Wedge Capital Management L L P NC Increases Holdings in Schlumberger Limited $SLB

Key Points

• Wedge Capital Management L L P NC increased its stake in Schlumberger Limited by 3.3%, owning 560,249 shares worth approximately $18.94 million.
• Schlumberger's recent earnings showed an EPS of $0.74, beating estimates slightly, while the company reported a 6.5% decline in year-over-year quarterly revenue.
• The company announced a quarterly dividend of $0.285 per share, yielding 3.3%, with a payout ratio of 39.04%.

Wedge Capital Management L L P NC grew its stake in Schlumberger Limited (NYSE:SLB - Free Report) by 3.3% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 560,249 shares of the oil and gas company's stock after purchasing an additional 17,711 shares during the quarter. Wedge Capital Management L L P NC's holdings in Schlumberger were worth $18,936,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. First Command Advisory Services Inc. lifted its holdings in shares of Schlumberger by 300.0% during the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company's stock worth $27,000 after acquiring an additional 477 shares during the period. Atticus Wealth Management LLC bought a new stake in Schlumberger during the second quarter worth approximately $29,000. Atlas Capital Advisors Inc. bought a new position in Schlumberger in the first quarter worth $33,000. Thurston Springer Miller Herd & Titak Inc. increased its stake in shares of Schlumberger by 55.3% in the second quarter. Thurston Springer Miller Herd & Titak Inc. now owns 983 shares of the oil and gas company's stock valued at $33,000 after buying an additional 350 shares in the last quarter. Finally, Alpine Bank Wealth Management bought a new position in Schlumberger during the first quarter worth about $34,000. Hedge funds and other institutional investors own 81.99% of the company's stock.

Insider Transactions at Schlumberger

In related news, insider Dianne B. Ralston sold 39,727 shares of the firm's stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the sale, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. 0.22% of the stock is owned by corporate insiders.

Schlumberger Stock Down 0.8%

SLB opened at $34.47 on Friday. The stock has a market cap of $51.49 billion, a PE ratio of 11.80, a price-to-earnings-growth ratio of 9.64 and a beta of 1.05. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $46.15. The company has a current ratio of 1.31, a quick ratio of 0.98 and a debt-to-equity ratio of 0.51. The stock's fifty day simple moving average is $34.66 and its 200 day simple moving average is $35.59.

Schlumberger (NYSE:SLB - Get Free Report) last announced its earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) 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 company had revenue of $8.55 billion for the quarter, compared to analysts' expectations of $8.51 billion. During the same quarter in the previous year, the firm earned $0.85 earnings per share. Schlumberger's quarterly revenue was down 6.5% on a year-over-year basis. As a group, research analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be paid a dividend of $0.285 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%. Schlumberger's payout ratio is presently 39.04%.

Wall Street Analyst Weigh In

SLB has been the subject of a number of recent research reports. 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 report on Monday, June 30th. Wells Fargo & Company lowered Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Barclays cut 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 target price on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, August 20th. Finally, Melius began coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They issued a "buy" rating and a $82.00 target price on the stock. Two research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have given a Hold rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus price target of $52.18.

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.

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