Concord Wealth Partners Takes Position in Schlumberger Limited (NYSE:SLB)

Posted by Defense World Staff on Apr 15th, 2023

Concord Wealth Partners purchased a new position in shares of Schlumberger Limited (NYSE:SLB – Get Rating) during the 4th quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm purchased 618 shares of the oil and gas company’s stock, valued at approximately $33,000.

A number of other hedge funds have also added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in shares of Schlumberger by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 123,210,874 shares of the oil and gas company’s stock valued at $4,423,270,000 after purchasing an additional 1,393,060 shares in the last quarter. State Street Corp lifted its position in shares of Schlumberger by 1.7% during the 3rd quarter. State Street Corp now owns 91,245,791 shares of the oil and gas company’s stock worth $3,291,135,000 after buying an additional 1,537,620 shares during the last quarter. Boston Partners boosted its stake in Schlumberger by 0.6% in the third quarter. Boston Partners now owns 23,838,602 shares of the oil and gas company’s stock valued at $863,324,000 after buying an additional 135,486 shares in the last quarter. Fisher Asset Management LLC grew its position in Schlumberger by 0.8% in the third quarter. Fisher Asset Management LLC now owns 18,967,114 shares of the oil and gas company’s stock valued at $680,919,000 after acquiring an additional 157,701 shares during the last quarter. Finally, Bank of New York Mellon Corp raised its stake in Schlumberger by 13.2% during the third quarter. Bank of New York Mellon Corp now owns 17,703,200 shares of the oil and gas company’s stock worth $635,545,000 after acquiring an additional 2,058,147 shares in the last quarter. 80.22% of the stock is owned by institutional investors.

Analysts Set New Price Targets

Several brokerages recently issued reports on SLB. Griffin Securities reaffirmed a “buy” rating on shares of Schlumberger in a report on Monday, January 16th. Barclays boosted their target price on shares of Schlumberger from $62.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 25th. The Goldman Sachs Group increased their price target on Schlumberger from $58.00 to $65.00 and gave the company a “buy” rating in a research note on Monday, January 30th. Wolfe Research cut Schlumberger from an “outperform” rating to a “peer perform” rating in a report on Thursday, January 12th. Finally, Susquehanna cut their price target on Schlumberger from $68.00 to $65.00 in a research note on Monday, April 3rd. Two equities research analysts have rated the stock with a hold rating and fifteen have given a buy rating to the stock. Based on data from MarketBeat, Schlumberger presently has an average rating of “Moderate Buy” and an average price target of $64.07.

Insiders Place Their Bets

In related news, CFO Stephane Biguet sold 6,250 shares of the business’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $44.77, for a total transaction of $279,812.50. Following the transaction, the chief financial officer now owns 219,765 shares in the company, valued at approximately $9,838,879.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other Schlumberger news, CFO Stephane Biguet sold 6,250 shares of the firm’s stock in a transaction on Monday, March 20th. The shares were sold at an average price of $44.77, for a total value of $279,812.50. Following the completion of the sale, the chief financial officer now directly owns 219,765 shares in the company, valued at $9,838,879.05. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, Director Vijay Kasibhatla sold 16,000 shares of the company’s stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $55.99, for a total transaction of $895,840.00. Following the transaction, the director now owns 49,378 shares in the company, valued at approximately $2,764,674.22. The disclosure for this sale can be found here. In the last three months, insiders have sold 265,453 shares of company stock worth $14,955,915. Corporate insiders own 0.23% of the company’s stock.

Schlumberger Stock Up 1.1 %

Schlumberger stock opened at $52.48 on Friday. The firm has a 50 day moving average price of $51.50 and a two-hundred day moving average price of $51.04. The company has a debt-to-equity ratio of 0.59, a quick ratio of 0.92 and a current ratio of 1.25. 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 $74.95 billion, a price-to-earnings ratio of 21.87, a PEG ratio of 0.45 and a beta of 1.76.

Schlumberger (NYSE:SLB – Get Rating) last issued its quarterly earnings results 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 analysts’ expectations of $7.80 billion. Schlumberger had a net margin of 12.25% and a return on equity of 18.51%. The business’s quarterly revenue was up 26.6% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.41 earnings per share. Equities analysts predict that Schlumberger Limited will post 3.02 EPS for the current year.

Schlumberger Increases Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, April 6th. Shareholders of record on Wednesday, February 8th were paid a $0.25 dividend. The ex-dividend date was Tuesday, February 7th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.18. This represents a $1.00 annualized dividend and a yield of 1.91%. Schlumberger’s payout ratio is 41.67%.

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).