Panagora Asset Management Inc. Reduces Stock Position in Schlumberger Limited $SLB

Key Points

• Panagora Asset Management Inc. decreased its holdings in Schlumberger Limited by 21.6%, selling 30,291 shares in the first quarter, now holding 109,891 shares worth approximately $4.59 million.
• Schlumberger reported quarterly earnings of $0.74 EPS, surpassing estimates, although revenue declined by 6.5% year-over-year, totaling $8.55 billion.
• The company announced a quarterly dividend of $0.285 per share, which will yield 3.1% based on a payout ratio of 39.04%, with the payment scheduled for October 9th.

Panagora Asset Management Inc. lowered its position in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 21.6% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 109,891 shares of the oil and gas company's stock after selling 30,291 shares during the quarter. Panagora Asset Management Inc.'s holdings in Schlumberger were worth $4,593,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently modified their holdings of SLB. Nuveen LLC bought a new stake in shares of Schlumberger in the 1st quarter worth approximately $169,232,000. Scharf Investments LLC increased its position in Schlumberger by 20.5% in the first 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 boosted its holdings in Schlumberger by 810.4% in 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 during the period. Alan B Lancz & Associates Inc. purchased a new stake in shares of Schlumberger during the first quarter worth about $308,000. Finally, Stratos Investment Management LLC boosted its position in shares of Schlumberger by 236.0% during the first quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company's stock worth $6,141,000 after acquiring an additional 103,182 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Schlumberger Stock Down 0.6%

SLB traded down $0.21 during trading hours on Friday, hitting $35.81. 13,436,375 shares of the company's stock were exchanged, compared to its average volume of 16,152,887. The firm has a market cap of $48.38 billion, a P/E ratio of 12.26, a price-to-earnings-growth ratio of 9.71 and a beta of 1.05. Schlumberger Limited has a 12-month low of $31.11 and a 12-month 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 firm has a 50 day moving average of $34.72 and a 200 day moving average of $36.04.

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

Schlumberger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be paid a $0.285 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 dividend on an annualized basis and a yield of 3.2%. Schlumberger's payout ratio is currently 39.04%.

Wall Street Analyst Weigh In

Several equities analysts have recently weighed in on the company. JPMorgan Chase & Co. cut their target price on Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research report on Monday, June 30th. 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 report on Thursday, June 26th. UBS Group dropped their target price on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, Barclays dropped their target price on Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. Two research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company's stock. According to MarketBeat, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $52.86.

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.