Schlumberger (NYSE:SLB) Shares Down 7.3%

Schlumberger Limited (NYSE:SLBGet Rating) dropped 7.3% during mid-day trading on Thursday . The company traded as low as $34.69 and last traded at $34.78. Approximately 998,162 shares traded hands during mid-day trading, a decline of 93% from the average daily volume of 14,039,109 shares. The stock had previously closed at $37.52.

SLB has been the subject of a number of research reports. Piper Sandler upgraded Schlumberger from a “neutral” rating to an “overweight” rating and boosted their price target for the company from $43.00 to $55.00 in a report on Monday, April 11th. Barclays upped their price target on Schlumberger from $55.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, June 8th. Wells Fargo & Company reduced their price target on Schlumberger from $56.00 to $55.00 and set an “overweight” rating on the stock in a research report on Monday, April 25th. Cowen upped their price target on Schlumberger from $42.00 to $48.00 and gave the stock an “outperform” rating in a research report on Thursday, March 31st. Finally, Morgan Stanley upped their price target on Schlumberger from $43.00 to $50.00 and gave the stock an “overweight” rating in a research report on Monday, April 11th. Two investment analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average target price of $46.85.

The firm has a 50-day simple moving average of $42.51 and a two-hundred day simple moving average of $39.20. The company has a current ratio of 1.24, a quick ratio of 0.89 and a debt-to-equity ratio of 0.84. The company has a market capitalization of $49.15 billion, a price-to-earnings ratio of 25.63, a P/E/G ratio of 0.45 and a beta of 1.90.

Schlumberger (NYSE:SLBGet Rating) last posted its earnings results on Friday, April 22nd. The oil and gas company reported $0.34 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.32 by $0.02. Schlumberger had a net margin of 8.84% and a return on equity of 14.02%. The business had revenue of $5.96 billion for the quarter, compared to analyst estimates of $5.90 billion. During the same period in the prior year, the company posted $0.21 EPS. The company’s revenue for the quarter was up 14.1% on a year-over-year basis. Equities research analysts anticipate that Schlumberger Limited will post 1.84 EPS for the current year.

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 14th. Stockholders of record on Wednesday, June 1st will be paid a dividend of $0.175 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.13. This represents a $0.70 annualized dividend and a dividend yield of 2.01%. The ex-dividend date of this dividend is Tuesday, May 31st. Schlumberger’s dividend payout ratio is presently 47.62%.

In other Schlumberger news, major shareholder Limited/Nv Schlumberger sold 12,032,500 shares of the firm’s stock in a transaction that occurred on Wednesday, June 8th. The shares were sold at an average price of $17.00, for a total value of $204,552,500.00. Following the transaction, the insider now directly owns 23,069,461 shares of the company’s stock, valued at approximately $392,180,837. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, VP Claudia Jaramillo sold 11,628 shares of the firm’s stock in a transaction that occurred on Wednesday, March 30th. The stock was sold at an average price of $43.00, for a total transaction of $500,004.00. The disclosure for this sale can be found here. Over the last three months, insiders have sold 26,579,087 shares of company stock worth $431,340,525. Corporate insiders own 0.28% of the company’s stock.

Several hedge funds and other institutional investors have recently made changes to their positions in SLB. Kentucky Retirement Systems Insurance Trust Fund purchased a new position in Schlumberger in the 3rd quarter valued at approximately $1,003,000. Alpha Cubed Investments LLC purchased a new stake in Schlumberger in the fourth quarter valued at $2,003,000. Ferguson Wellman Capital Management Inc. increased its stake in Schlumberger by 3.4% in the fourth quarter. Ferguson Wellman Capital Management Inc. now owns 693,642 shares of the oil and gas company’s stock valued at $20,775,000 after purchasing an additional 22,955 shares during the period. Clear Street Markets LLC increased its stake in Schlumberger by 24.4% in the fourth quarter. Clear Street Markets LLC now owns 62,347 shares of the oil and gas company’s stock valued at $1,867,000 after purchasing an additional 12,247 shares during the period. Finally, Nomura Asset Management Co. Ltd. increased its stake in Schlumberger by 5.7% in the fourth quarter. Nomura Asset Management Co. Ltd. now owns 316,615 shares of the oil and gas company’s stock valued at $9,483,000 after purchasing an additional 17,184 shares during the period. Institutional investors and hedge funds own 76.34% of the company’s stock.

About Schlumberger (NYSE:SLB)

Schlumberger Limited provides technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers software, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; petro technical data services and training solutions; reservoir interpretation and data processing services; asset performance solutions; open and cased-hole services; exploration and production pressure and flow-rate measurement services; pressure pumping, well stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring, and downhole data acquisition; and integrated production systems.

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