AGF Management Ltd. Decreases Position in Schlumberger Limited (NYSE:SLB)

Key Points

• AGF Management Ltd. has decreased its holdings in Schlumberger Limited by 61.6%, now owning 165,481 shares valued at $6.9 million.
• Several other institutional investors have also adjusted their stakes, with 81.99% of Schlumberger's stock currently owned by institutional investors.
• Schlumberger announced a quarterly dividend of $0.285 per share, representing a yield of 3.5%, with the payment scheduled for October 9th.

AGF Management Ltd. lowered its position in Schlumberger Limited (NYSE:SLB - Free Report) by 61.6% during the first quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 165,481 shares of the oil and gas company's stock after selling 265,984 shares during the period. AGF Management Ltd.'s holdings in Schlumberger were worth $6,917,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Charles Schwab Investment Management Inc. boosted its position in Schlumberger by 478.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company's stock worth $1,994,674,000 after purchasing an additional 39,474,501 shares in the last quarter. Price T Rowe Associates Inc. MD boosted its position in Schlumberger by 7.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company's stock worth $2,913,312,000 after purchasing an additional 5,225,828 shares in the last quarter. Nuveen LLC purchased a new stake in Schlumberger in the 1st quarter worth approximately $169,232,000. Lazard Asset Management LLC boosted its position in Schlumberger by 3,112.1% in the 4th quarter. Lazard Asset Management LLC now owns 3,627,051 shares of the oil and gas company's stock worth $139,059,000 after purchasing an additional 3,514,134 shares in the last quarter. Finally, Deutsche Bank AG boosted its position in Schlumberger by 12.2% in the 4th quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock worth $1,101,804,000 after purchasing an additional 3,119,543 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

Schlumberger Trading Down 0.9%

Shares of NYSE:SLB traded down $0.31 during midday trading on Thursday, reaching $33.24. 16,282,212 shares of the company's stock were exchanged, compared to its average volume of 18,124,866. The firm's 50 day simple moving average is $34.69 and its two-hundred day simple moving average is $36.65. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. The stock has a market cap of $44.92 billion, a price-to-earnings ratio of 11.38, a P/E/G ratio of 9.31 and a beta of 1.03. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $46.16.

Schlumberger (NYSE:SLB - Get Free Report) last issued its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.01. The firm had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%. The company's quarterly revenue was down 6.5% on a year-over-year basis. During the same period last year, the company earned $0.85 EPS. As a group, sell-side analysts forecast 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. Shareholders of record on Wednesday, September 3rd will be given a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's payout ratio is currently 39.04%.

Analysts Set New Price Targets

A number of brokerages have recently issued reports on SLB. Wells Fargo & Company lowered Schlumberger from a "strong-buy" rating to a "hold" rating in a research report on Sunday, July 20th. Jefferies Financial Group decreased their target price on Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a research report on Thursday, June 26th. Morgan Stanley decreased their target price on Schlumberger from $50.00 to $45.00 and set an "overweight" rating on the stock in a research report on Friday, May 16th. Stifel Nicolaus decreased their target price on Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Finally, Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Four research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $49.28.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of Schlumberger stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total value of $167,900.00. Following the completion of the transaction, the director owned 23,525 shares in the company, valued at approximately $789,969.50. This trade represents a 17.53% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

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.