Raymond James & Associates Sells 89,727 Shares of Schlumberger Limited (NYSE:SLB)

Posted by Defense World Staff on Jun 27th, 2023

Raymond James & Associates lowered its position in shares of Schlumberger Limited (NYSE:SLB – Get Rating) by 6.3% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 1,340,434 shares of the oil and gas company’s stock after selling 89,727 shares during the quarter. Raymond James & Associates owned about 0.09% of Schlumberger worth $65,815,000 as of its most recent SEC filing.

Other institutional investors have also bought and sold shares of the company. Delta Asset Management LLC TN bought a new stake in Schlumberger during the fourth quarter valued at $26,000. Heritage Wealth Management LLC boosted its position in Schlumberger by 172.3% during the fourth quarter. Heritage Wealth Management LLC now owns 482 shares of the oil and gas company’s stock valued at $26,000 after acquiring an additional 305 shares during the last quarter. Concord Wealth Partners bought a new stake in Schlumberger during the fourth quarter valued at $33,000. Acadian Asset Management LLC bought a new stake in Schlumberger during the first quarter valued at $25,000. Finally, Legacy Bridge LLC raised its holdings in shares of Schlumberger by 238.0% during the fourth quarter. Legacy Bridge LLC now owns 649 shares of the oil and gas company’s stock valued at $35,000 after purchasing an additional 457 shares during the period. Institutional investors own 82.46% of the company’s stock.

Insider Buying and Selling

In related news, CFO Stephane Biguet sold 6,250 shares of the firm’s stock in a transaction that occurred on Tuesday, May 30th. The shares were sold at an average price of $43.70, for a total value of $273,125.00. Following the completion of the transaction, the chief financial officer now directly owns 207,265 shares of the company’s stock, valued at approximately $9,057,480.50. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this link. 0.23% of the stock is owned by insiders.

Schlumberger Stock Up 1.7 %

Schlumberger stock opened at $47.36 on Tuesday. Schlumberger Limited has a twelve month low of $30.65 and a twelve month high of $62.78. The firm has a 50 day moving average price of $46.83 and a 200-day moving average price of $50.59. The company has a market capitalization of $67.26 billion, a P/E ratio of 17.61, a P/E/G ratio of 0.53 and a beta of 1.77. The company has a quick ratio of 0.91, a current ratio of 1.26 and a debt-to-equity ratio of 0.58.

Schlumberger (NYSE:SLB – Get Rating) last released its earnings results on Friday, April 21st. The oil and gas company reported $0.63 earnings per share for the quarter, beating analysts’ consensus estimates of $0.61 by $0.02. Schlumberger had a net margin of 12.94% and a return on equity of 20.16%. The firm had revenue of $7.74 billion during the quarter, compared to the consensus estimate of $7.46 billion. During the same period in the prior year, the firm earned $0.34 EPS. The company’s revenue was up 29.8% compared to the same quarter last year. As a group, equities analysts predict that Schlumberger Limited will post 3.01 EPS for the current year.

Schlumberger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 13th. Stockholders of record on Wednesday, June 7th will be given a dividend of $0.25 per share. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.11%. The ex-dividend date is Tuesday, June 6th. Schlumberger’s dividend payout ratio is currently 37.17%.

Analyst Ratings Changes

Several equities analysts have recently weighed in on the stock. Morgan Stanley upped their price objective on shares of Schlumberger from $55.00 to $60.00 in a report on Tuesday, April 18th. Raymond James upped their price objective on shares of Schlumberger from $64.00 to $65.00 in a report on Monday, April 24th. UBS Group upgraded shares of Schlumberger from a “neutral” rating to a “buy” rating and upped their price objective for the company from $48.00 to $66.00 in a report on Tuesday, April 18th. Capital One Financial assumed coverage on shares of Schlumberger in a report on Wednesday, June 7th. They set an “overweight” rating and a $63.00 price objective on the stock. Finally, Susquehanna dropped their price objective on shares of Schlumberger from $68.00 to $65.00 in a report on Monday, April 3rd. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat.com, the stock has a consensus rating of “Moderate Buy” and an average target price of $64.44.

About Schlumberger

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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, integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.