quarter in the prior year, the firm posted $0.85 EPS. The firm's quarterly revenue was down 6.5% on a year-over-year basis. Research analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The firm 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 $0.285 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a dividend yield of 3.2%. Schlumberger's dividend payout ratio (DPR) is presently 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.