King Luther Capital Management Corp Has $3.25 Million Position in Schlumberger Limited (NYSE:SLB)

King Luther Capital Management Corp reduced its stake in shares of Schlumberger Limited (NYSE:SLB) by 52.2% in the 4th quarter, HoldingsChannel.com reports. The fund owned 62,428 shares of the oil and gas company’s stock after selling 68,243 shares during the quarter. King Luther Capital Management Corp’s holdings in Schlumberger were worth $3,249,000 at the end of the most recent reporting period.

Several other hedge funds have also recently bought and sold shares of SLB. CI Investments Inc. increased its holdings in shares of Schlumberger by 4.9% during the 3rd quarter. CI Investments Inc. now owns 4,142 shares of the oil and gas company’s stock worth $241,000 after acquiring an additional 192 shares during the last quarter. Atria Wealth Solutions Inc. increased its holdings in shares of Schlumberger by 0.6% during the 3rd quarter. Atria Wealth Solutions Inc. now owns 34,414 shares of the oil and gas company’s stock worth $2,007,000 after acquiring an additional 206 shares during the last quarter. Investment Advisory Services Inc. TX ADV increased its holdings in shares of Schlumberger by 1.9% during the 4th quarter. Investment Advisory Services Inc. TX ADV now owns 12,196 shares of the oil and gas company’s stock worth $635,000 after acquiring an additional 228 shares during the last quarter. Horizon Bancorp Inc. IN increased its holdings in shares of Schlumberger by 7.0% during the 4th quarter. Horizon Bancorp Inc. IN now owns 3,586 shares of the oil and gas company’s stock worth $187,000 after acquiring an additional 236 shares during the last quarter. Finally, Ancora Advisors LLC increased its holdings in shares of Schlumberger by 3.6% during the 3rd quarter. Ancora Advisors LLC now owns 6,819 shares of the oil and gas company’s stock worth $398,000 after acquiring an additional 240 shares during the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

SLB has been the topic of a number of recent analyst reports. The Goldman Sachs Group reissued a “buy” rating on shares of Schlumberger in a report on Monday, April 1st. Morgan Stanley restated an “overweight” rating and issued a $65.00 price target on shares of Schlumberger in a research note on Monday, April 22nd. Barclays reduced their price target on Schlumberger from $74.00 to $70.00 and set an “overweight” rating for the company in a research note on Thursday, April 4th. BMO Capital Markets reduced their price target on Schlumberger from $66.00 to $64.00 and set an “outperform” rating for the company in a research note on Monday, April 22nd. Finally, Bank of America reduced their price target on Schlumberger from $63.00 to $62.00 and set a “buy” rating for the company in a research note on Monday, April 22nd. Two equities research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, Schlumberger has a consensus rating of “Moderate Buy” and an average price target of $68.72.

Schlumberger Price Performance

SLB traded down $0.01 on Thursday, reaching $46.47. The stock had a trading volume of 2,212,034 shares, compared to its average volume of 10,635,040. Schlumberger Limited has a fifty-two week low of $42.73 and a fifty-two week high of $62.12. The firm has a 50-day moving average of $51.19 and a 200-day moving average of $50.90. 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 market capitalization of $66.42 billion, a price-to-earnings ratio of 15.44, a price-to-earnings-growth ratio of 0.93 and a beta of 1.64.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.75. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. The business had revenue of $8.71 billion during the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter in the prior year, the firm earned $0.63 EPS. The business’s revenue for the quarter was up 12.6% compared to the same quarter last year. As a group, sell-side analysts anticipate that Schlumberger Limited will post 3.51 EPS for the current year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be paid a $0.275 dividend. This is a boost from Schlumberger’s previous quarterly dividend of $0.25. The ex-dividend date is Wednesday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 2.37%. Schlumberger’s dividend payout ratio is presently 36.54%.

Insider Activity

In other news, EVP Abdellah Merad sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The sale was disclosed in a legal filing with the SEC, which is available at this link. In related news, EVP Abdellah Merad sold 50,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total transaction of $2,426,000.00. Following the sale, the executive vice president now owns 261,507 shares in the company, valued at approximately $12,688,319.64. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, CFO Stephane Biguet sold 6,250 shares of the company’s stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $48.64, for a total value of $304,000.00. Following the sale, the chief financial officer now owns 242,932 shares in the company, valued at approximately $11,816,212.48. The disclosure for this sale can be found here. Over the last quarter, insiders sold 157,428 shares of company stock valued at $7,613,612. Company 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.