KLP Kapitalforvaltning AS Increases Stake in Schlumberger Limited $SLB

Key Points

• KLP Kapitalforvaltning AS increased its stake in Schlumberger Limited by 13.4% during Q2, now owning 656,326 shares worth approximately $22.35 million.
• Several other investors also boosted their holdings, with DAVENPORT & Co LLC increasing its share by 25.8%, now holding 2,518,002 shares valued at around $85.25 million.
• Schlumberger announced a quarterly dividend of $0.285 per share, representing a 3.3% dividend yield, to be paid on October 9th.

KLP Kapitalforvaltning AS increased its position in Schlumberger Limited (NYSE:SLB - Free Report) by 13.4% in the 2nd quarter, according to the company in its most recent filing with the SEC. The fund owned 656,326 shares of the oil and gas company's stock after acquiring an additional 77,400 shares during the quarter. KLP Kapitalforvaltning AS's holdings in Schlumberger were worth $22,352,000 as of its most recent SEC filing.

Several other large investors also recently added to or reduced their stakes in the company. Tyche Wealth Partners LLC increased its holdings in Schlumberger by 19.0% in the 2nd quarter. Tyche Wealth Partners LLC now owns 9,306 shares of the oil and gas company's stock worth $315,000 after acquiring an additional 1,488 shares during the last quarter. Mraz Amerine & Associates Inc. boosted its stake in Schlumberger by 15.0% in the 2nd quarter. Mraz Amerine & Associates Inc. now owns 109,719 shares of the oil and gas company's stock worth $3,709,000 after purchasing an additional 14,308 shares during the period. DAVENPORT & Co LLC boosted its stake in Schlumberger by 25.8% in the 2nd quarter. DAVENPORT & Co LLC now owns 2,518,002 shares of the oil and gas company's stock worth $85,252,000 after purchasing an additional 516,887 shares during the period. Fortitude Advisory Group L.L.C. boosted its stake in Schlumberger by 24.6% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 11,566 shares of the oil and gas company's stock worth $391,000 after purchasing an additional 2,283 shares during the period. Finally, Highland Capital Management LLC boosted its stake in Schlumberger by 0.8% in the 2nd quarter. Highland Capital Management LLC now owns 174,808 shares of the oil and gas company's stock worth $5,909,000 after purchasing an additional 1,350 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

Wall Street Analysts Forecast Growth

Several brokerages have commented on SLB. Susquehanna cut their target price on Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a research note on Monday, July 21st. Wells Fargo & Company downgraded Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Zacks Research upgraded Schlumberger from a "strong sell" rating to a "hold" rating in a research note on Monday, September 15th. Weiss Ratings restated a "hold (c-)" rating on shares of Schlumberger in a research note on Saturday, September 27th. Finally, Jefferies Financial Group cut their target price on Schlumberger from $54.00 to $53.00 and set a "buy" rating for the company in a research note on Thursday, June 26th. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have given a Hold rating to the company's stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $52.18.

Schlumberger Stock Performance

Shares of SLB opened at $34.39 on Wednesday. The company has a market cap of $51.36 billion, a PE ratio of 11.78, a price-to-earnings-growth ratio of 9.60 and a beta of 0.97. 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 stock has a 50-day moving average price of $34.58 and a 200-day moving average price of $35.05. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $45.17.

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, beating analysts' consensus estimates of $0.73 by $0.01. The firm had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The company's revenue for the quarter was down 6.5% on a year-over-year basis. During the same quarter last year, the company posted $0.85 EPS. As a group, equities analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The company 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 dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's dividend payout ratio (DPR) is currently 39.04%.

Insider Buying and Selling at Schlumberger

In related news, insider Dianne B. Ralston sold 39,727 shares of the firm'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 transaction, the insider directly owned 202,201 shares of the company's stock, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.22% of the company's stock.

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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