Narwhal Capital Management Cuts Stock Position in Schlumberger Limited (NYSE:SLB)

Narwhal Capital Management cut its holdings in Schlumberger Limited (NYSE:SLB - Free Report) by 23.5% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 57,075 shares of the oil and gas company's stock after selling 17,570 shares during the quarter. Narwhal Capital Management's holdings in Schlumberger were worth $2,386,000 at the end of the most recent quarter.

Several other institutional investors have also added to or reduced their stakes in the business. Price T Rowe Associates Inc. MD lifted its holdings in Schlumberger by 7.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company's stock valued at $2,913,312,000 after acquiring an additional 5,225,828 shares during the period. Geode Capital Management LLC grew its position in Schlumberger by 4.8% during the fourth quarter. Geode Capital Management LLC now owns 29,985,360 shares of the oil and gas company's stock valued at $1,146,195,000 after buying an additional 1,377,134 shares during the period. Deutsche Bank AG increased its holdings in Schlumberger by 12.2% during the fourth quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock valued at $1,101,804,000 after buying an additional 3,119,543 shares during the last quarter. First Eagle Investment Management LLC raised its position in Schlumberger by 1.2% in the fourth quarter. First Eagle Investment Management LLC now owns 27,836,555 shares of the oil and gas company's stock worth $1,067,254,000 after acquiring an additional 343,261 shares during the period. Finally, Norges Bank purchased a new position in shares of Schlumberger during the 4th quarter worth $735,398,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Aparna Raman sold 25,133 shares of Schlumberger stock in a transaction dated Friday, March 28th. The stock was sold at an average price of $42.28, for a total transaction of $1,062,623.24. Following the completion of the sale, the insider now owns 31,031 shares of the company's stock, valued at $1,311,990.68. The trade was a 44.75% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, Director La Chevardiere Patrick De sold 5,000 shares of the firm's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total transaction of $167,900.00. Following the transaction, the director now directly owns 23,525 shares of the company's stock, valued at $789,969.50. This represents a 17.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

Analysts Set New Price Targets

A number of analysts have commented on the company. Morgan Stanley reduced their price target on Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Barclays dropped their target price on shares of Schlumberger from $53.00 to $48.00 and set an "overweight" rating for the company in a report on Friday, April 25th. Wells Fargo & Company cut their price objective on shares of Schlumberger from $46.00 to $43.00 and set an "overweight" rating for the company in a report on Thursday, June 5th. Susquehanna dropped their target price on shares of Schlumberger from $48.00 to $46.00 and set a "positive" rating for the company in a research report on Monday, April 28th. Finally, Piper Sandler cut their price objective on Schlumberger from $46.00 to $44.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Four research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and a consensus target price of $52.38.

Schlumberger Stock Down 0.7%

NYSE SLB traded down $0.23 during midday trading on Tuesday, hitting $33.50. 22,945,690 shares of the company traded hands, compared to its average volume of 13,689,817. The company has a market cap of $45.57 billion, a PE ratio of 11.36, a price-to-earnings-growth ratio of 9.29 and a beta of 1.02. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.24 and a quick ratio of 0.93. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $50.94. The company's 50-day simple moving average is $34.54 and its 200-day simple moving average is $38.00.

Schlumberger (NYSE:SLB - Get Free Report) last released its quarterly earnings results on Friday, April 25th. The oil and gas company reported $0.72 earnings per share for the quarter, missing analysts' consensus estimates of $0.73 by ($0.01). Schlumberger had a net margin of 11.62% and a return on equity of 21.76%. The firm had revenue of $8.49 billion during the quarter, compared to the consensus estimate of $8.64 billion. During the same quarter in the prior year, the business posted $0.75 earnings per share. The firm's quarterly revenue was down 2.5% on a year-over-year basis. As a group, equities research analysts forecast 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 will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 4th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.40%. The ex-dividend date is Wednesday, June 4th. Schlumberger's dividend payout ratio is presently 38.64%.

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.