Mengis Capital Management Inc. Trims Stake in Schlumberger Limited $SLB

Key Points

• Mengis Capital Management Inc. reduced its stake in Schlumberger Limited by 18.9%, resulting in ownership of 84,084 shares worth approximately $2.84 million.
• Schlumberger reported earnings of $0.74 EPS for the last quarter, exceeding analyst expectations and showing a revenue of $8.55 billion, despite a 6.5% year-over-year decline.
• The company declared a quarterly dividend of $0.285, reflecting an annualized dividend yield of 3.4% with a payout ratio of 39.04%.

Mengis Capital Management Inc. trimmed its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 18.9% in the 2nd quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 84,084 shares of the oil and gas company's stock after selling 19,572 shares during the period. Mengis Capital Management Inc.'s holdings in Schlumberger were worth $2,842,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLB. First Command Advisory Services Inc. increased its stake in shares of 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 worth $27,000 after purchasing an additional 477 shares in the last quarter. Atticus Wealth Management LLC purchased a new stake in Schlumberger in the 2nd quarter worth $29,000. Atlas Capital Advisors Inc. purchased a new stake in Schlumberger in the 1st quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in Schlumberger by 55.3% in the 2nd quarter. Thurston Springer Miller Herd & Titak Inc. now owns 983 shares of the oil and gas company's stock worth $33,000 after buying an additional 350 shares in the last quarter. Finally, Alpine Bank Wealth Management purchased a new stake in Schlumberger in the 1st quarter worth $34,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Stock Down 2.5%

Shares of NYSE:SLB opened at $33.11 on Friday. The company has a current ratio of 1.31, a quick ratio of 0.98 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 $45.12. The company has a 50-day moving average price of $34.56 and a 200 day moving average price of $34.99. The company has a market cap of $49.45 billion, a price-to-earnings ratio of 11.34, a PEG ratio of 9.44 and a beta of 0.97.

Schlumberger (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.01. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The firm had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. During the same quarter last year, the firm earned $0.85 EPS. The firm's revenue for the quarter was down 6.5% compared to the same quarter last year. As a group, equities research analysts predict that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd were issued a $0.285 dividend. The ex-dividend date of this dividend was 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%.

Analyst Ratings Changes

A number of equities research analysts have issued reports on SLB shares. Susquehanna cut their price target on Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a research note on Monday, July 21st. Piper Sandler cut their price objective on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Melius began coverage on Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, Melius Research began coverage on Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and six have issued a Hold rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $52.18.

Insider Activity at Schlumberger

In related news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $36.08, for a total value of $1,433,350.16. Following the completion of the transaction, the insider 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 legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Insiders own 0.22% of the company's stock.

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.

Want to see what other hedge funds are holding SLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schlumberger Limited (NYSE:SLB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.