Glenmede Trust Co. NA trimmed its position in Schlumberger Limited. (NYSE:SLB) by 1.5% during the 3rd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 840,270 shares of the oil and gas company’s stock after selling 13,110 shares during the period. Glenmede Trust Co. NA’s holdings in Schlumberger were worth $51,188,000 as of its most recent filing with the Securities and Exchange Commission (SEC).
Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Glenview State Bank Trust DEPT. increased its position in shares of Schlumberger by 46.6% in the 3rd quarter. Glenview State Bank Trust DEPT. now owns 31,593 shares of the oil and gas company’s stock valued at $1,925,000 after acquiring an additional 10,045 shares during the period. Fosun International Ltd acquired a new position in shares of Schlumberger in the 3rd quarter valued at $1,847,000. Greylin Investment Mangement Inc. acquired a new position in shares of Schlumberger in the 3rd quarter valued at $7,963,000. Precocity Capital LP increased its position in shares of Schlumberger by 20.0% in the 2nd quarter. Precocity Capital LP now owns 60,000 shares of the oil and gas company’s stock valued at $4,022,000 after acquiring an additional 10,000 shares during the period. Finally, Sound Shore Management Inc. CT acquired a new position in shares of Schlumberger in the 3rd quarter valued at $61,845,000. 77.71% of the stock is currently owned by hedge funds and other institutional investors.
In other news, CFO Simon Ayat sold 60,000 shares of the firm’s stock in a transaction dated Tuesday, October 30th. The stock was sold at an average price of $56.60, for a total transaction of $3,396,000.00. Following the sale, the chief financial officer now directly owns 234,008 shares in the company, valued at approximately $13,244,852.80. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.48% of the stock is owned by company insiders.
Schlumberger (NYSE:SLB) last posted its earnings results on Friday, October 19th. The oil and gas company reported $0.46 EPS for the quarter, beating the Zacks’ consensus estimate of $0.45 by $0.01. Schlumberger had a positive return on equity of 6.55% and a negative net margin of 2.00%. The firm had revenue of $8.50 billion for the quarter, compared to analysts’ expectations of $8.57 billion. During the same period last year, the firm earned $0.42 EPS. The company’s quarterly revenue was up 7.6% on a year-over-year basis. As a group, analysts expect that Schlumberger Limited. will post 1.65 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Wednesday, January 2nd. Stockholders of record on Wednesday, December 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.29%. The ex-dividend date of this dividend is Tuesday, December 4th. Schlumberger’s dividend payout ratio (DPR) is presently 133.33%.
Several brokerages have weighed in on SLB. UBS Group cut their price target on Schlumberger from $92.00 to $75.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. Citigroup cut their price target on Schlumberger from $77.00 to $72.00 and set a “buy” rating on the stock in a research report on Monday, October 22nd. Bank of America began coverage on Schlumberger in a research report on Wednesday, October 17th. They set a “buy” rating on the stock. Jefferies Financial Group cut their price target on Schlumberger from $80.00 to $75.00 and set a “buy” rating on the stock in a research report on Wednesday, September 26th. Finally, HSBC raised Schlumberger from a “hold” rating to a “buy” rating in a research report on Monday, November 26th. One research analyst has rated the stock with a sell rating, eight have given a hold rating and seventeen have given a buy rating to the company. The stock has an average rating of “Buy” and an average target price of $72.47.
Schlumberger Company Profile
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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