Schlumberger Limited $SLB Shares Sold by Wellington Management Group LLP

Key Points

• Wellington Management Group LLP reduced its stake in Schlumberger by 7.0%, selling 900,418 shares, and now owns 11,939,553 shares valued at approximately $499 million.
• Despite a 6.5% year-over-year decline in quarterly revenue, Schlumberger reported earnings of $0.74 per share, beating estimates by $0.01.
• Schlumberger's board declared a quarterly dividend of $0.285 per share, with a yield of 3.4%, scheduled for payment on October 9th.

Wellington Management Group LLP cut its position in Schlumberger Limited (NYSE:SLB - Free Report) by 7.0% in the first quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor owned 11,939,553 shares of the oil and gas company's stock after selling 900,418 shares during the quarter. Wellington Management Group LLP owned 0.88% of Schlumberger worth $499,073,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other institutional investors have also modified their holdings of SLB. Nuveen LLC acquired a new position in Schlumberger during the 1st quarter worth $169,232,000. Scharf Investments LLC grew its stake in Schlumberger by 20.5% during the 1st quarter. Scharf Investments LLC now owns 1,653,895 shares of the oil and gas company's stock worth $69,133,000 after purchasing an additional 281,773 shares in the last quarter. Integrated Advisors Network LLC grew its stake in Schlumberger by 810.4% during the 1st quarter. Integrated Advisors Network LLC now owns 75,163 shares of the oil and gas company's stock worth $3,142,000 after purchasing an additional 66,907 shares in the last quarter. Alan B Lancz & Associates Inc. acquired a new position in Schlumberger during the 1st quarter worth $308,000. Finally, Stratos Investment Management LLC grew its stake in Schlumberger by 236.0% during the 1st quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company's stock worth $6,141,000 after purchasing an additional 103,182 shares in the last quarter. 81.99% of the stock is owned by institutional investors and hedge funds.

Schlumberger Stock Up 0.9%

Schlumberger stock opened at $33.29 on Tuesday. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $46.16. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31. The company has a market capitalization of $44.98 billion, a P/E ratio of 11.40, a PEG ratio of 9.15 and a beta of 1.03. The stock has a 50-day simple moving average of $34.65 and a 200-day simple moving average of $36.49.

Schlumberger (NYSE:SLB - Get Free Report) last posted its earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share for the quarter, beating 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 in the previous year, the business earned $0.85 EPS. The business's quarterly revenue was down 6.5% on a year-over-year basis. Equities research analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be paid a dividend of $0.285 per share. The ex-dividend date of this dividend is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.4%. Schlumberger's dividend payout ratio is currently 39.04%.

Analyst Upgrades and Downgrades

Several research analysts recently commented on the company. Piper Sandler lowered their target price on Schlumberger from $44.00 to $42.00 and set a "neutral" rating for the company in a research note on Friday, July 18th. Morgan Stanley lowered their target price on Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research note on Friday, May 16th. Barclays lowered their target price on Schlumberger from $47.00 to $46.00 and set an "overweight" rating for the company in a research note on Monday, July 21st. JPMorgan Chase & Co. lowered their target price on Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday, June 30th. Finally, Susquehanna decreased their price target on Schlumberger from $44.00 to $42.00 and set a "positive" rating for the company in a report on Monday, July 21st. Four investment analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have assigned a strong buy rating to the company. According to data from MarketBeat.com, Schlumberger currently has a consensus rating of "Moderate Buy" and an average target price of $49.28.

Insider Buying and Selling

In other Schlumberger news, Director La Chevardiere Patrick De sold 5,000 shares of the company's stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total transaction of $167,900.00. Following the completion of the sale, the director directly owned 23,525 shares of the company's stock, valued at $789,969.50. This represents a 17.53% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% 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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