Los Angeles Capital Management LLC cut its stake in Schlumberger Limited (NYSE:SLB) by 6.3% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 599,244 shares of the oil and gas company’s stock after selling 40,055 shares during the period. Los Angeles Capital Management LLC’s holdings in Schlumberger were worth $16,293,000 at the end of the most recent reporting period.
Other institutional investors and hedge funds also recently modified their holdings of the company. Concord Wealth Partners acquired a new position in shares of Schlumberger in the 4th quarter worth approximately $26,000. Rosenberg Matthew Hamilton bought a new stake in Schlumberger during the 4th quarter worth approximately $27,000. Spirit of America Management Corp NY bought a new stake in Schlumberger during the 1st quarter worth approximately $27,000. Mcmillion Capital Management Inc. bought a new stake in Schlumberger during the 4th quarter worth approximately $28,000. Finally, Regent Peak Wealth Advisors LLC bought a new stake in Schlumberger during the 4th quarter worth approximately $29,000. 73.19% of the stock is owned by institutional investors and hedge funds.
A number of equities research analysts recently commented on the company. Credit Suisse Group increased their price target on Schlumberger from $21.50 to $25.00 and gave the stock a “neutral” rating in a research report on Tuesday, January 26th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell increased their price objective on Schlumberger from $34.00 to $35.00 and gave the company a “buy” rating in a research report on Monday, May 3rd. Argus increased their price objective on Schlumberger from $24.00 to $30.00 and gave the company a “buy” rating in a research report on Tuesday, January 26th. Bank of America upgraded Schlumberger from a “neutral” rating to a “buy” rating and increased their price objective for the company from $27.00 to $31.00 in a research report on Monday, January 25th. Finally, Morgan Stanley increased their price objective on Schlumberger from $30.00 to $32.00 and gave the company an “overweight” rating in a research report on Monday, May 3rd. One equities research analyst has rated the stock with a sell rating, six have given a hold rating and fifteen have given a buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $27.78.
Schlumberger (NYSE:SLB) last released its quarterly earnings results on Thursday, April 22nd. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, beating the Thomson Reuters’ consensus estimate of $0.19 by $0.02. Schlumberger had a positive return on equity of 7.34% and a negative net margin of 40.15%. The firm had revenue of $5.22 billion for the quarter, compared to the consensus estimate of $5.09 billion. During the same quarter last year, the business posted $0.25 EPS. The company’s revenue for the quarter was down 29.9% on a year-over-year basis. Analysts predict that Schlumberger Limited will post 0.64 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, July 8th. Shareholders of record on Wednesday, June 2nd will be paid a $0.125 dividend. This represents a $0.50 annualized dividend and a dividend yield of 1.47%. The ex-dividend date of this dividend is Tuesday, June 1st. Schlumberger’s dividend payout ratio is 34.01%.
In other Schlumberger news, EVP Hinda Gharbi sold 30,000 shares of Schlumberger stock in a transaction dated Thursday, May 6th. The stock was sold at an average price of $30.10, for a total value of $903,000.00. Following the sale, the executive vice president now owns 129,262 shares of the company’s stock, valued at approximately $3,890,786.20. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.58% of the company’s stock.
Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. It operates in four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; and petro technical data services and training solutions.
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