Sprucegrove Investment Management Ltd. trimmed its stake in shares of Schlumberger Limited (NYSE:SLB) by 32.6% in the 1st quarter, HoldingsChannel reports. The firm owned 2,534,300 shares of the oil and gas company’s stock after selling 1,226,600 shares during the period. Schlumberger makes up 1.7% of Sprucegrove Investment Management Ltd.’s investment portfolio, making the stock its 21st biggest position. Sprucegrove Investment Management Ltd.’s holdings in Schlumberger were worth $68,908,000 at the end of the most recent quarter.
Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Meyer Handelman Co. grew its stake in Schlumberger by 4.2% during the 1st quarter. Meyer Handelman Co. now owns 237,680 shares of the oil and gas company’s stock worth $6,463,000 after purchasing an additional 9,550 shares in the last quarter. Maryland State Retirement & Pension System grew its stake in Schlumberger by 374.2% during the 1st quarter. Maryland State Retirement & Pension System now owns 106,230 shares of the oil and gas company’s stock worth $2,888,000 after purchasing an additional 83,830 shares in the last quarter. Chevy Chase Trust Holdings Inc. grew its stake in Schlumberger by 23.8% during the 1st quarter. Chevy Chase Trust Holdings Inc. now owns 2,771,826 shares of the oil and gas company’s stock worth $75,364,000 after purchasing an additional 531,978 shares in the last quarter. John G Ullman & Associates Inc. acquired a new position in Schlumberger during the 4th quarter worth $5,575,000. Finally, Ossiam grew its stake in Schlumberger by 14,047.1% during the 4th quarter. Ossiam now owns 34,519 shares of the oil and gas company’s stock worth $754,000 after purchasing an additional 34,275 shares in the last quarter. 75.22% of the stock is owned by hedge funds and other institutional investors.
Several research analysts recently commented on SLB shares. Stephens raised Schlumberger from an “equal weight” rating to an “overweight” rating and boosted their target price for the stock from $27.00 to $35.00 in a research note on Monday, April 26th. The Goldman Sachs Group started coverage on Schlumberger in a report on Thursday, May 13th. They set a “buy” rating and a $38.00 price target for the company. Citigroup lifted their price target on Schlumberger from $34.00 to $35.00 in a report on Monday, April 26th. Citigroup Inc. 3% Minimum Coupon Principal Protected Based Upon Russell lifted their price target on Schlumberger from $34.00 to $35.00 and gave the stock a “buy” rating in a report on Monday, April 26th. Finally, Morgan Stanley lifted their price target on Schlumberger from $30.00 to $32.00 and gave the stock an “overweight” rating in a report on Monday, April 26th. One investment analyst has rated the stock with a sell rating, six have assigned a hold rating and fourteen have assigned a buy rating to the company’s stock. The company currently has an average rating of “Buy” and a consensus price target of $28.19.
Schlumberger (NYSE:SLB) last released its earnings results on Thursday, April 22nd. The oil and gas company reported $0.21 earnings per share (EPS) for the quarter, topping the Thomson Reuters’ consensus estimate of $0.19 by $0.02. Schlumberger had a positive return on equity of 7.20% and a negative net margin of 13.30%. The company had revenue of $5.22 billion for the quarter, compared to analysts’ expectations of $5.09 billion. During the same quarter in the previous year, the firm posted $0.25 EPS. The firm’s quarterly revenue was down 29.9% on a year-over-year basis. Equities analysts expect that Schlumberger Limited will post 1.1 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 8th. Shareholders of record on Wednesday, June 2nd will be given a dividend of $0.125 per share. This represents a $0.50 annualized dividend and a yield of 1.43%. The ex-dividend date is Tuesday, June 1st. Schlumberger’s payout ratio is 73.53%.
In other Schlumberger news, EVP Hinda Gharbi sold 30,000 shares of the business’s stock in a transaction that occurred on Thursday, May 6th. The stock was sold at an average price of $30.10, for a total transaction of $903,000.00. Following the transaction, the executive vice president now owns 129,262 shares in the company, valued at approximately $3,890,786.20. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Insiders own 0.26% of the company’s stock.
Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. It operates in four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; and petro technical data services and training solutions.
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