Steward Partners Investment Advisory LLC Purchases 68,212 Shares of Schlumberger Limited $SLB

Key Points

• Steward Partners Investment Advisory LLC increased its stake in Schlumberger Limited by 254.8% in the first quarter, owning 94,981 shares valued at approximately $3.97 million.
• Schlumberger's quarterly earnings exceeded expectations, reporting an EPS of $0.74 against an estimated $0.73, though revenue declined 6.5% year-over-year.
• The company plans to pay a quarterly dividend of $0.285 per share on October 9th, with a dividend yield of 3.4%.

Steward Partners Investment Advisory LLC increased its position in Schlumberger Limited (NYSE:SLB - Free Report) by 254.8% in the 1st quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 94,981 shares of the oil and gas company's stock after acquiring an additional 68,212 shares during the quarter. Steward Partners Investment Advisory LLC's holdings in Schlumberger were worth $3,970,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors also recently added to or reduced their stakes in the company. First Command Advisory Services Inc. increased its holdings in 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. Atlas Capital Advisors Inc. purchased a new stake in Schlumberger during the 1st quarter valued at approximately $33,000. Alpine Bank Wealth Management purchased a new stake in Schlumberger during the 1st quarter valued at approximately $34,000. True Wealth Design LLC grew its holdings in Schlumberger by 584.7% during the 4th quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company's stock valued at $38,000 after buying an additional 842 shares in the last quarter. Finally, Park Square Financial Group LLC purchased a new stake in Schlumberger during the 1st quarter valued at approximately $38,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on SLB shares. Wells Fargo & Company lowered shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 20th. JPMorgan Chase & Co. cut their target price on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a report on Monday, June 30th. UBS Group cut their target price on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating for the company in a report on Wednesday. Melius assumed coverage on shares of Schlumberger in a report on Wednesday. They issued a "buy" rating and a $82.00 target price for the company. Finally, Piper Sandler cut their target price 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. Two investment analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have assigned a Hold rating to the company. Based on data from MarketBeat.com, Schlumberger presently has a consensus rating of "Moderate Buy" and a consensus price target of $52.86.

Schlumberger Trading Up 5.2%

SLB traded up $1.7650 during trading on Friday, reaching $35.5750. The company had a trading volume of 16,023,117 shares, compared to its average volume of 12,135,544. The stock has a market cap of $48.07 billion, a P/E ratio of 12.18, a PEG ratio of 9.38 and a beta of 1.03. The business has a 50 day simple moving average of $34.51 and a 200-day simple moving average of $36.36. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.16. 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 (NYSE:SLB - Get Free Report) last released its earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The business had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. During the same period last year, the company earned $0.85 earnings per share. The business's revenue for the quarter was down 6.5% compared to the same quarter last year. On average, equities analysts anticipate that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Dividend Announcement

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

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.