Summit Financial LLC Grows Stock Position in Schlumberger Limited (NYSE:SLB)

Summit Financial LLC grew its position in shares of Schlumberger Limited (NYSE:SLB) by 52.0% during the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 29,723 shares of the oil and gas company’s stock after buying an additional 10,173 shares during the period. Summit Financial LLC’s holdings in Schlumberger were worth $1,147,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. CX Institutional lifted its holdings in Schlumberger by 2.4% during the fourth quarter. CX Institutional now owns 10,370 shares of the oil and gas company’s stock valued at $398,000 after purchasing an additional 244 shares during the last quarter. TCW Group Inc. raised its position in shares of Schlumberger by 1.3% in the fourth quarter. TCW Group Inc. now owns 19,797 shares of the oil and gas company’s stock valued at $759,000 after purchasing an additional 259 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its stake in shares of Schlumberger by 0.5% during the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 56,714 shares of the oil and gas company’s stock valued at $2,174,000 after buying an additional 262 shares in the last quarter. Cromwell Holdings LLC boosted its holdings in Schlumberger by 7.0% in the 4th quarter. Cromwell Holdings LLC now owns 4,350 shares of the oil and gas company’s stock worth $167,000 after buying an additional 283 shares during the period. Finally, Mitchell Mcleod Pugh & Williams Inc. grew its stake in Schlumberger by 2.0% in the 4th quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 14,775 shares of the oil and gas company’s stock valued at $566,000 after buying an additional 293 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Insiders Place Their Bets

In other news, Director Vijay Kasibhatla sold 25,000 shares of Schlumberger stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $43.94, for a total value of $1,098,500.00. Following the transaction, the director now owns 49,595 shares in the company, valued at approximately $2,179,204.30. The trade was a 33.51 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mogharbel Khaled Al sold 123,097 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $44.09, for a total value of $5,427,346.73. Following the sale, the executive vice president now owns 184,626 shares of the company’s stock, valued at $8,140,160.34. This represents a 40.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 315,905 shares of company stock valued at $13,609,283 over the last three months. Insiders own 0.26% of the company’s stock.

Schlumberger Trading Up 0.8 %

Shares of SLB stock opened at $42.11 on Wednesday. The company has a quick ratio of 1.11, a current ratio of 1.45 and a debt-to-equity ratio of 0.49. The firm has a market cap of $57.27 billion, a P/E ratio of 13.54, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47. The business has a 50-day moving average price of $41.22 and a two-hundred day moving average price of $41.50. Schlumberger Limited has a 12-month low of $36.52 and a 12-month high of $55.65.

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

Schlumberger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Investors of record on Wednesday, February 5th will be given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.71%. The ex-dividend date of this dividend is Wednesday, February 5th. This is a boost from Schlumberger’s previous quarterly dividend of $0.28. Schlumberger’s dividend payout ratio (DPR) is presently 36.66%.

Wall Street Analyst Weigh In

Several equities research analysts have issued reports on the company. Barclays dropped their target price on Schlumberger from $54.00 to $53.00 and set an “overweight” rating on the stock in a research report on Monday. Atb Cap Markets cut Schlumberger from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Griffin Securities lowered Schlumberger from a “buy” rating to a “neutral” rating in a report on Friday, December 20th. Royal Bank of Canada reissued an “outperform” rating and issued a $57.00 price target on shares of Schlumberger in a report on Tuesday, January 21st. Finally, Jefferies Financial Group cut their price objective on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Thursday, March 27th. Six investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.69.

About Schlumberger

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.