Beese Fulmer Investment Management Inc. lowered its holdings in shares of Schlumberger Limited (NYSE:SLB – Free Report) by 1.1% in the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund owned 57,210 shares of the oil and gas company’s stock after selling 620 shares during the period. Beese Fulmer Investment Management Inc.’s holdings in Schlumberger were worth $2,810,000 at the end of the most recent reporting period.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SLB. Ferguson Wellman Capital Management Inc. lifted its position in shares of Schlumberger by 1.2% during the second quarter. Ferguson Wellman Capital Management Inc. now owns 895,029 shares of the oil and gas company’s stock worth $43,964,000 after purchasing an additional 10,755 shares in the last quarter. Czech National Bank grew its position in shares of Schlumberger by 0.9% during the second quarter. Czech National Bank now owns 168,783 shares of the oil and gas company’s stock worth $8,291,000 after acquiring an additional 1,454 shares during the last quarter. Trust Co. of Toledo NA OH grew its position in shares of Schlumberger by 5.2% during the second quarter. Trust Co. of Toledo NA OH now owns 49,312 shares of the oil and gas company’s stock worth $2,422,000 after acquiring an additional 2,457 shares during the last quarter. SG Americas Securities LLC grew its position in Schlumberger by 116.4% in the 2nd quarter. SG Americas Securities LLC now owns 771,528 shares of the oil and gas company’s stock valued at $37,897,000 after buying an additional 414,995 shares in the last quarter. Finally, Moody National Bank Trust Division grew its position in Schlumberger by 1.4% in the 2nd quarter. Moody National Bank Trust Division now owns 31,386 shares of the oil and gas company’s stock valued at $1,542,000 after buying an additional 431 shares in the last quarter. Institutional investors and hedge funds own 79.43% of the company’s stock.
Insider Activity at Schlumberger
In other Schlumberger news, CTO Demosthenis Pafitis sold 60,000 shares of the company’s 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 sale, the chief technology officer now owns 36,858 shares in the company, valued at $2,168,356.14. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. In related news, CFO Stephane Biguet sold 6,250 shares of the company’s stock in a transaction on Monday, June 26th. The stock was sold at an average price of $46.67, for a total value of $291,687.50. Following the transaction, the chief financial officer now directly owns 201,015 shares of the company’s stock, valued at approximately $9,381,370.05. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, CTO Demosthenis Pafitis sold 60,000 shares of the stock in a transaction dated Wednesday, August 30th. The stock was sold at an average price of $58.83, for a total value of $3,529,800.00. Following the sale, the chief technology officer now directly owns 36,858 shares in the company, valued at $2,168,356.14. The disclosure for this sale can be found here. Over the last quarter, insiders sold 158,805 shares of company stock worth $9,220,673. Company insiders own 0.23% of the company’s stock.
Schlumberger Stock Performance
Schlumberger (NYSE:SLB – Get Free Report) last issued its quarterly earnings data on Friday, July 21st. The oil and gas company reported $0.72 earnings per share for the quarter, topping the consensus estimate of $0.71 by $0.01. Schlumberger had a return on equity of 21.27% and a net margin of 12.63%. The company had revenue of $8.10 billion for the quarter, compared to analysts’ expectations of $8.20 billion. During the same period in the previous year, the firm posted $0.50 earnings per share. The firm’s revenue for the quarter was up 19.6% on a year-over-year basis. Equities analysts expect that Schlumberger Limited will post 2.98 earnings per share for the current year.
Schlumberger Dividend Announcement
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 12th. Investors of record on Wednesday, September 6th will be issued a $0.25 dividend. The ex-dividend date is Tuesday, September 5th. This represents a $1.00 dividend on an annualized basis and a dividend yield of 1.65%. Schlumberger’s payout ratio is 36.50%.
Analyst Ratings Changes
SLB has been the subject of a number of analyst reports. Royal Bank of Canada upped their price objective on shares of Schlumberger from $60.00 to $62.00 and gave the company an “outperform” rating in a research note on Thursday, July 20th. Morgan Stanley reiterated an “overweight” rating and set a $62.00 price target on shares of Schlumberger in a report on Monday, July 24th. UBS Group raised their price objective on shares of Schlumberger from $72.00 to $73.00 and gave the stock a “buy” rating in a research note on Thursday, August 17th. Capital One Financial initiated coverage on Schlumberger in a research report on Wednesday, June 7th. They issued an “overweight” rating and a $63.00 target price for the company. Finally, Barclays cut their price objective on Schlumberger from $74.00 to $70.00 and set an “overweight” rating for the company in a report on Monday, July 24th. Two equities research analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $66.73.
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.
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