Private Asset Management Inc. Lowers Stock Position in Schlumberger Limited (NYSE:SLB)

Private Asset Management Inc. cut its holdings in Schlumberger Limited (NYSE:SLB) by 8.0% in the second quarter, according to the company in its most recent disclosure with the SEC. The fund owned 51,225 shares of the oil and gas company’s stock after selling 4,460 shares during the quarter. Private Asset Management Inc.’s holdings in Schlumberger were worth $2,516,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of the stock. Summit Financial Group Inc. grew its stake in Schlumberger by 1.4% during the 1st quarter. Summit Financial Group Inc. now owns 14,557 shares of the oil and gas company’s stock valued at $715,000 after acquiring an additional 200 shares in the last quarter. Howland Capital Management LLC boosted its holdings in shares of Schlumberger by 1.6% in the 1st quarter. Howland Capital Management LLC now owns 13,823 shares of the oil and gas company’s stock valued at $682,000 after buying an additional 220 shares in the last quarter. Eukles Asset Management increased its holdings in shares of Schlumberger by 3.3% in the 1st quarter. Eukles Asset Management now owns 6,992 shares of the oil and gas company’s stock valued at $343,000 after acquiring an additional 221 shares during the period. Valmark Advisers Inc. grew its holdings in shares of Schlumberger by 5.2% during the first quarter. Valmark Advisers Inc. now owns 4,993 shares of the oil and gas company’s stock worth $245,000 after buying an additional 248 shares during the last quarter. Finally, Vigilant Capital Management LLC grew its stake in shares of Schlumberger by 12.5% in the 1st quarter. Vigilant Capital Management LLC now owns 2,250 shares of the oil and gas company’s stock valued at $110,000 after purchasing an additional 250 shares during the last quarter. Hedge funds and other institutional investors own 79.43% of the company’s stock.

Insider Buying and Selling at Schlumberger

In related news, CTO Demosthenis Pafitis sold 60,000 shares of the firm’s stock in a transaction dated Wednesday, August 30th. The shares were sold at an average price of $58.83, for a total transaction of $3,529,800.00. Following the transaction, the chief technology officer now directly owns 36,858 shares of the company’s stock, valued at $2,168,356.14. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other news, CTO Demosthenis Pafitis sold 60,000 shares of the stock in a transaction on Wednesday, August 30th. The stock was sold at an average price of $58.83, for a total transaction of $3,529,800.00. Following the completion of the transaction, the chief technology officer now owns 36,858 shares in the company, valued at approximately $2,168,356.14. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mogharbel Khaled Al sold 30,000 shares of the stock in a transaction on Tuesday, September 5th. The stock was sold at an average price of $60.24, for a total value of $1,807,200.00. Following the sale, the executive vice president now owns 324,867 shares in the company, valued at approximately $19,569,988.08. The disclosure for this sale can be found here. In the last 90 days, insiders sold 158,805 shares of company stock worth $9,220,673. 0.23% of the stock is owned by corporate insiders.

Wall Street Analyst Weigh In

SLB has been the topic of a number of analyst reports. Susquehanna lifted their price target on Schlumberger from $68.00 to $72.00 and gave the company a “positive” rating in a research note on Thursday, September 7th. Morgan Stanley reissued an “overweight” rating and issued a $62.00 price target on shares of Schlumberger in a research note on Monday, July 24th. HSBC reduced their price objective on Schlumberger from $75.00 to $71.00 in a research note on Thursday, July 27th. Raymond James increased their target price on Schlumberger from $65.00 to $67.00 and gave the company an “outperform” rating in a research note on Monday, July 24th. Finally, StockNews.com initiated coverage on shares of Schlumberger in a research note on Thursday, August 17th. They set a “hold” rating on the stock. Two investment analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $66.73.

Schlumberger Stock Performance

Shares of Schlumberger stock traded up $0.67 on Thursday, hitting $61.29. The stock had a trading volume of 869,176 shares, compared to its average volume of 9,515,046. The company has a quick ratio of 0.97, a current ratio of 1.33 and a debt-to-equity ratio of 0.60. The stock has a market cap of $87.10 billion, a price-to-earnings ratio of 22.43, a price-to-earnings-growth ratio of 0.77 and a beta of 1.82. The business’s 50 day moving average is $57.66 and its two-hundred day moving average is $51.60. Schlumberger Limited has a twelve month low of $33.80 and a twelve month high of $62.78.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 21st. The oil and gas company reported $0.72 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.71 by $0.01. The business had revenue of $8.10 billion during the quarter, compared to analysts’ expectations of $8.20 billion. Schlumberger had a return on equity of 21.27% and a net margin of 12.63%. The business’s revenue for the quarter was up 19.6% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.50 EPS. Analysts forecast that Schlumberger Limited will post 2.98 EPS for the current year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 12th. Shareholders of record on Wednesday, September 6th will be paid a $0.25 dividend. The ex-dividend date of this dividend is Tuesday, September 5th. This represents a $1.00 dividend on an annualized basis and a yield of 1.63%. Schlumberger’s dividend payout ratio (DPR) is presently 36.50%.

About Schlumberger

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.