Blume Capital Management Inc. cut its holdings in shares of Schlumberger Limited. (NYSE:SLB) by 11.1% during the 3rd quarter, HoldingsChannel reports. The fund owned 98,608 shares of the oil and gas company’s stock after selling 12,350 shares during the period. Schlumberger accounts for approximately 3.1% of Blume Capital Management Inc.’s portfolio, making the stock its 12th biggest position. Blume Capital Management Inc.’s holdings in Schlumberger were worth $6,007,000 as of its most recent SEC filing.
A number of other hedge funds have also bought and sold shares of SLB. Bank of New York Mellon Corp raised its stake in shares of Schlumberger by 8.0% in the 2nd 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. American Century Companies Inc. raised its stake in shares of Schlumberger by 20.1% in the 3rd quarter. American Century Companies Inc. now owns 10,218,188 shares of the oil and gas company’s stock valued at $622,492,000 after purchasing an additional 1,707,050 shares during the period. Fisher Asset Management LLC raised its stake in shares of Schlumberger by 6.2% in the 3rd quarter. Fisher Asset Management LLC now owns 6,576,688 shares of the oil and gas company’s stock valued at $400,652,000 after purchasing an additional 385,816 shares during the period. Schwab Charles Investment Management Inc. raised its stake in shares of Schlumberger by 3.0% in the 2nd quarter. Schwab Charles Investment Management Inc. now owns 5,720,875 shares of the oil and gas company’s stock valued at $383,471,000 after purchasing an additional 164,182 shares during the period. Finally, Swiss National Bank raised its stake in shares of Schlumberger by 2.8% in the 2nd quarter. Swiss National Bank now owns 4,950,935 shares of the oil and gas company’s stock valued at $331,861,000 after purchasing an additional 133,900 shares during the period. Hedge funds and other institutional investors own 78.47% of the company’s stock.
SLB has been the topic of several recent research reports. ValuEngine downgraded Schlumberger from a “hold” rating to a “sell” rating in a research note on Monday, October 29th. Jefferies Financial Group dropped their price target on Schlumberger from $80.00 to $75.00 and set a “buy” rating on the stock in a research note on Wednesday, September 26th. Citigroup dropped their price target on Schlumberger from $77.00 to $72.00 and set a “buy” rating on the stock in a research note on Monday, October 22nd. Tudor Pickering downgraded Schlumberger from a “buy” rating to a “hold” rating in a research note on Tuesday, October 2nd. Finally, Bank of America began coverage on Schlumberger in a research note on Wednesday, October 17th. They issued a “buy” rating on the stock. Two research analysts have rated the stock with a sell rating, six have assigned a hold rating and seventeen have issued a buy rating to the company. Schlumberger currently has a consensus rating of “Buy” and a consensus price target of $76.84.
Schlumberger (NYSE:SLB) last released its earnings results on Friday, October 19th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The business had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.57 billion. Schlumberger had a positive return on equity of 6.55% and a negative net margin of 2.00%. Schlumberger’s quarterly revenue was up 7.6% on a year-over-year basis. During the same quarter in the previous year, the business earned $0.42 earnings per share. On average, analysts anticipate that Schlumberger Limited. will post 1.69 earnings per share for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Shareholders of record on Wednesday, December 5th will be given a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 3.97%. The ex-dividend date of this dividend is Tuesday, December 4th. Schlumberger’s dividend payout ratio (DPR) is presently 133.33%.
In other Schlumberger news, CFO Simon Ayat sold 60,000 shares of the business’s stock in a transaction that occurred on Tuesday, October 30th. The stock was sold at an average price of $56.60, for a total transaction of $3,396,000.00. Following the transaction, the chief financial officer now owns 234,008 shares of the company’s stock, valued at $13,244,852.80. The sale was disclosed in a document filed with the SEC, which is available through this link. Also, Director Michael E. Marks purchased 8,000 shares of the stock in a transaction on Thursday, September 6th. The shares were acquired at an average cost of $60.31 per share, for a total transaction of $482,480.00. The disclosure for this purchase can be found here. 0.48% of the stock is owned by insiders.
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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