T. Rowe Price Investment Management Inc. Purchases 45,036 Shares of Schlumberger Limited $SLB

Key Points

• T. Rowe Price Investment Management Inc. increased its stake in Schlumberger Limited by 35.0% during the first quarter, owning 173,857 shares valued at approximately $7.3 million.
• The company recently disclosed a quarterly dividend of $0.285 per share, representing a yield of 3.2%, with the payment scheduled for October 9th.
• Analysts have mixed ratings on Schlumberger, with a consensus average rating of "Moderate Buy" and a price target averaging $52.86.

T. Rowe Price Investment Management Inc. boosted its position in Schlumberger Limited (NYSE:SLB - Free Report) by 35.0% during the first quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 173,857 shares of the oil and gas company's stock after acquiring an additional 45,036 shares during the period. T. Rowe Price Investment Management Inc.'s holdings in Schlumberger were worth $7,268,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. First Command Advisory Services Inc. lifted its position in Schlumberger by 300.0% during the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock valued at $27,000 after acquiring an additional 477 shares during the period. Atlas Capital Advisors Inc. purchased a new position in Schlumberger in the first quarter worth about $33,000. Alpine Bank Wealth Management purchased a new position in Schlumberger in the first quarter worth about $34,000. True Wealth Design LLC raised its holdings in Schlumberger by 584.7% in the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company's stock worth $38,000 after buying an additional 842 shares during the last quarter. Finally, Park Square Financial Group LLC purchased a new position in Schlumberger in the first quarter worth about $38,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages have issued reports on SLB. Jefferies Financial Group decreased their target price on shares of Schlumberger from $54.00 to $53.00 and set a "buy" rating for the company in a report on Thursday, June 26th. Wells Fargo & Company cut shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a report on Sunday, July 20th. Atb Cap Markets upgraded shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research note on Tuesday, July 1st. Melius assumed coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price target for the company. Finally, Piper Sandler reduced their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Friday, July 18th. Two equities research analysts have rated the stock with a Strong Buy rating, fifteen have given a Buy rating and four have given a Hold rating to the company. According to MarketBeat, Schlumberger presently has an average rating of "Moderate Buy" and an average target price of $52.86.

Schlumberger Stock Performance

NYSE SLB traded up $0.67 during trading hours on Wednesday, hitting $35.99. 13,561,354 shares of the company's stock traded hands, compared to its average volume of 12,210,364. The business's fifty day moving average price is $34.49 and its two-hundred day moving average price is $36.26. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51. The firm has a market capitalization of $48.64 billion, a P/E ratio of 12.33, a P/E/G ratio of 9.80 and a beta of 1.03. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last announced its earnings results 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 company had revenue of $8.55 billion during the quarter, compared to analyst estimates of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The firm's quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the previous year, the business posted $0.85 earnings per share. Equities research analysts predict that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Dividend Announcement

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 given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's payout ratio 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.