KLP Kapitalforvaltning AS Acquires New Shares in Schlumberger Limited (NYSE:SLB)

KLP Kapitalforvaltning AS purchased a new position in shares of Schlumberger Limited (NYSE:SLB) during the fourth quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor purchased 571,726 shares of the oil and gas company’s stock, valued at approximately $22,075,000.

A number of other large investors also recently added to or reduced their stakes in SLB. Pathstone Holdings LLC lifted its stake in Schlumberger by 3.6% during the third quarter. Pathstone Holdings LLC now owns 148,635 shares of the oil and gas company’s stock worth $6,240,000 after purchasing an additional 5,105 shares in the last quarter. Prospera Private Wealth LLC acquired a new stake in shares of Schlumberger in the third quarter valued at $29,000. Commerce Bank raised its stake in shares of Schlumberger by 1.5% in the third quarter. Commerce Bank now owns 64,605 shares of the oil and gas company’s stock valued at $2,710,000 after acquiring an additional 958 shares in the last quarter. Landscape Capital Management L.L.C. acquired a new stake in shares of Schlumberger in the third quarter valued at $680,000. Finally, Charles Schwab Investment Management Inc. raised its stake in shares of Schlumberger by 0.4% in the third quarter. Charles Schwab Investment Management Inc. now owns 7,990,797 shares of the oil and gas company’s stock valued at $335,214,000 after acquiring an additional 31,718 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Stock Performance

Shares of SLB stock opened at $41.09 on Friday. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.11 and a current ratio of 1.45. Schlumberger Limited has a 1 year low of $36.52 and a 1 year high of $55.69. The stock’s 50-day moving average is $41.18 and its two-hundred day moving average is $41.41. The firm has a market cap of $55.87 billion, a price-to-earnings ratio of 13.21, a PEG ratio of 10.10 and a beta of 1.47.

Schlumberger (NYSE:SLB) last released its quarterly earnings results on Friday, January 17th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.90 by $0.02. Schlumberger had a return on equity of 21.90% and a net margin of 12.29%. The firm had revenue of $9.28 billion for the quarter, compared to analyst estimates of $9.24 billion. During the same quarter last year, the company posted $0.86 earnings per share. The business’s revenue was up 3.3% on a year-over-year basis. Analysts predict that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Wednesday, February 5th will be issued a dividend of $0.285 per share. The ex-dividend date is Wednesday, February 5th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.77%. This is a positive change from Schlumberger’s previous quarterly dividend of $0.28. Schlumberger’s dividend payout ratio (DPR) is currently 36.66%.

Insider Buying and Selling

In other news, Director Vijay Kasibhatla sold 25,000 shares of Schlumberger stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $43.94, for a total transaction of $1,098,500.00. Following the completion of the sale, the director now directly owns 49,595 shares in the company, valued at approximately $2,179,204.30. This trade represents a 33.51 % decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, insider Gavin Rennick sold 26,990 shares of the firm’s stock in a transaction that occurred on Wednesday, February 26th. The stock was sold at an average price of $40.92, for a total transaction of $1,104,430.80. Following the transaction, the insider now directly owns 53,584 shares of the company’s stock, valued at approximately $2,192,657.28. This trade represents a 33.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 290,772 shares of company stock valued at $12,546,660 over the last quarter. 0.26% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

Several analysts have recently issued reports on the company. Griffin Securities cut Schlumberger from a “buy” rating to a “neutral” rating in a research note on Friday, December 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $57.00 target price on shares of Schlumberger in a report on Tuesday, January 21st. Citigroup increased their target price on Schlumberger from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Evercore ISI reissued an “in-line” rating and issued a $44.00 target price (down previously from $62.00) on shares of Schlumberger in a report on Wednesday, January 15th. Finally, JPMorgan Chase & Co. increased their target price on Schlumberger from $48.00 to $50.00 and gave the company an “overweight” rating in a report on Tuesday, January 21st. Six investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average target price of $55.81.

Schlumberger Company 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.