Meiji Yasuda Asset Management Co Ltd. Decreases Stake in Schlumberger Limited $SLB

Key Points

• Meiji Yasuda Asset Management Co Ltd. reduced its stake in Schlumberger Limited by 11.7%, holding 81,661 shares valued at $3,413,000 after selling 10,854 shares.
• Various other hedge funds adjusted their positions in Schlumberger, with Vident Advisory increasing its stake by 1.0% and Glen Eagle Advisors by 3.7%.
• Schlumberger recently declared a quarterly dividend of $0.285 per share, representing an annualized yield of 3.2%.

Meiji Yasuda Asset Management Co Ltd. cut its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 11.7% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 81,661 shares of the oil and gas company's stock after selling 10,854 shares during the quarter. Meiji Yasuda Asset Management Co Ltd.'s holdings in Schlumberger were worth $3,413,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. First Command Advisory Services Inc. increased its stake in Schlumberger by 300.0% during the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 477 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in shares of Schlumberger in the 1st quarter valued at $33,000. Alpine Bank Wealth Management bought a new position in Schlumberger in the first quarter valued at about $34,000. Park Square Financial Group LLC acquired a new position in Schlumberger during the 1st quarter worth approximately $38,000. Finally, Mpwm Advisory Solutions LLC bought a new position in shares of Schlumberger in the 4th quarter valued at $40,000. 81.99% of the stock is currently owned by institutional investors.

Schlumberger Stock Down 1.2%

SLB stock traded down $0.45 during mid-day trading on Friday, reaching $35.58. 13,476,657 shares of the company traded hands, compared to its average volume of 13,681,992. The firm's 50 day moving average price is $34.82 and its 200 day moving average price is $35.75. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $46.15. The stock has a market cap of $53.14 billion, a price-to-earnings ratio of 12.18, a P/E/G ratio of 10.00 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 (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 for the quarter, beating the consensus estimate 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 period last year, the business earned $0.85 EPS. The business's revenue was down 6.5% on a year-over-year basis. As a group, equities research analysts predict that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Dividend Announcement

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 given a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.2%. Schlumberger's payout ratio is currently 39.04%.

Wall Street Analysts Forecast Growth

SLB has been the topic of a number of recent research reports. UBS Group cut their price target on Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday, August 20th. Barclays reduced their target price on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Melius Research assumed coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They set a "buy" rating and a $82.00 price target for the company. Piper Sandler cut their price objective on Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Finally, Jefferies Financial Group cut their price target on shares of Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have given a Hold rating to the company's stock. According to data from MarketBeat, Schlumberger has a consensus rating of "Moderate Buy" and an average price target of $52.86.

Insiders Place Their Bets

In other news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the transaction, the insider directly owned 202,201 shares of the company's stock, valued at $7,295,412.08. This represents a 16.42% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Schlumberger Company 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.