Schlumberger Limited $SLB Shares Sold by Synergy Asset Management LLC

Key Points

• Synergy Asset Management LLC significantly reduced its stake in Schlumberger Limited, selling 398,529 shares and now owning only 40,415 shares, which are valued at approximately $1.37 million.
• Schlumberger recently announced a quarterly dividend of $0.285 per share, with a dividend yield of 3.3%, reflecting a payout ratio of 39.04%.
• Several institutional investors, including Charles Schwab Investment Management, increased their stakes in Schlumberger, with Schwab boosting its position by nearly 479% in the first quarter.

Synergy Asset Management LLC reduced its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 90.8% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 40,415 shares of the oil and gas company's stock after selling 398,529 shares during the period. Synergy Asset Management LLC's holdings in Schlumberger were worth $1,366,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of the stock. Charles Schwab Investment Management Inc. boosted its stake in Schlumberger by 478.8% in the first 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 acquiring an additional 39,474,501 shares during the period. Boston Partners boosted its position in shares of Schlumberger by 27.7% during the first quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company's stock worth $824,160,000 after buying an additional 4,300,222 shares during the period. Northern Trust Corp boosted its position in shares of Schlumberger by 4.4% during 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 buying an additional 604,832 shares during the period. Dimensional Fund Advisors LP boosted its position in shares of Schlumberger by 22.8% during the first quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company's stock worth $375,738,000 after buying an additional 1,667,203 shares during the period. Finally, Invesco Ltd. boosted its position in shares of Schlumberger by 3.8% during the first quarter. Invesco Ltd. now owns 7,659,177 shares of the oil and gas company's stock worth $320,154,000 after buying an additional 281,937 shares during the period. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Stock Performance

SLB opened at $34.13 on Friday. The company has a market capitalization of $50.97 billion, a price-to-earnings ratio of 11.69, a price-to-earnings-growth ratio of 9.74 and a beta of 0.97. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.15. The business has a 50 day moving average price of $34.65 and a two-hundred day moving average price of $35.23.

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, beating analysts' consensus estimates of $0.73 by $0.01. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The company had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. During the same quarter in the prior year, the firm earned $0.85 EPS. The company's quarterly revenue was down 6.5% compared to the same quarter last year. Research analysts predict that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The business also recently disclosed 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 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's dividend payout ratio is 39.04%.

Insider Activity at Schlumberger

In other news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the sale, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Company insiders own 0.22% of the company's stock.

Wall Street Analyst Weigh In

Several equities analysts have recently issued reports on SLB shares. Barclays reduced their price objective on Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research report on Monday, July 21st. Susquehanna reduced their price objective on Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a research report on Monday, July 21st. Melius started coverage on Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Zacks Research raised Schlumberger from a "strong sell" rating to a "hold" rating in a report on Monday, September 15th. Finally, Piper Sandler cut their target price on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research report on Friday, July 18th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have issued a Hold rating to the company's stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $52.18.

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.

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