Covington Capital Management trimmed its stake in shares of Schlumberger (NYSE:SLB) by 25.3% in the fourth quarter, according to the company in its most recent filing with the SEC. The firm owned 113,438 shares of the oil and gas company’s stock after selling 38,382 shares during the quarter. Covington Capital Management’s holdings in Schlumberger were worth $7,645,000 as of its most recent SEC filing.
Several other large investors also recently added to or reduced their stakes in the company. Nicolet Bankshares Inc. increased its holdings in Schlumberger by 7.3% in the 3rd quarter. Nicolet Bankshares Inc. now owns 13,787 shares of the oil and gas company’s stock worth $962,000 after purchasing an additional 943 shares in the last quarter. Daiwa Securities Group Inc. increased its stake in shares of Schlumberger by 6.2% in the third quarter. Daiwa Securities Group Inc. now owns 43,552 shares of the oil and gas company’s stock valued at $3,039,000 after buying an additional 2,539 shares during the period. Boston Partners acquired a new stake in shares of Schlumberger in the third quarter valued at about $5,871,000. Golub Group LLC acquired a new stake in shares of Schlumberger in the third quarter valued at about $212,000. Finally, Blackhill Capital Inc. boosted its position in shares of Schlumberger by 53.6% during the 3rd quarter. Blackhill Capital Inc. now owns 22,920 shares of the oil and gas company’s stock valued at $1,599,000 after purchasing an additional 8,000 shares in the last quarter. Hedge funds and other institutional investors own 80.53% of the company’s stock.
In other news, CEO Paal Kibsgaard bought 10,000 shares of Schlumberger stock in a transaction on Monday, March 26th. The shares were purchased at an average price of $64.68 per share, for a total transaction of $646,800.00. The acquisition was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, VP Claudia Jaramillo sold 3,000 shares of the company’s stock in a transaction that occurred on Wednesday, May 16th. The stock was sold at an average price of $72.68, for a total value of $218,040.00. Following the transaction, the vice president now owns 6,162 shares in the company, valued at approximately $447,854.16. The disclosure for this sale can be found here. In the last 90 days, insiders have purchased 18,000 shares of company stock worth $1,163,650. 0.48% of the stock is owned by company insiders.
Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, April 20th. The oil and gas company reported $0.38 earnings per share (EPS) for the quarter, meeting analysts’ consensus estimates of $0.38. Schlumberger had a positive return on equity of 5.85% and a negative net margin of 4.01%. The company had revenue of $7.83 billion for the quarter, compared to the consensus estimate of $7.79 billion. During the same quarter in the previous year, the business earned $0.25 EPS. Schlumberger’s revenue was up 13.6% compared to the same quarter last year. analysts predict that Schlumberger will post 2.05 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, July 13th. Investors of record on Wednesday, June 6th will be issued a dividend of $0.50 per share. The ex-dividend date is Tuesday, June 5th. This represents a $2.00 dividend on an annualized basis and a yield of 2.69%. Schlumberger’s dividend payout ratio is presently 133.33%.
Several equities research analysts recently commented on SLB shares. Barclays set a $70.00 target price on Schlumberger and gave the company a “hold” rating in a research report on Saturday, March 24th. Zacks Investment Research lowered Schlumberger from a “hold” rating to a “sell” rating in a report on Tuesday, January 23rd. UBS set a $95.00 price target on Schlumberger and gave the stock a “buy” rating in a report on Monday, January 22nd. Morgan Stanley set a $81.00 target price on Schlumberger and gave the company a “buy” rating in a report on Thursday, January 18th. Finally, SunTrust Banks upgraded Schlumberger from a “hold” rating to a “buy” rating in a report on Tuesday, April 3rd. They noted that the move was a valuation call. One investment analyst has rated the stock with a sell rating, seven have issued a hold rating and twenty-five have assigned a buy rating to the company. Schlumberger has a consensus rating of “Buy” and an average price target of $79.80.
Schlumberger Limited supplies technology products and services to the oil and gas exploration and production industry worldwide. The company's Reservoir Characterization Group segment provides reservoir interpretation and data processing services; open and cased-hole services; slickline services; exploration and production pressure and flow-rate measurement services at the surface and downhole; software integrated solutions, such as software, consulting, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; and petrotechnical data services and training solutions, as well as integrated management services.
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