Spire Wealth Management Increases Stock Position in Schlumberger Limited (NYSE:SLB)

Spire Wealth Management raised its position in shares of Schlumberger Limited (NYSE:SLB - Free Report) by 228.7% in the 1st quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The firm owned 65,566 shares of the oil and gas company's stock after buying an additional 45,616 shares during the period. Spire Wealth Management's holdings in Schlumberger were worth $2,741,000 at the end of the most recent reporting period.

Other institutional investors have also added to or reduced their stakes in the company. True Wealth Design LLC boosted its position in Schlumberger by 584.7% during the 4th 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. Mpwm Advisory Solutions LLC purchased a new stake in Schlumberger during the 4th quarter valued at $40,000. Sound Income Strategies LLC boosted its position in Schlumberger by 265.4% during the 1st quarter. Sound Income Strategies LLC now owns 961 shares of the oil and gas company's stock valued at $40,000 after buying an additional 698 shares during the period. J.Safra Asset Management Corp purchased a new stake in Schlumberger during the 4th quarter valued at $46,000. Finally, Heck Capital Advisors LLC purchased a new stake in Schlumberger during the 4th quarter valued at $47,000. Hedge funds and other institutional investors own 81.99% of the company's stock.

Schlumberger Trading Down 0.9%

Shares of NYSE SLB opened at $33.21 on Thursday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.24 and a quick ratio of 0.93. The stock has a market cap of $45.17 billion, a P/E ratio of 11.26, a price-to-earnings-growth ratio of 8.68 and a beta of 1.01. Schlumberger Limited has a 1 year low of $31.11 and a 1 year high of $50.94. The firm has a 50-day moving average of $34.51 and a 200 day moving average of $37.94.

Schlumberger (NYSE:SLB - Get Free Report) last issued its earnings results on Friday, April 25th. The oil and gas company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $8.49 billion during the quarter, compared to analysts' expectations of $8.64 billion. Schlumberger had a return on equity of 21.76% and a net margin of 11.62%. The firm's quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the firm posted $0.75 earnings per share. As a group, sell-side analysts expect that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Shareholders of record on Wednesday, June 4th will be issued a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.14 annualized dividend and a yield of 3.43%. Schlumberger's dividend payout ratio (DPR) is presently 38.64%.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the business's stock in a transaction that occurred on Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total transaction of $167,900.00. Following the completion of the transaction, the director now directly owns 23,525 shares of the company's stock, valued at $789,969.50. The trade was a 17.53% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Aparna Raman sold 25,133 shares of the business's stock in a transaction that occurred on Friday, March 28th. The shares were sold at an average price of $42.28, for a total transaction of $1,062,623.24. Following the transaction, the insider now directly owns 31,031 shares of the company's stock, valued at $1,311,990.68. The trade was a 44.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company's stock.

Wall Street Analysts Forecast Growth

SLB has been the subject of several research analyst reports. Jefferies Financial Group dropped their target price on shares of Schlumberger from $60.00 to $59.00 and set a "buy" rating for the company in a research report on Thursday, March 27th. Piper Sandler dropped their target price on shares of Schlumberger from $46.00 to $44.00 and set a "neutral" rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company dropped their target price on shares of Schlumberger from $46.00 to $43.00 and set an "overweight" rating for the company in a research report on Thursday, June 5th. Morgan Stanley dropped their target price on shares of Schlumberger from $50.00 to $45.00 and set an "overweight" rating for the company in a research report on Friday, May 16th. Finally, Barclays dropped their target price on shares of Schlumberger from $53.00 to $48.00 and set an "overweight" rating for the company in a research report on Friday, April 25th. Four investment analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus target price of $52.38.

Schlumberger 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.

Want to see what other hedge funds are holding SLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schlumberger Limited (NYSE:SLB - Free Report).

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.