Meyer Handelman Co. Sells 11,350 Shares of Schlumberger Limited $SLB

Key Points

• Meyer Handelman Co. has reduced its stake in Schlumberger Limited by 28.8%, selling 11,350 shares during the second quarter, leaving it with 28,012 shares valued at approximately $947,000.
• Schlumberger recently declared a quarterly dividend of $0.285, with an annual yield of 3.2%, to be paid on October 9th to shareholders recorded by September 3rd.
• The company's most recent earnings report showed an EPS of $0.74, surpassing analyst expectations of $0.73, while revenue declined 6.5% year-over-year.

Meyer Handelman Co. reduced its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 28.8% during the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 28,012 shares of the oil and gas company's stock after selling 11,350 shares during the quarter. Meyer Handelman Co.'s holdings in Schlumberger were worth $947,000 as of its most recent SEC filing.

Other institutional investors have also added to or reduced their stakes in the company. Nuveen LLC bought a new stake in Schlumberger in the 1st quarter valued at $169,232,000. Scharf Investments LLC lifted its position 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 buying an additional 281,773 shares in the last quarter. Integrated Advisors Network LLC lifted its position 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 buying an additional 66,907 shares in the last quarter. Alan B Lancz & Associates Inc. bought a new stake in Schlumberger during the 1st quarter worth about $308,000. Finally, Stratos Investment Management LLC lifted its position 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 buying an additional 103,182 shares in the last quarter. 81.99% of the stock is owned by institutional investors.

Schlumberger Stock Performance

Shares of Schlumberger stock opened at $35.51 on Friday. The company has a 50 day moving average of $34.65 and a 200-day moving average of $35.40. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.15. 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 company has a market cap of $53.04 billion, a PE ratio of 12.16, a price-to-earnings-growth ratio of 9.60 and a beta of 1.05.

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

Schlumberger Announces Dividend

The firm also recently declared 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. This represents a $1.14 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's dividend payout ratio is 39.04%.

Analyst Upgrades and Downgrades

Several research analysts have recently weighed in on SLB shares. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. Zacks Research upgraded shares of Schlumberger from a "strong sell" rating to a "hold" rating in a research note on Monday, September 15th. Piper Sandler lowered their price objective 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. Stifel Nicolaus lowered their price objective on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research note on Wednesday, July 16th. Finally, Melius Research started coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price target on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. Based on data from MarketBeat.com, Schlumberger currently has an average rating of "Moderate Buy" and a consensus target price of $52.18.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of the company's stock in a transaction that occurred on 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 directly owned 202,201 shares in the company, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Company 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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