Schlumberger Limited $SLB Shares Sold by Financial Management Professionals Inc.

Key Points

• Financial Management Professionals Inc. reduced its stake in Schlumberger Limited by 65.5% during the second quarter, now holding 5,810 shares worth approximately $198,000.
• Several hedge funds altered their positions, with notable increases in holdings from BTC Capital Management Inc. and CHICAGO TRUST Co NA, indicating strong institutional interest with 81.99% of the stock owned by investors.
• Schlumberger announced a quarterly dividend of $0.285, resulting in an annual yield of 3.3%, with the payout ratio currently at 39.04%.

Financial Management Professionals Inc. cut its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 65.5% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 5,810 shares of the oil and gas company's stock after selling 11,041 shares during the period. Financial Management Professionals Inc.'s holdings in Schlumberger were worth $198,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of the stock. Norden Group LLC acquired a new stake in shares of Schlumberger in the second quarter worth approximately $203,000. CHICAGO TRUST Co NA lifted its position in Schlumberger by 5.1% during the second quarter. CHICAGO TRUST Co NA now owns 43,126 shares of the oil and gas company's stock valued at $1,458,000 after buying an additional 2,079 shares in the last quarter. Farmers Trust Co. lifted its position in Schlumberger by 0.7% during the second quarter. Farmers Trust Co. now owns 95,678 shares of the oil and gas company's stock valued at $3,234,000 after buying an additional 683 shares in the last quarter. Ridgewood Investments LLC acquired a new position in Schlumberger during the second quarter valued at approximately $801,000. Finally, BTC Capital Management Inc. lifted its position in Schlumberger by 47.3% during the second quarter. BTC Capital Management Inc. now owns 20,438 shares of the oil and gas company's stock valued at $691,000 after buying an additional 6,563 shares in the last quarter. 81.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

A number of research analysts have weighed in on the stock. Stifel Nicolaus reduced their price target on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Piper Sandler reduced their price target 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. Zacks Research raised shares of Schlumberger from a "strong sell" rating to a "hold" rating in a research report on Monday, September 15th. Atb Cap Markets raised shares of Schlumberger from a "hold" rating to a "strong-buy" rating in a research report on Tuesday, July 1st. Finally, Wells Fargo & Company lowered shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Two research analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have assigned a Hold rating to the company. Based on data from MarketBeat.com, Schlumberger currently has an average rating of "Moderate Buy" and a consensus price target of $52.18.

Schlumberger Stock Up 0.4%

Shares of NYSE:SLB opened at $34.63 on Thursday. 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 company has a fifty day simple moving average of $34.61 and a 200 day simple moving average of $35.47. The firm has a market cap of $51.73 billion, a PE ratio of 11.86, a price-to-earnings-growth ratio of 9.57 and a beta of 1.05. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.15.

Schlumberger (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.01. The business 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 business's revenue was down 6.5% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.85 earnings per share. On average, equities research analysts anticipate that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be issued a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's payout ratio is currently 39.04%.

Insider Buying and Selling

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of Schlumberger stock in a transaction on Friday, September 12th. The shares were sold at an average price of $36.08, for a total value of $1,433,350.16. Following the completion of the transaction, the insider owned 202,201 shares of the company's stock, valued at $7,295,412.08. The trade was a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this link. 0.22% of the stock is currently owned by corporate insiders.

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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