Fifth Third Bancorp Reduces Holdings in Schlumberger Limited (NYSE:SLB)

Fifth Third Bancorp decreased its position in shares of Schlumberger Limited (NYSE:SLB) by 8.0% during the 1st quarter, according to the company in its most recent disclosure with the SEC. The fund owned 760,040 shares of the oil and gas company’s stock after selling 65,704 shares during the quarter. Fifth Third Bancorp owned approximately 0.06% of Schlumberger worth $31,770,000 as of its most recent filing with the SEC.

Other hedge funds also recently made changes to their positions in the company. Stonebridge Financial Group LLC purchased a new position in shares of Schlumberger during the fourth quarter worth about $32,000. True Wealth Design LLC boosted its stake in shares of Schlumberger by 584.7% during the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company’s stock worth $38,000 after buying an additional 842 shares during the period. Bogart Wealth LLC raised its stake in Schlumberger by 468.9% during the 4th quarter. Bogart Wealth LLC now owns 1,024 shares of the oil and gas company’s stock valued at $39,000 after acquiring an additional 844 shares during the last quarter. Mpwm Advisory Solutions LLC acquired a new stake in Schlumberger during the 4th quarter worth approximately $40,000. Finally, J.Safra Asset Management Corp acquired a new stake in Schlumberger during the 4th quarter worth approximately $46,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Schlumberger Price Performance

SLB stock opened at $35.62 on Friday. The firm has a 50 day moving average of $34.27 and a 200-day moving average of $38.43. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $50.94. The company has a current ratio of 1.45, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49. The company has a market cap of $48.45 billion, a price-to-earnings ratio of 11.45, a PEG ratio of 10.10 and a beta of 1.01.

Schlumberger (NYSE:SLB) last posted its quarterly earnings results on Friday, April 25th. The oil and gas company reported $0.72 earnings per share (EPS) for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Schlumberger had a net margin of 12.29% and a return on equity of 21.90%. The company had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.64 billion. During the same quarter in the previous year, the business posted $0.75 earnings per share. Schlumberger’s revenue was down 2.5% on a year-over-year basis. As a group, equities analysts expect that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 4th will be paid a dividend of $0.285 per share. The ex-dividend date of this dividend is Wednesday, June 4th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.20%. Schlumberger’s dividend payout ratio (DPR) is 38.64%.

Wall Street Analyst Weigh In

A number of analysts have weighed in on SLB shares. Susquehanna decreased their price objective on Schlumberger from $48.00 to $46.00 and set a “positive” rating for the company in a research report on Monday, April 28th. Piper Sandler decreased their price objective on Schlumberger from $46.00 to $44.00 and set a “neutral” rating for the company in a research report on Tuesday, April 29th. Wells Fargo & Company decreased their price objective on Schlumberger from $46.00 to $43.00 and set an “overweight” rating for the company in a research report on Thursday, June 5th. Morgan Stanley decreased their price objective on Schlumberger from $50.00 to $45.00 and set an “overweight” rating for the company in a research report on Friday, May 16th. Finally, Stifel Nicolaus reduced their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Four analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.38.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Aparna Raman sold 25,133 shares of the business’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $42.28, for a total value of $1,062,623.24. Following the completion of the transaction, the insider now directly owns 31,031 shares in the company, valued at approximately $1,311,990.68. The trade was a 44.75% decrease in their position. The sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director La Chevardiere Patrick De sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total value of $167,900.00. Following the sale, the director now owns 23,525 shares in the company, valued at $789,969.50. This trade represents a 17.53% decrease in their position. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Schlumberger Company Profile

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.