Price T Rowe Associates Inc. MD Sells 1,878 Shares of Schlumberger Limited (NYSE:SLB)

Posted by MarketBeat News on Mar 14th, 2023

Price T Rowe Associates Inc. MD reduced its stake in Schlumberger Limited (NYSE:SLB – Get Rating) by 0.1% during the third quarter, Holdings Channel.com reports. The firm owned 1,833,888 shares of the oil and gas company’s stock after selling 1,878 shares during the quarter. Price T Rowe Associates Inc. MD’s holdings in Schlumberger were worth $65,838,000 as of its most recent filing with the SEC.

A number of other institutional investors also recently bought and sold shares of the stock. Primecap Management Co. CA raised its holdings in Schlumberger by 11.0% in the 3rd quarter. Primecap Management Co. CA now owns 139,100 shares of the oil and gas company’s stock worth $4,994,000 after purchasing an additional 13,800 shares during the period. Poehling Capital Management INC. raised its holdings in Schlumberger by 1.7% during the third quarter. Poehling Capital Management INC. now owns 29,973 shares of the oil and gas company’s stock valued at $1,076,000 after acquiring an additional 488 shares during the period. Quadrature Capital Ltd raised its holdings in Schlumberger by 52.4% during the third quarter. Quadrature Capital Ltd now owns 76,915 shares of the oil and gas company’s stock valued at $2,763,000 after acquiring an additional 26,438 shares during the period. Quantamental Technologies LLC raised its holdings in Schlumberger by 36.4% during the third quarter. Quantamental Technologies LLC now owns 28,853 shares of the oil and gas company’s stock valued at $1,036,000 after acquiring an additional 7,694 shares during the period. Finally, Laidlaw Wealth Management LLC bought a new stake in Schlumberger during the third quarter valued at about $292,000. 80.22% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

SLB has been the subject of a number of research analyst reports. Griffin Securities restated a “buy” rating on shares of Schlumberger in a research report on Monday, January 16th. Barclays raised their price objective on Schlumberger from $62.00 to $74.00 and gave the company an “overweight” rating in a research report on Wednesday, January 25th. Raymond James initiated coverage on Schlumberger in a research report on Friday, December 9th. They set an “outperform” rating and a $65.00 price objective for the company. StockNews.com lowered Schlumberger from a “buy” rating to a “hold” rating in a research report on Wednesday, January 25th. Finally, Citigroup lifted their price target on Schlumberger from $62.00 to $67.00 and gave the stock a “buy” rating in a research report on Tuesday, January 24th. Two analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. According to MarketBeat.com, Schlumberger presently has an average rating of “Moderate Buy” and an average target price of $62.38.

Insider Activity

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In other news, insider Dianne B. Ralston sold 10,493 shares of the business’s stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $52.52, for a total transaction of $551,092.36. Following the sale, the insider now directly owns 23,379 shares of the company’s stock, valued at $1,227,865.08. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. In other Schlumberger news, EVP Abdellah Merad sold 70,000 shares of the company’s stock in a transaction on Monday, January 23rd. The shares were sold at an average price of $57.20, for a total value of $4,004,000.00. Following the sale, the executive vice president now directly owns 204,357 shares of the company’s stock, valued at $11,689,220.40. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, insider Dianne B. Ralston sold 10,493 shares of the company’s stock in a transaction on Friday, December 23rd. The shares were sold at an average price of $52.52, for a total transaction of $551,092.36. Following the completion of the sale, the insider now directly owns 23,379 shares in the company, valued at $1,227,865.08. The disclosure for this sale can be found here. Insiders have sold 269,696 shares of company stock valued at $15,227,195 over the last ninety days. 0.23% of the stock is currently owned by insiders.

Schlumberger Stock Performance

Shares of NYSE:SLB opened at $48.84 on Tuesday. The company has a market capitalization of $69.75 billion, a price-to-earnings ratio of 20.35, a price-to-earnings-growth ratio of 0.44 and a beta of 1.77. Schlumberger Limited has a 52 week low of $30.65 and a 52 week high of $62.78. The company has a quick ratio of 0.92, a current ratio of 1.25 and a debt-to-equity ratio of 0.59. The firm has a 50 day moving average of $54.91 and a 200 day moving average of $49.45.

Schlumberger (NYSE:SLB – Get Rating) last issued its quarterly earnings data on Friday, January 20th. The oil and gas company reported $0.71 EPS for the quarter, topping analysts’ consensus estimates of $0.69 by $0.02. The company had revenue of $7.88 billion during the quarter, compared to the consensus estimate of $7.80 billion. Schlumberger had a net margin of 12.25% and a return on equity of 18.51%. Schlumberger’s revenue for the quarter was up 26.6% compared to the same quarter last year. During the same quarter in the previous year, the firm posted $0.41 earnings per share. On average, sell-side analysts predict that Schlumberger Limited will post 3.02 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Shareholders of record on Wednesday, February 8th will be issued a $0.25 dividend. This is a positive change from Schlumberger’s previous quarterly dividend of $0.18. This represents a $1.00 annualized dividend and a yield of 2.05%. The ex-dividend date is Tuesday, February 7th. Schlumberger’s payout ratio is currently 41.67%.

Schlumberger Company Profile

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Schlumberger NV engages in the provision of technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. It operates through the following business segments: Digital and Integration, Reservoir Performance, Well Construction, and Production Systems. The Digital and Integration segment combines the company’s digital solutions and data products with its Asset Performance Solutions (APS).