BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp Acquires 101,468 Shares of Schlumberger Limited (NYSE:SLB)

BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp boosted its stake in Schlumberger Limited (NYSE:SLB) by 59.3% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 272,553 shares of the oil and gas company’s stock after buying an additional 101,468 shares during the period. BRITISH COLUMBIA INVESTMENT MANAGEMENT Corp’s holdings in Schlumberger were worth $12,859,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Register Financial Advisors LLC bought a new stake in shares of Schlumberger in the first quarter valued at about $27,000. Manchester Capital Management LLC boosted its holdings 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 period. Bruce G. Allen Investments LLC increased its holdings in shares of Schlumberger by 204.2% during the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 392 shares during the period. Transcendent Capital Group LLC acquired a new stake in shares of Schlumberger in the fourth quarter valued at approximately $32,000. Finally, Unique Wealth Strategies LLC acquired a new stake in shares of Schlumberger in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have commented on SLB. Piper Sandler lowered their price objective on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Citigroup decreased their price target on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. TD Cowen upped their price objective on shares of Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Benchmark reissued a “buy” rating and issued a $68.00 target price on shares of Schlumberger in a report on Monday, July 22nd. Finally, Susquehanna cut their price target on shares of Schlumberger from $77.00 to $70.00 and set a “positive” rating for the company in a report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $66.29.

Insider Activity

In related news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger 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 transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the 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 completion of the sale, the executive vice president now directly 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 accessible through this hyperlink. Also, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.29, for a total value of $492,900.00. Following the completion of the transaction, the director now directly owns 62,354 shares in the company, valued at $3,073,428.66. The disclosure for this sale can be found here. In the last three months, insiders have sold 180,716 shares of company stock valued at $9,048,624. 0.26% of the stock is currently owned by insiders.

Schlumberger Stock Performance

NYSE SLB opened at $42.98 on Wednesday. The company has a market capitalization of $61.02 billion, a price-to-earnings ratio of 14.28, a PEG ratio of 0.92 and a beta of 1.51. Schlumberger Limited has a twelve month low of $38.66 and a twelve month high of $61.41. The stock has a fifty day simple moving average of $44.27 and a 200 day simple moving average of $47.26. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.55.

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

Schlumberger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.56%. Schlumberger’s dividend payout ratio (DPR) is currently 36.54%.

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.