SCP Investment LP Sells 30,000 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• SCP Investment LP reduced its stake in Schlumberger Limited by 68.5%, selling 30,000 shares, and currently holds 13,800 shares worth approximately $577,000.
• Multiple research firms have recently updated their ratings on Schlumberger, with Morgan Stanley lowering its price target from $50.00 to $45.00 while others, like UBS Group, raised theirs from $44.00 to $45.00.
• Schlumberger announced a quarterly dividend of $0.285 to be paid on October 9th, representing an annual yield of 3.5% and a dividend payout ratio of 39.04%.

SCP Investment LP reduced its position in Schlumberger Limited (NYSE:SLB - Free Report) by 68.5% in the first quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 13,800 shares of the oil and gas company's stock after selling 30,000 shares during the quarter. SCP Investment LP's holdings in Schlumberger were worth $577,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other large investors have also bought and sold shares of SLB. First Command Advisory Services Inc. increased its position in Schlumberger by 300.0% in the first quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock worth $27,000 after buying an additional 477 shares during the last quarter. Alpine Bank Wealth Management bought a new stake in Schlumberger during the first quarter valued at $34,000. True Wealth Design LLC boosted its stake in Schlumberger by 584.7% during the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company's stock valued at $38,000 after buying an additional 842 shares during the period. Park Square Financial Group LLC bought a new stake in Schlumberger during the first quarter valued at $38,000. Finally, Mpwm Advisory Solutions LLC purchased a new position in shares of Schlumberger in the 4th quarter worth about $40,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of research firms have recently issued reports on SLB. Morgan Stanley cut their price objective on Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a report on Friday, May 16th. Atb Cap Markets upgraded Schlumberger from a "hold" rating to a "strong-buy" rating in a report on Tuesday, July 1st. Piper Sandler reduced their price target on Schlumberger from $44.00 to $42.00 and set a "neutral" rating on the stock in a report on Friday, July 18th. UBS Group upped their target price on Schlumberger from $44.00 to $45.00 and gave the stock a "buy" rating in a report on Wednesday, July 2nd. Finally, Jefferies Financial Group cut their price target on Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. Four equities research analysts have rated the stock with a hold rating, thirteen have given a buy rating and two have issued a strong buy rating to the company's stock. Based on data from MarketBeat, Schlumberger presently has an average rating of "Moderate Buy" and a consensus target price of $49.28.

Schlumberger Price Performance

NYSE SLB opened at $33.04 on Friday. The business's fifty day moving average price is $34.78 and its 200-day moving average price is $37.21. The stock has a market capitalization of $44.65 billion, a price-to-earnings ratio of 11.32, a PEG ratio of 9.17 and a beta of 1.03. 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 $46.16.

Schlumberger (NYSE:SLB - Get Free Report) last posted its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, topping the consensus estimate of $0.73 by $0.01. The firm had revenue of $8.55 billion during the quarter, compared to analyst estimates of $8.51 billion. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%. Schlumberger's revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the business posted $0.85 EPS. On average, equities analysts predict that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be paid a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date is Wednesday, September 3rd. Schlumberger's dividend payout ratio is presently 39.04%.

Insider Transactions at Schlumberger

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

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest and most accurate reporting. This story was reviewed by MarketBeat's editorial team prior to publication. Please send any questions or comments about this story to contact@marketbeat.com.