Power Corp of Canada acquired a new position in shares of Schlumberger Limited (NYSE:SLB – Get Rating) during the 3rd quarter, HoldingsChannel.com reports. The institutional investor acquired 10,989 shares of the oil and gas company’s stock, valued at approximately $395,000.
Several other institutional investors have also recently bought and sold shares of SLB. Acadian Asset Management LLC acquired a new position in Schlumberger during the first quarter worth $25,000. Cetera Investment Advisers grew its stake in shares of Schlumberger by 35.3% in the 1st quarter. Cetera Investment Advisers now owns 39,287 shares of the oil and gas company’s stock worth $1,623,000 after acquiring an additional 10,240 shares in the last quarter. Dakota Wealth Management bought a new stake in shares of Schlumberger in the 1st quarter worth $232,000. Sequoia Financial Advisors LLC bought a new stake in shares of Schlumberger in the 1st quarter worth $419,000. Finally, Baird Financial Group Inc. grew its stake in shares of Schlumberger by 2.9% in 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 acquiring an additional 3,209 shares in the last quarter. Institutional investors and hedge funds own 80.22% of the company’s stock.
Analyst Ratings Changes
Several analysts have recently issued reports on SLB shares. Wolfe Research lowered shares of Schlumberger from an “outperform” rating to a “peer perform” rating in a research note on Thursday, January 12th. Barclays upped their target price on shares of Schlumberger from $62.00 to $74.00 and gave the stock an “overweight” rating in a research note on Wednesday, January 25th. Piper Sandler upped their target price on shares of Schlumberger from $60.00 to $64.00 and gave the stock an “overweight” rating in a research note on Friday, November 18th. Citigroup upped their target price on shares of Schlumberger from $62.00 to $67.00 and gave the stock a “buy” rating in a research note on Tuesday, January 24th. Finally, Griffin Securities restated a “buy” rating on shares of Schlumberger in a research report on Monday, January 16th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $62.38.
Schlumberger Price Performance
Schlumberger (NYSE:SLB – Get Rating) last released its quarterly earnings data on Friday, January 20th. The oil and gas company reported $0.71 EPS for the quarter, beating the consensus estimate of $0.69 by $0.02. The business had revenue of $7.88 billion for 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%. The company’s revenue was up 26.6% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.41 earnings per share. Research analysts predict that Schlumberger Limited will post 3.02 earnings per share for the current year.
Schlumberger Increases Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, April 6th. Stockholders of record on Wednesday, February 8th will be issued a $0.25 dividend. This represents a $1.00 dividend on an annualized basis and a dividend yield of 2.21%. This is an increase from Schlumberger’s previous quarterly dividend of $0.18. The ex-dividend date of this dividend is Tuesday, February 7th. Schlumberger’s dividend payout ratio is presently 41.67%.
Insider Transactions at Schlumberger
In other news, EVP Abdellah Merad sold 70,000 shares of the stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is available at this link. In other news, Director Vijay Kasibhatla sold 16,000 shares of the stock in a transaction dated Friday, March 3rd. The shares were sold at an average price of $55.99, for a total value of $895,840.00. Following the sale, the director now directly owns 49,378 shares of the company’s stock, valued at $2,764,674.22. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Abdellah Merad sold 70,000 shares of the firm’s stock in a transaction that occurred on Monday, January 23rd. The shares were sold at an average price of $57.20, for a total transaction of $4,004,000.00. Following the completion of the sale, the executive vice president now directly owns 204,357 shares in the company, valued at $11,689,220.40. The disclosure for this sale can be found here. Over the last ninety days, insiders have sold 269,696 shares of company stock valued at $15,227,195. 0.23% of the stock is currently owned by corporate insiders.
Schlumberger Company Profile
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).
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