King Luther Capital Management Corp Trims Position in Schlumberger Limited (NYSE:SLB)

King Luther Capital Management Corp reduced its position in Schlumberger Limited (NYSE:SLB) by 31.3% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 38,746 shares of the oil and gas company’s stock after selling 17,632 shares during the quarter. King Luther Capital Management Corp’s holdings in Schlumberger were worth $1,828,000 at the end of the most recent quarter.

Several other hedge funds also recently bought and sold shares of SLB. Register Financial Advisors LLC purchased a new position in shares of Schlumberger during the 1st quarter valued at $27,000. Bruce G. Allen Investments LLC grew its position in Schlumberger by 204.2% during the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock worth $28,000 after buying an additional 392 shares in the last quarter. Unique Wealth Strategies LLC bought a new position in Schlumberger in the 2nd quarter worth about $30,000. Manchester Capital Management LLC raised its holdings in shares of Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 426 shares in the last quarter. Finally, Riverview Trust Co boosted its position in shares of Schlumberger by 90.6% during the 2nd quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 308 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research firms recently weighed in on SLB. Morgan Stanley decreased their price objective on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler lowered their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Citigroup cut their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, June 28th. Bank of America reduced their target price on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. Finally, StockNews.com lowered Schlumberger from a “buy” rating to a “hold” rating in a research note on Thursday, June 6th. Two investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.29.

Insider Transactions at Schlumberger

In related news, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total transaction of $492,900.00. Following the sale, the director now directly owns 62,354 shares in the company, valued at $3,073,428.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the transaction, the director now owns 62,354 shares of the company’s stock, valued at $3,073,428.66. The disclosure for this sale can be found here. In the last quarter, insiders sold 180,716 shares of company stock valued at $9,048,624. Corporate insiders own 0.26% of the company’s stock.

Schlumberger Stock Down 0.8 %

NYSE SLB opened at $42.41 on Friday. The business’s 50-day moving average is $44.48 and its 200 day moving average is $47.38. The stock has a market capitalization of $60.22 billion, a PE ratio of 14.09, a PEG ratio of 0.86 and a beta of 1.51. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13. Schlumberger Limited has a 1 year low of $38.66 and a 1 year high of $61.41.

Schlumberger (NYSE:SLB) last announced its earnings results on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. The company had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.72 earnings per share. Sell-side analysts forecast that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Wednesday, September 4th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.59%. Schlumberger’s payout ratio is 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.