Riverbend Wealth Management LLC Takes Position in Schlumberger Limited (NYSE:SLB)

Riverbend Wealth Management LLC acquired a new stake in shares of Schlumberger Limited (NYSE:SLB) in the 1st quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor acquired 13,682 shares of the oil and gas company’s stock, valued at approximately $572,000.

Several other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC raised its stake in Schlumberger by 21.4% in the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company’s stock worth $253,000 after buying an additional 1,166 shares in the last quarter. Global Retirement Partners LLC raised its stake in Schlumberger by 9.3% in the fourth quarter. Global Retirement Partners LLC now owns 5,383 shares of the oil and gas company’s stock worth $206,000 after buying an additional 457 shares in the last quarter. TCW Group Inc. raised its stake in Schlumberger by 1.3% in the fourth quarter. TCW Group Inc. now owns 19,797 shares of the oil and gas company’s stock worth $759,000 after buying an additional 259 shares in the last quarter. Howard Capital Management Inc. raised its stake in Schlumberger by 6.7% in the fourth quarter. Howard Capital Management Inc. now owns 9,177 shares of the oil and gas company’s stock worth $352,000 after buying an additional 578 shares in the last quarter. Finally, Union Bancaire Privee UBP SA bought a new position in Schlumberger in the fourth quarter worth about $266,000. 81.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of equities analysts recently issued reports on SLB shares. Wells Fargo & Company decreased their price target on shares of Schlumberger from $46.00 to $43.00 and set an “overweight” rating for the company in a research note on Thursday, June 5th. Piper Sandler cut their price objective on shares of Schlumberger from $46.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday, April 29th. Morgan Stanley cut their price objective on shares of Schlumberger from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Friday, May 16th. Jefferies Financial Group cut their price objective on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. Finally, Barclays cut their price objective on shares of Schlumberger from $53.00 to $48.00 and set an “overweight” rating on the stock in a report on Friday, April 25th. Four analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Schlumberger has an average rating of “Moderate Buy” and an average price target of $52.38.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the firm’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total transaction of $167,900.00. Following the sale, the director now directly owns 23,525 shares in the company, valued at $789,969.50. This trade represents a 17.53% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Aparna Raman sold 25,133 shares of the firm’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $42.28, for a total transaction of $1,062,623.24. Following the sale, the insider now owns 31,031 shares in the company, valued at $1,311,990.68. The trade was a 44.75% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Schlumberger Trading Down 0.7%

NYSE:SLB opened at $33.50 on Wednesday. The company’s 50 day moving average price is $34.53 and its 200-day moving average price is $37.97. Schlumberger Limited has a 52 week low of $31.11 and a 52 week high of $50.94. The company has a quick ratio of 0.93, a current ratio of 1.24 and a debt-to-equity ratio of 0.51. The stock has a market cap of $45.57 billion, a price-to-earnings ratio of 11.36, a PEG ratio of 8.74 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 EPS for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Schlumberger had a net margin of 11.62% and a return on equity of 21.76%. The firm had revenue of $8.49 billion for the quarter, compared to analysts’ expectations of $8.64 billion. During the same quarter in the previous year, the company earned $0.75 EPS. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. On average, equities research analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 4th will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.40%. The ex-dividend date is Wednesday, June 4th. Schlumberger’s dividend payout ratio is currently 38.64%.

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.