Griffin Asset Management Inc. increased its position in shares of Schlumberger Limited. (NYSE:SLB) by 18.8% during the 2nd quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 113,374 shares of the oil and gas company’s stock after buying an additional 17,904 shares during the quarter. Schlumberger comprises approximately 1.4% of Griffin Asset Management Inc.’s portfolio, making the stock its 15th largest position. Griffin Asset Management Inc.’s holdings in Schlumberger were worth $7,599,000 at the end of the most recent quarter.
Several other hedge funds have also recently added to or reduced their stakes in SLB. Fisher Asset Management LLC raised its position in shares of Schlumberger by 21,872.1% during the 1st quarter. Fisher Asset Management LLC now owns 5,868,964 shares of the oil and gas company’s stock valued at $380,192,000 after buying an additional 5,842,253 shares during the period. Summit Trail Advisors LLC raised its position in Schlumberger by 6,833.5% in the first quarter. Summit Trail Advisors LLC now owns 3,457,055 shares of the oil and gas company’s stock valued at $3,457,000 after purchasing an additional 3,407,195 shares during the period. Bank of New York Mellon Corp raised its position in Schlumberger by 8.0% in the second quarter. Bank of New York Mellon Corp now owns 29,461,493 shares of the oil and gas company’s stock valued at $1,974,805,000 after purchasing an additional 2,188,823 shares during the period. Ceredex Value Advisors LLC purchased a new stake in Schlumberger in the first quarter valued at approximately $72,450,000. Finally, Sustainable Growth Advisers LP raised its position in Schlumberger by 19.0% in the first quarter. Sustainable Growth Advisers LP now owns 4,895,144 shares of the oil and gas company’s stock valued at $317,107,000 after purchasing an additional 781,606 shares during the period. 78.45% of the stock is currently owned by hedge funds and other institutional investors.
In related news, Director Michael E. Marks acquired 8,000 shares of the business’s stock in a transaction dated Thursday, September 6th. The shares were acquired at an average price of $60.31 per share, with a total value of $482,480.00. The acquisition was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. 0.48% of the stock is currently owned by corporate insiders.
Schlumberger (NYSE:SLB) last posted its quarterly earnings data on Friday, July 20th. The oil and gas company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.42 by $0.01. Schlumberger had a positive return on equity of 6.25% and a negative net margin of 2.34%. The business had revenue of $8.30 billion for the quarter, compared to analyst estimates of $8.35 billion. During the same quarter in the prior year, the company earned $0.35 earnings per share. The company’s revenue was up 11.3% on a year-over-year basis. analysts predict that Schlumberger Limited. will post 1.82 EPS for the current year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Wednesday, September 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 3.27%. The ex-dividend date is Tuesday, September 4th. Schlumberger’s dividend payout ratio is currently 133.33%.
A number of analysts have issued reports on the company. Stifel Nicolaus assumed coverage on Schlumberger in a research report on Monday, September 10th. They issued a “hold” rating and a $69.00 target price on the stock. ValuEngine lowered Schlumberger from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Jefferies Financial Group set a $80.00 target price on Schlumberger and gave the company a “buy” rating in a research report on Monday, July 23rd. Seaport Global Securities set a $72.00 target price on Schlumberger and gave the company a “buy” rating in a research report on Monday, July 23rd. Finally, Citigroup cut their target price on Schlumberger from $78.00 to $77.00 and set a “buy” rating on the stock in a research report on Monday, July 23rd. One investment analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have given a buy rating to the stock. Schlumberger currently has a consensus rating of “Buy” and an average price target of $79.57.
Schlumberger Limited supplies technology products and services to the oil and gas exploration and production industry worldwide. The company's Reservoir Characterization Group segment provides reservoir interpretation and data processing services; open and cased-hole services; slickline services; exploration and production pressure and flow-rate measurement services at the surface and downhole; software integrated solutions, such as software, consulting, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; and petrotechnical data services and training solutions, as well as integrated management services.
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