Exchange Traded Concepts LLC Raises Stake in Schlumberger Limited $SLB

Key Points

• Exchange Traded Concepts LLC increased its stake in Schlumberger Limited by 72.4%, holding 150,474 shares valued at over $5 million after purchasing 63,217 additional shares in the second quarter.
• Securities analysts have lowered their price targets for Schlumberger, with the average target now at $52.18, while 14 analysts have rated the stock as a "Buy."
• Insider Dianne B. Ralston sold 39,727 shares of Schlumberger stock for approximately $1.43 million, marking a 16.42% decrease in her ownership.

Exchange Traded Concepts LLC lifted its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 72.4% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 150,474 shares of the oil and gas company's stock after acquiring an additional 63,217 shares during the period. Exchange Traded Concepts LLC's holdings in Schlumberger were worth $5,086,000 at the end of the most recent quarter.

Other large investors have also added to or reduced their stakes in the company. Charles Schwab Investment Management Inc. raised its stake in shares of Schlumberger by 478.8% during 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 acquiring an additional 39,474,501 shares in the last quarter. Boston Partners boosted its position in Schlumberger by 27.7% in the first quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company's stock valued at $824,160,000 after buying an additional 4,300,222 shares during the last quarter. Hotchkis & Wiley Capital Management LLC increased its stake in shares of Schlumberger by 211.1% in the first quarter. Hotchkis & Wiley Capital Management LLC now owns 5,992,997 shares of the oil and gas company's stock worth $250,507,000 after acquiring an additional 4,066,500 shares during the period. Nuveen LLC purchased a new position in shares of Schlumberger during the 1st quarter valued at about $169,232,000. Finally, Banque Transatlantique SA grew its holdings in Schlumberger by 21,737.8% during the first quarter. Banque Transatlantique SA now owns 1,859,274 shares of the oil and gas company's stock worth $71,821,000 after acquiring an additional 1,850,760 shares during the period. 81.99% of the stock is currently owned by institutional investors.

Schlumberger Trading Up 3.1%

NYSE SLB traded up $1.04 on Tuesday, reaching $34.96. The stock had a trading volume of 6,595,500 shares, compared to its average volume of 16,297,393. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a fifty day moving average price of $34.62 and a two-hundred day moving average price of $35.49. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.15. The firm has a market capitalization of $52.22 billion, a price-to-earnings ratio of 11.94, a P/E/G ratio of 9.56 and a beta of 1.05.

Schlumberger (NYSE:SLB - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, beating 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 return on equity of 20.99% and a net margin of 11.53%.The company's quarterly 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 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 firm also recently declared 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 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's dividend payout ratio (DPR) is currently 39.04%.

Wall Street Analyst Weigh In

A number of equities analysts have issued reports on the company. Wells Fargo & Company downgraded Schlumberger from a "strong-buy" rating to a "hold" rating in a research report on Sunday, July 20th. Piper Sandler dropped their price objective on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a report on Friday, July 18th. Melius initiated coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They set a "buy" rating and a $82.00 target price on the stock. Stifel Nicolaus dropped their price target on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating for the company in a research note on Wednesday, July 16th. Finally, JPMorgan Chase & Co. decreased their price objective on Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a report on Monday, June 30th. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $52.18.

Insider Buying and Selling at Schlumberger

In other news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $36.08, for a total value of $1,433,350.16. Following the sale, the insider directly owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.22% of the company's stock.

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.