AE Wealth Management LLC Trims Holdings in Schlumberger Limited (NYSE:SLB)

Posted by on Jun 29th, 2023

AE Wealth Management LLC cut its position in shares of Schlumberger Limited (NYSE:SLB – Free Report) by 5.2% in the first quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 135,840 shares of the oil and gas company’s stock after selling 7,385 shares during the quarter. AE Wealth Management LLC’s holdings in Schlumberger were worth $6,670,000 at the end of the most recent quarter.

A number of other institutional investors have also modified their holdings of the company. Acadian Asset Management LLC purchased a new position in Schlumberger during the first quarter worth about $25,000. Cetera Investment Advisers increased its position in Schlumberger by 35.3% during the first quarter. Cetera Investment Advisers now owns 39,287 shares of the oil and gas company’s stock worth $1,623,000 after purchasing an additional 10,240 shares during the last quarter. Dakota Wealth Management acquired a new position in shares of Schlumberger in the 1st quarter valued at $232,000. Sequoia Financial Advisors LLC purchased a new stake in shares of Schlumberger during the 1st quarter valued at $419,000. Finally, Baird Financial Group Inc. increased its position in Schlumberger by 2.9% during the 1st quarter. Baird Financial Group Inc. now owns 112,003 shares of the oil and gas company’s stock worth $4,627,000 after purchasing an additional 3,209 shares in the last quarter. Institutional investors and hedge funds own 82.46% of the company’s stock.

Insider Transactions at Schlumberger

In other Schlumberger news, CFO Stephane Biguet sold 6,250 shares of the business’s stock in a transaction dated Monday, June 26th. The shares were sold at an average price of $46.67, for a total transaction of $291,687.50. Following the completion of the transaction, the chief financial officer now directly owns 201,015 shares of the company’s stock, valued at approximately $9,381,370.05. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. Over the last quarter, insiders sold 18,750 shares of company stock worth $874,563. Insiders own 0.23% of the company’s stock.

Analyst Upgrades and Downgrades

SLB has been the topic of several recent research reports. Capital One Financial initiated coverage on shares of Schlumberger in a report on Wednesday, June 7th. They set an “overweight” rating and a $63.00 target price on the stock. StockNews.com assumed coverage on Schlumberger in a report on Thursday, May 18th. They set a “hold” rating on the stock. Susquehanna lowered their price objective on shares of Schlumberger from $68.00 to $65.00 in a research report on Monday, April 3rd. Raymond James boosted their target price on shares of Schlumberger from $64.00 to $65.00 in a research report on Monday, April 24th. Finally, UBS Group raised shares of Schlumberger from a “neutral” rating to a “buy” rating and raised their price target for the company from $48.00 to $66.00 in a report on Tuesday, April 18th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $64.44.

Schlumberger Stock Up 1.0 %

SLB stock opened at $48.61 on Thursday. The firm has a fifty day moving average price of $46.67 and a two-hundred day moving average price of $50.58. The company has a debt-to-equity ratio of 0.58, a current ratio of 1.26 and a quick ratio of 0.91. Schlumberger Limited has a 1-year low of $30.65 and a 1-year high of $62.78. The firm has a market cap of $69.03 billion, a price-to-earnings ratio of 18.07, a PEG ratio of 0.54 and a beta of 1.77.

Schlumberger (NYSE:SLB – Free Report) last issued its earnings results on Friday, April 21st. The oil and gas company reported $0.63 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.61 by $0.02. The firm had revenue of $7.74 billion for the quarter, compared to analysts’ expectations of $7.46 billion. Schlumberger had a net margin of 12.94% and a return on equity of 20.16%. Schlumberger’s revenue was up 29.8% on a year-over-year basis. During the same quarter last year, the company posted $0.34 earnings per share. Research analysts predict that Schlumberger Limited will post 3.01 EPS for the current year.

Schlumberger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 13th. Stockholders of record on Wednesday, June 7th will be issued a dividend of $0.25 per share. This represents a $1.00 annualized dividend and a dividend yield of 2.06%. The ex-dividend date is Tuesday, June 6th. Schlumberger’s dividend payout ratio (DPR) is 37.17%.

Schlumberger Company Profile

(Free Report)

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.

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Institutional Ownership by Quarter for Schlumberger (NYSE:SLB)

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