Holderness Investments Co. Cuts Stock Position in Schlumberger Limited (NYSE:SLB)

Holderness Investments Co. trimmed its stake in shares of Schlumberger Limited (NYSE:SLB) by 2.6% during the 2nd quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 12,502 shares of the oil and gas company’s stock after selling 333 shares during the period. Holderness Investments Co.’s holdings in Schlumberger were worth $590,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SLB. Register Financial Advisors LLC acquired a new stake in Schlumberger in the 1st quarter worth about $27,000. Bruce G. Allen Investments LLC boosted its stake in shares of Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 392 shares during the last quarter. Unique Wealth Strategies LLC purchased a new stake in shares of Schlumberger during the second quarter worth approximately $30,000. Manchester Capital Management LLC raised its stake in Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 426 shares during the last quarter. Finally, Riverview Trust Co lifted its holdings in Schlumberger by 90.6% in the 2nd quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 308 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Insider Activity at Schlumberger

In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the sale, the executive vice president now owns 247,699 shares in the company, valued at approximately $12,432,012.81. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the completion of the transaction, the director now owns 62,354 shares in the company, valued at approximately $3,073,428.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The disclosure for this sale can be found here. Over the last three months, insiders sold 180,716 shares of company stock worth $9,048,624. Company insiders own 0.26% of the company’s stock.

Schlumberger Stock Performance

Shares of SLB stock opened at $42.41 on Friday. The firm’s 50 day moving average price is $44.48 and its 200-day moving average price is $47.38. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. Schlumberger Limited has a one year low of $38.66 and a one year high of $61.41. The firm has a market cap of $60.22 billion, a P/E ratio of 14.09, a P/E/G ratio of 0.86 and a beta of 1.51.

Schlumberger (NYSE:SLB) last posted its earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.83 by $0.02. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. Schlumberger’s revenue was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, equities research analysts predict that Schlumberger Limited will post 3.49 EPS for the current year.

Schlumberger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.59%. Schlumberger’s dividend payout ratio (DPR) is 36.54%.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SLB. Piper Sandler decreased their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Susquehanna decreased their target price on shares of Schlumberger from $77.00 to $70.00 and set a “positive” rating on the stock in a research note on Thursday, July 11th. Barclays cut their price target on Schlumberger from $70.00 to $67.00 and set an “overweight” rating for the company in a report on Tuesday, July 23rd. Benchmark reissued a “buy” rating and set a $68.00 price objective on shares of Schlumberger in a research note on Monday, July 22nd. Finally, Citigroup cut their target price on Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Two analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company’s stock. Based on data from MarketBeat, Schlumberger presently has an average rating of “Moderate Buy” and a consensus price target of $66.29.

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.