Schlumberger Limited $SLB Shares Bought by Cove Private Wealth LLC

Key Points

• Cove Private Wealth LLC increased its stake in Schlumberger Limited by 168.9% during the second quarter, now owning 13,510 shares valued at approximately $457,000.
• Schlumberger reported a quarterly earnings per share (EPS) of $0.74, exceeding analysts' estimates of $0.73, despite a year-over-year revenue decline of 6.5%.
• The company announced a quarterly dividend of $0.285, resulting in an annualized dividend of $1.14 and a yield of 3.2%, payable on October 9th.

Cove Private Wealth LLC lifted its position in Schlumberger Limited (NYSE:SLB - Free Report) by 168.9% in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 13,510 shares of the oil and gas company's stock after acquiring an additional 8,485 shares during the quarter. Cove Private Wealth LLC's holdings in Schlumberger were worth $457,000 as of its most recent SEC filing.

Several other hedge funds also recently made changes to their positions in SLB. First Command Advisory Services Inc. grew its position in shares of Schlumberger by 300.0% in the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 477 shares in the last quarter. Atticus Wealth Management LLC acquired a new position in Schlumberger during the 2nd quarter valued at approximately $29,000. Atlas Capital Advisors Inc. acquired a new position in Schlumberger during the 1st quarter valued at approximately $33,000. Thurston Springer Miller Herd & Titak Inc. boosted its position in Schlumberger by 55.3% during the 2nd 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 during the period. Finally, Alpine Bank Wealth Management bought a new stake in Schlumberger during the 1st quarter valued at $34,000. Institutional investors and hedge funds own 81.99% of the company's stock.

Schlumberger Stock Performance

SLB opened at $35.51 on Friday. The stock's 50 day moving average price is $34.65 and its two-hundred day moving average price is $35.40. 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 12-month low of $31.11 and a 12-month high of $46.15. The firm has a market capitalization of $53.04 billion, a P/E ratio of 12.16, a price-to-earnings-growth ratio of 9.60 and a beta of 1.05.

Schlumberger (NYSE:SLB - Get Free Report) last announced its quarterly earnings data 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 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 quarter last year, the company earned $0.85 EPS. On average, equities analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Dividend Announcement

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

Insider Activity at Schlumberger

In other news, insider Dianne B. Ralston sold 39,727 shares of Schlumberger 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 completion of the sale, the insider directly owned 202,201 shares of the company's stock, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.22% of the company's stock.

Analyst Upgrades and Downgrades

A number of research firms have recently commented on SLB. Jefferies Financial Group dropped their price objective on Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. JPMorgan Chase & Co. dropped their price target on Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research report on Monday, June 30th. Melius Research assumed coverage on Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price target on the stock. Barclays lowered their target price on Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Finally, Wells Fargo & Company downgraded Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $52.18.

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.

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