OVERSEA CHINESE BANKING Corp Ltd Sells 9,466 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• OVERSEA CHINESE BANKING Corp Ltd reduced its stake in Schlumberger Limited by 48.7% during the 1st quarter, following the sale of 9,466 shares, leaving them with a total of 9,989 shares valued at $421,000.
• Schlumberger reported $0.74 earnings per share for the last quarter, exceeding analysts' expectations of $0.73, with revenue of $8.55 billion, although this showed a 6.5% decline year-over-year.
• The company has a quarterly dividend of $0.285, resulting in an annualized yield of 3.5%, with a dividend payout ratio currently at 39.04%.

OVERSEA CHINESE BANKING Corp Ltd cut its stake in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 48.7% during the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 9,989 shares of the oil and gas company's stock after selling 9,466 shares during the quarter. OVERSEA CHINESE BANKING Corp Ltd's holdings in Schlumberger were worth $421,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors also recently made changes to their positions in SLB. First Command Advisory Services Inc. grew its holdings 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 last quarter. Alpine Bank Wealth Management bought a new stake in Schlumberger during the 1st quarter worth approximately $34,000. True Wealth Design LLC lifted its position in shares of Schlumberger by 584.7% in the 4th quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company's stock worth $38,000 after purchasing an additional 842 shares during the period. Park Square Financial Group LLC acquired a new position in shares of Schlumberger in the 1st quarter worth approximately $38,000. Finally, Mpwm Advisory Solutions LLC acquired a new position in shares of Schlumberger in the 4th quarter worth approximately $40,000. 81.99% of the stock is owned by institutional investors.

Schlumberger Stock Performance

SLB opened at $33.04 on Monday. 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's fifty day moving average price is $34.78 and its two-hundred day moving average price is $37.18. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.16. The company has a market cap of $44.65 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 9.17 and a beta of 1.03.

Schlumberger (NYSE:SLB - Get Free Report) last released its quarterly earnings data 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. The firm had revenue of $8.55 billion for 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 business's revenue was down 6.5% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.85 earnings per share. On average, analysts expect that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Wednesday, September 3rd will be issued a $0.285 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a dividend yield of 3.5%. Schlumberger's dividend payout ratio is currently 39.04%.

Analyst Upgrades and Downgrades

A number of research analysts have recently issued reports on the stock. Stifel Nicolaus dropped their price target on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Piper Sandler dropped their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Friday, July 18th. Morgan Stanley dropped their price target on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Susquehanna dropped their price target on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a research report on Monday, July 21st. Finally, Barclays dropped their target price on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research report on Monday, July 21st. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $49.28.

Insider Activity at Schlumberger

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total value of $167,900.00. Following the completion of the sale, the director owned 23,525 shares in the company, valued at $789,969.50. This represents a 17.53% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by corporate insiders.

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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