Rafferty Asset Management LLC Cuts Stake in Schlumberger Limited $SLB

Key Points

• Rafferty Asset Management LLC reduced its stake in Schlumberger Limited by 16.2%, selling 52,628 shares and leaving it with 273,098 shares worth approximately $11.4 million.
• The company reported a quarterly EPS of $0.74, exceeding analysts' expectations, despite a 6.5% decline in year-over-year revenue.
• Schlumberger announced a quarterly dividend of $0.285 per share, payable on October 9th, with a current dividend yield of 3.2%.

Rafferty Asset Management LLC lowered its position in Schlumberger Limited (NYSE:SLB - Free Report) by 16.2% in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The firm owned 273,098 shares of the oil and gas company's stock after selling 52,628 shares during the quarter. Rafferty Asset Management LLC's holdings in Schlumberger were worth $11,415,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also added to or reduced their stakes in the company. Nuveen LLC acquired a new stake in Schlumberger during the 1st quarter valued at approximately $169,232,000. Scharf Investments LLC increased 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 valued at $69,133,000 after purchasing an additional 281,773 shares during the period. Integrated Advisors Network LLC increased 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 valued at $3,142,000 after purchasing an additional 66,907 shares during the period. Alan B Lancz & Associates Inc. acquired a new stake in Schlumberger during the 1st quarter valued at approximately $308,000. Finally, Stratos Investment Management LLC increased 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 valued at $6,141,000 after purchasing an additional 103,182 shares during the period. Institutional investors and hedge funds own 81.99% of the company's stock.

Schlumberger Stock Up 1.1%

SLB stock traded up $0.40 during midday trading on Friday, reaching $36.88. 11,882,956 shares of the company's stock traded hands, compared to its average volume of 12,249,297. The company has a market cap of $49.83 billion, a price-to-earnings ratio of 12.63, a P/E/G ratio of 10.22 and a beta of 1.03. The firm's fifty day moving average price is $34.53 and its 200-day moving average price is $36.20. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, beating analysts' consensus estimates of $0.73 by $0.01. The business had revenue of $8.55 billion during 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 quarterly revenue was down 6.5% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.85 EPS. As a group, sell-side analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The business 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 dividend of $0.285 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.1%. Schlumberger's dividend payout ratio (DPR) is 39.04%.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Susquehanna decreased their target price on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a research report on Monday, July 21st. Morgan Stanley reduced their price objective on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. UBS Group reduced their price objective on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating for the company in a research report on Wednesday, August 20th. JPMorgan Chase & Co. reduced their price objective on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a research report on Monday, June 30th. Finally, Barclays reduced their price objective on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, the company has a consensus rating of "Moderate Buy" and a consensus target price of $52.86.

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.