Schlumberger Limited $SLB Stake Cut by Ceredex Value Advisors LLC

Key Points

• Ceredex Value Advisors LLC has reduced its stake in Schlumberger Limited by 9.8%, selling 240,903 shares and now holding approximately 2.0% of its investment portfolio in the company.
• Schlumberger reported a $0.74 EPS for the last quarter, slightly surpassing analysts' estimates, with revenue of $8.55 billion, reflecting a 6.5% decline year-over-year.
• The company announced a quarterly dividend of $0.285, which represents a 3.2% dividend yield and is scheduled to be paid on October 9th.

Ceredex Value Advisors LLC reduced its position in Schlumberger Limited (NYSE:SLB - Free Report) by 9.8% during the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 2,216,762 shares of the oil and gas company's stock after selling 240,903 shares during the quarter. Schlumberger comprises approximately 2.0% of Ceredex Value Advisors LLC's investment portfolio, making the stock its biggest holding. Ceredex Value Advisors LLC owned about 0.16% of Schlumberger worth $92,661,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also made changes to their positions in SLB. Charles Schwab Investment Management Inc. raised its position in shares of 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 worth $1,994,674,000 after acquiring an additional 39,474,501 shares during the period. Deutsche Bank AG increased its stake in shares of Schlumberger by 12.2% during the fourth quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company's stock worth $1,101,804,000 after purchasing an additional 3,119,543 shares in the last quarter. Boston Partners grew its stake 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 in the last quarter. Northern Trust Corp grew its stake in Schlumberger by 4.4% during the 1st quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company's stock valued at $602,860,000 after acquiring an additional 604,832 shares in the last quarter. Finally, Dimensional Fund Advisors LP grew 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 acquiring an additional 1,667,203 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Stock Up 0.2%

SLB stock opened at $35.67 on Tuesday. The company 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 Limited has a 52 week low of $31.11 and a 52 week high of $46.16. The company's 50-day moving average price is $34.51 and its 200 day moving average price is $36.27. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51.

Schlumberger (NYSE:SLB - Get Free Report) last released 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. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The firm had revenue of $8.55 billion for the quarter, compared to the consensus estimate of $8.51 billion. During the same quarter in the previous year, the firm earned $0.85 earnings per share. The firm's revenue was down 6.5% on a year-over-year basis. On average, research analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The company 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 $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger's payout ratio is currently 39.04%.

Wall Street Analyst Weigh In

A number of equities analysts recently weighed in on the stock. Melius assumed coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective for the company. Susquehanna reduced their target price on shares of Schlumberger from $44.00 to $42.00 and set a "positive" rating on the stock in a report on Monday, July 21st. Barclays reduced their price objective on shares of Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a report on Monday, July 21st. UBS Group cut their price target on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating on the stock in a research note on Wednesday, August 20th. Finally, Piper Sandler cut their price target on shares of Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a research note on Friday, July 18th. Two 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, the company currently has a consensus rating of "Moderate Buy" and a consensus price target of $52.86.

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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