Industrial Alliance Investment Management Inc. boosted its position in shares of Schlumberger Limited (NYSE:SLB – Get Rating) by 50.6% in the 3rd quarter, according to its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 137,488 shares of the oil and gas company’s stock after buying an additional 46,170 shares during the quarter. Industrial Alliance Investment Management Inc.’s holdings in Schlumberger were worth $4,936,000 at the end of the most recent quarter.
Several other large investors have also bought and sold shares of SLB. Sawtooth Solutions LLC lifted its holdings in shares of Schlumberger by 3.3% during the third quarter. Sawtooth Solutions LLC now owns 12,150 shares of the oil and gas company’s stock valued at $436,000 after purchasing an additional 388 shares during the last quarter. Harel Insurance Investments & Financial Services Ltd. purchased a new stake in shares of Schlumberger during the third quarter valued at $180,000. Moody National Bank Trust Division lifted its holdings in shares of Schlumberger by 3.4% during the third quarter. Moody National Bank Trust Division now owns 29,675 shares of the oil and gas company’s stock valued at $1,065,000 after purchasing an additional 983 shares during the last quarter. Texas Permanent School Fund lifted its holdings in shares of Schlumberger by 7.2% during the third quarter. Texas Permanent School Fund now owns 200,127 shares of the oil and gas company’s stock valued at $7,185,000 after purchasing an additional 13,430 shares during the last quarter. Finally, Clarius Group LLC lifted its holdings in shares of Schlumberger by 11.7% during the third quarter. Clarius Group LLC now owns 13,509 shares of the oil and gas company’s stock valued at $485,000 after purchasing an additional 1,414 shares during the last quarter. Institutional investors own 80.22% of the company’s stock.
Wall Street Analyst Weigh In
Several equities research analysts have recently commented on the company. Barclays upped their target price on Schlumberger from $62.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, January 25th. Citigroup increased their price objective on Schlumberger from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, January 24th. Wolfe Research downgraded Schlumberger from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 12th. The Goldman Sachs Group increased their price objective on Schlumberger from $58.00 to $65.00 and gave the stock a “buy” rating in a research note on Monday, January 30th. Finally, HSBC increased their price objective on Schlumberger from $56.80 to $75.00 and gave the stock a “buy” rating in a research note on Monday, January 30th. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and an average price target of $62.38.
Schlumberger Stock Performance
Schlumberger (NYSE:SLB – Get Rating) last issued its quarterly earnings data on Friday, January 20th. The oil and gas company reported $0.71 EPS for the quarter, beating analysts’ consensus estimates of $0.69 by $0.02. The business had revenue of $7.88 billion for the quarter, compared to analyst estimates of $7.80 billion. Schlumberger had a return on equity of 18.51% and a net margin of 12.25%. The firm’s revenue for the quarter was up 26.6% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.41 EPS. As a group, equities research analysts expect that Schlumberger Limited will post 3.02 earnings per share for the current fiscal year.
Schlumberger Increases Dividend
The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Wednesday, February 8th will be issued a dividend of $0.25 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.18. The ex-dividend date is Tuesday, February 7th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. Schlumberger’s dividend payout ratio is currently 41.67%.
Insider Activity
In other news, CAO Howard Guild sold 33,063 shares of the stock in a transaction dated Monday, January 23rd. The stock was sold at an average price of $56.99, for a total transaction of $1,884,260.37. Following the transaction, the chief accounting officer now owns 35,994 shares of the company’s stock, valued at approximately $2,051,298.06. The sale was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. In other Schlumberger news, CAO Howard Guild sold 33,063 shares of the firm’s stock in a transaction that occurred on Monday, January 23rd. The stock was sold at an average price of $56.99, for a total value of $1,884,260.37. Following the sale, the chief accounting officer now owns 35,994 shares of the company’s stock, valued at approximately $2,051,298.06. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this link. Also, insider Gavin Rennick sold 20,000 shares of the firm’s stock in a transaction that occurred on Wednesday, March 8th. The shares were sold at an average price of $54.10, for a total value of $1,082,000.00. Following the completion of the sale, the insider now directly owns 64,393 shares in the company, valued at approximately $3,483,661.30. The disclosure for this sale can be found here. In the last quarter, insiders have sold 269,696 shares of company stock valued at $15,227,195. Insiders own 0.23% of the company’s stock.
About Schlumberger
Schlumberger NV engages in the provision of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. It operates through the following business segments: Digital and Integration, Reservoir Performance, Well Construction, and Production Systems. The Digital and Integration segment combines the company’s digital solutions and data products with its Asset Performance Solutions (APS).
Featured Articles
- Get a free copy of the StockNews.com research report on Schlumberger (SLB)
- Meta Platforms: Efficiency Gains Momentum, Stock Accelerates
- Pfizer’s Latest Acquisition Strengthens the Case for PFE Stock
- SentinelOne: Reversal In-Play For Cybersecurity Stocks
- Is Sportradar Group A Growth Stock To Bet On In 2023?
- Strong Guidance says Boeing is Ready for Takeoff
Want to see what other hedge funds are holding SLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schlumberger Limited (NYSE:SLB – Get Rating).
Receive News & Ratings for Schlumberger Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schlumberger and related companies with MarketBeat.com's FREE daily email newsletter.
