New York State Teachers Retirement System Lowers Holdings in Schlumberger Limited (NYSE:SLB)

Posted by Defense World Staff on Apr 10th, 2023

New York State Teachers Retirement System cut its stake in Schlumberger Limited (NYSE:SLB – Get Rating) by 1.3% in the fourth quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm owned 1,466,231 shares of the oil and gas company’s stock after selling 19,200 shares during the quarter. New York State Teachers Retirement System owned approximately 0.10% of Schlumberger worth $78,385,000 at the end of the most recent reporting period.

Several other large investors have also recently made changes to their positions in the company. Acadian Asset Management LLC purchased a new position in shares of Schlumberger during the 1st quarter valued at approximately $25,000. Clearview Wealth Advisors LLC lifted its position in shares of Schlumberger by 1,346.0% in the third quarter. Clearview Wealth Advisors LLC now owns 723 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 673 shares in the last quarter. James Investment Research Inc. acquired a new position in Schlumberger in the 3rd quarter valued at $28,000. SRS Capital Advisors Inc. lifted its holdings in Schlumberger by 216.0% in the 2nd quarter. SRS Capital Advisors Inc. now owns 809 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 553 shares in the last quarter. Finally, Massmutual Trust Co. FSB ADV boosted its stake in Schlumberger by 59.7% during the 3rd quarter. Massmutual Trust Co. FSB ADV now owns 928 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 347 shares during the last quarter. 80.22% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analyst Weigh In

SLB has been the topic of several research reports. Benchmark began coverage on shares of Schlumberger in a research note on Thursday, January 19th. They issued a “buy” rating and a $65.00 price target on the stock. StockNews.com initiated coverage on Schlumberger in a report on Thursday, March 16th. They issued a “hold” rating for the company. HSBC upped their target price on Schlumberger from $56.80 to $75.00 and gave the company a “buy” rating in a report on Monday, January 30th. Griffin Securities reiterated a “buy” rating on shares of Schlumberger in a report on Monday, January 16th. Finally, Barclays upped their price objective on shares of Schlumberger from $62.00 to $74.00 and gave the company an “overweight” rating in a report on Wednesday, January 25th. Two analysts have rated the stock with a hold rating and fifteen have given a buy rating to the company. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $64.07.

Schlumberger Price Performance

Schlumberger stock opened at $49.62 on Monday. The company’s 50 day moving average is $51.83 and its two-hundred day moving average is $50.70. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.59. Schlumberger Limited has a 52-week low of $30.65 and a 52-week high of $62.78. The firm has a market cap of $70.87 billion, a PE ratio of 20.68, a price-to-earnings-growth ratio of 0.43 and a beta of 1.76.

Schlumberger (NYSE:SLB – Get Rating) last announced 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 company had revenue of $7.88 billion for the quarter, compared to the consensus estimate of $7.80 billion. Schlumberger had a net margin of 12.25% and a return on equity of 18.51%. The company’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.41 EPS. On average, research analysts expect that Schlumberger Limited will post 3.02 EPS for the current fiscal year.

Schlumberger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Investors of record on Wednesday, February 8th were given a $0.25 dividend. This is an increase from Schlumberger’s previous quarterly dividend of $0.18. The ex-dividend date was Tuesday, February 7th. This represents a $1.00 annualized dividend and a yield of 2.02%. Schlumberger’s dividend payout ratio is 41.67%.

Insiders Place Their Bets

In other Schlumberger news, CAO Howard Guild sold 33,063 shares of the company’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 transaction of $1,884,260.37. Following the completion of the sale, the chief accounting officer now directly owns 35,994 shares of the company’s stock, valued at approximately $2,051,298.06. The transaction was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. In other news, EVP Abdellah Merad sold 70,000 shares of the business’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $57.20, for a total transaction of $4,004,000.00. Following the transaction, the executive vice president now directly owns 204,357 shares in the company, valued at $11,689,220.40. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, CAO Howard Guild sold 33,063 shares of the firm’s stock in a transaction dated Monday, January 23rd. The shares were sold at an average price of $56.99, for a total transaction of $1,884,260.37. Following the completion of the sale, the chief accounting officer now owns 35,994 shares of the company’s stock, valued at approximately $2,051,298.06. The disclosure for this sale can be found here. In the last three months, insiders have sold 265,453 shares of company stock valued at $14,955,915. Insiders own 0.23% of the company’s stock.

About Schlumberger

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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).