Gateway Wealth Partners LLC Boosts Holdings in Schlumberger Limited (NYSE:SLB)

Gateway Wealth Partners LLC boosted its position in Schlumberger Limited (NYSE:SLB) by 14.5% during the 2nd quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 5,888 shares of the oil and gas company’s stock after acquiring an additional 746 shares during the quarter. Gateway Wealth Partners LLC’s holdings in Schlumberger were worth $278,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Register Financial Advisors LLC acquired a new stake in Schlumberger in the first quarter valued at approximately $27,000. Manchester Capital Management LLC raised its holdings in Schlumberger by 297.9% in the first 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. Bruce G. Allen Investments LLC raised its holdings in Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 392 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in Schlumberger in the fourth quarter valued at approximately $32,000. Finally, Unique Wealth Strategies LLC acquired a new stake in Schlumberger in the second quarter valued at approximately $30,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have weighed in on the stock. Morgan Stanley cut their price objective on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Susquehanna cut their price objective on shares of Schlumberger from $77.00 to $70.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Piper Sandler cut their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a report on Monday, July 22nd. Finally, Citigroup cut their price objective on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to data from MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.08.

Schlumberger Stock Performance

NYSE:SLB opened at $41.95 on Tuesday. The firm’s fifty day moving average price is $43.68 and its 200 day moving average price is $46.96. Schlumberger Limited has a 1-year low of $38.66 and a 1-year high of $61.20. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13. The firm has a market cap of $59.96 billion, a price-to-earnings ratio of 13.94, a price-to-earnings-growth ratio of 0.92 and a beta of 1.51.

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

Schlumberger Announces Dividend

The business also recently announced 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 of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.62%. Schlumberger’s payout ratio is currently 36.54%.

Insiders Place Their Bets

In other Schlumberger news, CFO Stephane Biguet sold 50,048 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the sale, the chief financial officer now directly owns 203,076 shares in the company, valued at approximately $10,141,615.44. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, CFO Stephane Biguet sold 50,048 shares of Schlumberger stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the completion of the transaction, the chief financial officer now owns 203,076 shares of the company’s stock, valued at approximately $10,141,615.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. Also, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The disclosure for this sale can be found here. In the last ninety days, insiders have sold 180,716 shares of company stock worth $9,048,624. Corporate insiders own 0.26% of the company’s stock.

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.