QRG Capital Management Inc. Sells 46,423 Shares of Schlumberger Limited $SLB

Key Points

• QRG Capital Management Inc. sold 46,423 shares of Schlumberger Limited, reducing their holdings by 66.7%, now owning only 23,227 shares valued at approximately $785,000.
• Analysts have mixed opinions on Schlumberger, with Melius setting a "buy" rating and a price target of $82.00, while Piper Sandler downgraded the stock and adjusted the price objective to $42.00.
• Schlumberger recently paid a quarterly dividend of $0.285 per share, representing an annual yield of 3.4% based on a payout ratio of 39.04%.

QRG Capital Management Inc. cut its holdings in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 66.7% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 23,227 shares of the oil and gas company's stock after selling 46,423 shares during the quarter. QRG Capital Management Inc.'s holdings in Schlumberger were worth $785,000 as of its most recent SEC filing.

Other hedge funds also recently made changes to their positions in the company. First Command Advisory Services Inc. increased its holdings in shares of Schlumberger by 300.0% during the first 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 during the period. Atticus Wealth Management LLC bought a new position in Schlumberger in the second quarter valued at approximately $29,000. Atlas Capital Advisors Inc. acquired a new position in Schlumberger during the first quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. raised its position in Schlumberger by 55.3% during the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 983 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 350 shares in the last quarter. Finally, Alpine Bank Wealth Management acquired a new position in Schlumberger during the first quarter valued at approximately $34,000. 81.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages have commented on SLB. Piper Sandler lowered their price objective on shares of 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 shares of Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Zacks Research upgraded shares of Schlumberger from a "strong sell" rating to a "hold" rating in a research report on Monday, September 15th. Melius Research began coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Finally, Wells Fargo & Company downgraded shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research report on Sunday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and six have assigned a Hold rating to the stock. Based on data from MarketBeat.com, Schlumberger has an average rating of "Moderate Buy" and a consensus price target of $52.18.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $33.11 on Friday. The firm has a market cap of $49.45 billion, a PE ratio of 11.34, a price-to-earnings-growth ratio of 9.44 and a beta of 0.97. The firm's fifty day moving average is $34.56 and its 200-day moving average is $34.99. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $45.12.

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

Schlumberger Announces Dividend

The company also recently announced 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 was Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.4%. Schlumberger's payout ratio is presently 39.04%.

Insider Transactions at Schlumberger

In related news, insider Dianne B. Ralston sold 39,727 shares of the business's stock in a transaction 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 transaction, the insider owned 202,201 shares in the company, valued at $7,295,412.08. The trade was a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. 0.22% of the stock is currently owned by insiders.

About Schlumberger

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.