Zurcher Kantonalbank Zurich Cantonalbank Sells 25,655 Shares of Schlumberger Limited (NYSE:SLB)

Key Points

• Zurcher Kantonalbank reduced its stake in Schlumberger Limited by 3.9%, selling 25,655 shares and holding a total of 634,796 shares valued at approximately $26.5 million.
• Multiple hedge funds have recently increased their stakes in Schlumberger, with Dynamic Technology Lab boosting its ownership by 32.2% and Integrated Advisors Network increasing its stake by an impressive 810.4%.
• Schlumberger plans to pay a quarterly dividend of $0.285 per share on October 9th, representing a 3.20% dividend yield based on its current share price.

Zurcher Kantonalbank Zurich Cantonalbank lowered its holdings in Schlumberger Limited (NYSE:SLB - Free Report) by 3.9% in the 1st quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 634,796 shares of the oil and gas company's stock after selling 25,655 shares during the quarter. Zurcher Kantonalbank Zurich Cantonalbank's holdings in Schlumberger were worth $26,534,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds have also recently modified their holdings of the company. Price T Rowe Associates Inc. MD lifted its position in shares of Schlumberger by 7.4% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company's stock valued at $2,913,312,000 after acquiring an additional 5,225,828 shares in the last quarter. Geode Capital Management LLC lifted its position in shares of Schlumberger by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 29,985,360 shares of the oil and gas company's stock worth $1,146,195,000 after buying an additional 1,377,134 shares in the last quarter. Deutsche Bank AG lifted its position in shares of Schlumberger by 12.2% in 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 buying an additional 3,119,543 shares in the last quarter. Franklin Resources Inc. raised its position in Schlumberger by 12.4% during the fourth quarter. Franklin Resources Inc. now owns 15,396,967 shares of the oil and gas company's stock valued at $590,320,000 after purchasing an additional 1,700,203 shares during the period. Finally, Northern Trust Corp raised its position in Schlumberger by 9.4% during the fourth quarter. Northern Trust Corp now owns 13,817,667 shares of the oil and gas company's stock valued at $529,769,000 after purchasing an additional 1,192,399 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

Wall Street Analyst Weigh In

SLB has been the topic of a number of analyst reports. Wells Fargo & Company cut Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Sunday, July 20th. Jefferies Financial Group cut their target price on Schlumberger from $54.00 to $53.00 and set a "buy" rating on the stock in a research note on Thursday, June 26th. UBS Group upped their target price on Schlumberger from $44.00 to $45.00 and gave the company a "buy" rating in a research note on Wednesday, July 2nd. JPMorgan Chase & Co. dropped their price objective on Schlumberger from $46.00 to $44.00 and set an "overweight" rating on the stock in a research note on Monday, June 30th. Finally, Barclays dropped their price objective on Schlumberger from $47.00 to $46.00 and set an "overweight" rating on the stock in a research note on Monday, July 21st. Four equities research analysts have rated the stock with a hold rating, thirteen have assigned a buy rating and two have assigned a strong buy rating to the company. According to MarketBeat.com, Schlumberger has a consensus rating of "Moderate Buy" and a consensus target price of $49.28.

Insider Activity

In other Schlumberger news, Director La Chevardiere Patrick De sold 5,000 shares of the firm's stock in a transaction 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 transaction, the director owned 23,525 shares of the company's stock, valued at approximately $789,969.50. This trade represents a 17.53% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Corporate insiders own 0.26% of the company's stock.

Schlumberger Stock Down 2.4%

SLB stock traded down $0.81 during midday trading on Friday, reaching $33.00. 9,032,002 shares of the company's stock traded hands, compared to its average volume of 16,680,363. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market cap of $44.58 billion, a price-to-earnings ratio of 11.31, a P/E/G ratio of 9.48 and a beta of 1.01. The firm's fifty day moving average price is $34.79 and its 200-day moving average price is $37.28. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $46.16.

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

Schlumberger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Wednesday, September 3rd will be issued a $0.285 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a dividend yield of 3.5%. Schlumberger's dividend payout ratio (DPR) is currently 39.04%.

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.