Salem Investment Counselors Inc. Decreases Stock Holdings in Schlumberger Limited (NYSE:SLB)

Salem Investment Counselors Inc. lessened its stake in Schlumberger Limited (NYSE:SLB) by 14.7% in the 1st quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,217 shares of the oil and gas company’s stock after selling 383 shares during the quarter. Salem Investment Counselors Inc.’s holdings in Schlumberger were worth $122,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also added to or reduced their stakes in the company. Turtle Creek Wealth Advisors LLC acquired a new stake in Schlumberger in the 4th quarter valued at about $26,000. Transcendent Capital Group LLC acquired a new stake in shares of Schlumberger in the 4th quarter worth $32,000. Janiczek Wealth Management LLC raised its holdings in shares of Schlumberger by 1,180.4% during the 4th quarter. Janiczek Wealth Management LLC now owns 653 shares of the oil and gas company’s stock worth $34,000 after acquiring an additional 602 shares during the period. American National Bank grew its holdings in shares of Schlumberger by 745.5% in the fourth quarter. American National Bank now owns 744 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 656 shares during the period. Finally, Pinnacle Bancorp Inc. increased its position in Schlumberger by 64.3% during the fourth quarter. Pinnacle Bancorp Inc. now owns 746 shares of the oil and gas company’s stock worth $39,000 after purchasing an additional 292 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Gavin Rennick sold 38,083 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $48.28, for a total value of $1,838,647.24. Following the transaction, the insider now directly owns 45,851 shares of the company’s stock, valued at approximately $2,213,686.28. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. In other Schlumberger news, insider Gavin Rennick sold 38,083 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $48.28, for a total transaction of $1,838,647.24. Following the sale, the insider now directly owns 45,851 shares in the company, valued at approximately $2,213,686.28. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, CTO Demosthenis Pafitis sold 63,095 shares of the business’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $48.26, for a total transaction of $3,044,964.70. Following the sale, the chief technology officer now directly owns 33,421 shares in the company, valued at approximately $1,612,897.46. The disclosure for this sale can be found here. Insiders sold 106,158 shares of company stock worth $5,099,893 over the last 90 days. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

Several research analysts recently weighed in on the company. Morgan Stanley reiterated an “overweight” rating and issued a $65.00 price objective on shares of Schlumberger in a research report on Monday, April 22nd. BMO Capital Markets reduced their price objective on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Schlumberger in a research note on Monday, April 1st. Bank of America lowered their price objective on shares of Schlumberger from $63.00 to $62.00 and set a “buy” rating for the company in a research report on Monday, April 22nd. Finally, TD Cowen cut their target price on Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the stock. According to MarketBeat.com, Schlumberger presently has an average rating of “Moderate Buy” and a consensus price target of $69.06.

Schlumberger Price Performance

Schlumberger stock opened at $45.66 on Monday. Schlumberger Limited has a 12-month low of $42.61 and a 12-month high of $62.12. The stock has a market cap of $65.26 billion, a P/E ratio of 15.17, a price-to-earnings-growth ratio of 0.87 and a beta of 1.57. The company has a current ratio of 1.37, a quick ratio of 1.02 and a debt-to-equity ratio of 0.49. The company has a fifty day simple moving average of $47.08 and a 200-day simple moving average of $49.67.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.75. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter last year, the company posted $0.63 earnings per share. Equities analysts expect that Schlumberger Limited will post 3.51 EPS for the current fiscal year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.41%. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. Schlumberger’s dividend payout ratio (DPR) is currently 36.54%.

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, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.