Schlumberger Limited $SLB Shares Purchased by Cadence Bank

Key Points

• Cadence Bank increased its holdings in Schlumberger Limited ($SLB) by 4.8%, acquiring an additional 8,251 shares, bringing their total to 181,074 shares valued at approximately $7.57 million.
• Several institutional investors made significant moves in Schlumberger's stock, with Nuveen LLC acquiring a new position worth $169.23 million and Scharf Investments LLC increasing its stake by 20.5%.
• Schlumberger announced a quarterly dividend of $0.285 per share, set to be paid on October 9th, representing an annual yield of 3.2%.

Cadence Bank increased its stake in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 4.8% during the 1st quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 181,074 shares of the oil and gas company's stock after acquiring an additional 8,251 shares during the quarter. Cadence Bank's holdings in Schlumberger were worth $7,569,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SLB. Charles Schwab Investment Management Inc. boosted its stake in shares of 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 valued at $1,994,674,000 after purchasing an additional 39,474,501 shares in the last quarter. Deutsche Bank AG lifted its position in Schlumberger by 12.2% during the 4th quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock valued at $1,101,804,000 after acquiring an additional 3,119,543 shares during the period. Boston Partners lifted its position in Schlumberger by 27.7% during the 1st quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company's stock valued at $824,160,000 after acquiring an additional 4,300,222 shares during the period. Northern Trust Corp boosted its holdings in Schlumberger by 4.4% in the first quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company's stock worth $602,860,000 after acquiring an additional 604,832 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in Schlumberger by 22.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company's stock valued at $375,738,000 after purchasing an additional 1,667,203 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts have issued reports on the company. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. Stifel Nicolaus lowered their target price on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. UBS Group reduced their price target on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a research report on Wednesday, August 20th. Piper Sandler cut their price objective on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research report on Friday, July 18th. Finally, Wells Fargo & Company downgraded shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have assigned a Buy rating and four have issued a Hold rating to the company. Based on data from MarketBeat.com, Schlumberger currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.86.

Schlumberger Stock Performance

NYSE:SLB traded up $0.06 during midday trading on Monday, hitting $35.67. The company's stock had a trading volume of 7,947,893 shares, compared to its average volume of 12,363,398. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $46.16. The firm's 50 day moving average is $34.51 and its 200-day moving average is $36.27. 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 firm has a market cap of $48.20 billion, a P/E ratio of 12.22, a P/E/G ratio of 9.88 and a beta of 1.03.

Schlumberger (NYSE:SLB - Get Free Report) last issued 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 business had revenue of $8.55 billion for the quarter, compared to analysts' expectations of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The business's revenue was down 6.5% on a year-over-year basis. During the same quarter last year, the company earned $0.85 EPS. Equities analysts anticipate that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors 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 3.2%. Schlumberger's payout ratio is presently 39.04%.

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.