Mackenzie Financial Corp Sells 89,743 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• Mackenzie Financial Corp reduced its stake in Schlumberger Limited by 23.6%, owning 290,224 shares valued at approximately $12.13 million.
• Analysts have varied opinions on Schlumberger, with price targets adjusted down by firms like Piper Sandler and Morgan Stanley, while UBS Group increased their target, indicating a consensus rating of "Moderate Buy."
• Schlumberger recently reported quarterly earnings showing a 6.5% decline in revenue year-over-year, with earnings per share of $0.74, exceeding estimates by $0.01.

Mackenzie Financial Corp trimmed its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 23.6% during the first quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 290,224 shares of the oil and gas company's stock after selling 89,743 shares during the quarter. Mackenzie Financial Corp's holdings in Schlumberger were worth $12,131,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in the stock. Dynamic Technology Lab Private Ltd lifted its stake in shares of Schlumberger by 32.2% during the 4th quarter. Dynamic Technology Lab Private Ltd now owns 71,390 shares of the oil and gas company's stock valued at $2,737,000 after buying an additional 17,405 shares in the last quarter. Scharf Investments LLC increased its holdings in Schlumberger by 20.5% during 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 acquiring an additional 281,773 shares during the period. Integrated Advisors Network LLC increased its holdings in Schlumberger by 810.4% during the 1st quarter. Integrated Advisors Network LLC now owns 75,163 shares of the oil and gas company's stock worth $3,142,000 after acquiring an additional 66,907 shares during the period. Alan B Lancz & Associates Inc. bought a new stake in Schlumberger during the 1st quarter worth approximately $308,000. Finally, Stratos Investment Management LLC increased its holdings in Schlumberger by 236.0% during the 1st quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company's stock worth $6,141,000 after acquiring an additional 103,182 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, Director La Chevardiere Patrick De sold 5,000 shares of the business's stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total value of $167,900.00. Following the sale, the director owned 23,525 shares in the company, valued at approximately $789,969.50. The trade was a 17.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

SLB has been the topic of a number of research analyst reports. Stifel Nicolaus decreased their price target on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. JPMorgan Chase & Co. dropped their price target on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Monday, June 30th. Wells Fargo & Company cut shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research report on Sunday, July 20th. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. Finally, 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 note on Friday, May 16th. Four analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company's stock. According to MarketBeat.com, Schlumberger has a consensus rating of "Moderate Buy" and a consensus target price of $49.28.

Schlumberger Price Performance

Shares of Schlumberger stock traded down $0.76 on Friday, hitting $33.04. 17,069,976 shares of the company traded hands, compared to its average volume of 18,264,012. The stock has a market capitalization of $44.65 billion, a P/E ratio of 11.32, a price-to-earnings-growth ratio of 9.17 and a beta of 1.03. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.16. The business has a 50-day simple moving average of $34.78 and a 200 day simple moving average of $37.24.

Schlumberger (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The company had revenue of $8.55 billion for the quarter, compared to analysts' expectations of $8.51 billion. During the same quarter in the previous year, the business posted $0.85 earnings per share. Schlumberger's quarterly revenue was down 6.5% on a year-over-year basis. Research analysts expect 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. Investors of record on Wednesday, September 3rd will be given a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.5%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's payout ratio is currently 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.