Lord Abbett & CO. LLC Cuts Stock Holdings in Schlumberger Limited $SLB

Key Points

• Lord Abbett & CO. LLC reduced its stake in Schlumberger Limited by 20.1%, selling 159,917 shares and owning a total of 636,847 shares valued at approximately $26.6 million.
• Institutional investors hold about 81.99% of Schlumberger's stock, with notable changes including a new position by Nuveen LLC worth approximately $169.2 million.
• Schlumberger last reported earnings of $0.74 per share, surpassing expectations and showing a revenue of $8.55 billion, although down 6.5% year-over-year.

Lord Abbett & CO. LLC lessened its holdings in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 20.1% during the 1st quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 636,847 shares of the oil and gas company's stock after selling 159,917 shares during the quarter. Lord Abbett & CO. LLC's holdings in Schlumberger were worth $26,620,000 as of its most recent SEC filing.

A number of other large investors have also recently added to or reduced their stakes in SLB. First Command Advisory Services Inc. lifted its stake in Schlumberger by 300.0% in the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock valued at $27,000 after purchasing an additional 477 shares during the last quarter. Atlas Capital Advisors Inc. acquired a new stake in shares of Schlumberger in the first quarter valued at approximately $33,000. Alpine Bank Wealth Management bought a new stake in shares of Schlumberger during the first quarter worth $34,000. True Wealth Design LLC grew its stake in shares of Schlumberger by 584.7% during the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company's stock worth $38,000 after buying an additional 842 shares during the last quarter. Finally, Park Square Financial Group LLC acquired a new position in shares of Schlumberger during the first quarter worth $38,000. Institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

A number of equities research analysts have issued reports on the stock. Morgan Stanley reduced their price objective on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. UBS Group dropped their price target on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday. Barclays lowered their target price on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Piper Sandler lowered their target price on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Finally, Wells Fargo & Company cut shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. 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 company's stock. Based on data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $52.86.

Schlumberger Trading Up 0.7%

NYSE:SLB traded up $0.2270 during mid-day trading on Thursday, reaching $33.5870. 2,031,156 shares of the company's stock traded hands, compared to its average volume of 16,184,281. The company has a 50 day moving average price of $34.56 and a 200-day moving average price of $36.44. 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 $45.38 billion, a price-to-earnings ratio of 11.53, a PEG ratio of 9.25 and a beta of 1.03. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.16.

Schlumberger (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 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 analysts' expectations of $8.51 billion. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The business's revenue for the quarter was down 6.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.85 EPS. On average, sell-side analysts predict that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.285 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.4%. 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.