Violich Capital Management Inc. Lowers Stock Holdings in Schlumberger Limited (NYSE:SLB)

Violich Capital Management Inc. lowered its holdings in Schlumberger Limited (NYSE:SLB) by 42.6% in the first quarter, Holdings Channel.com reports. The firm owned 31,150 shares of the oil and gas company’s stock after selling 23,100 shares during the period. Violich Capital Management Inc.’s holdings in Schlumberger were worth $1,302,000 at the end of the most recent quarter.

Several other institutional investors have also recently added to or reduced their stakes in the business. First Command Advisory Services Inc. grew its holdings in Schlumberger by 300.0% in the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 477 shares during the period. Alpine Bank Wealth Management acquired a new stake in shares of Schlumberger in the first quarter worth approximately $34,000. True Wealth Design LLC grew its holdings in Schlumberger by 584.7% in the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company’s stock valued at $38,000 after purchasing an additional 842 shares during the period. Park Square Financial Group LLC purchased a new stake in shares of Schlumberger during the 1st quarter valued at $38,000. Finally, Mpwm Advisory Solutions LLC acquired a new position in Schlumberger in the fourth quarter valued at $40,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Schlumberger Stock Down 2.8%

SLB stock opened at $36.28 on Tuesday. The company has a current ratio of 1.24, a quick ratio of 0.93 and a debt-to-equity ratio of 0.51. The firm has a 50 day simple moving average of $34.82 and a 200-day simple moving average of $37.62. The company has a market capitalization of $49.34 billion, a P/E ratio of 12.30, a PEG ratio of 9.93 and a beta of 1.01. Schlumberger Limited has a twelve month low of $31.11 and a twelve month high of $50.94.

Schlumberger (NYSE:SLB) last announced its quarterly earnings data on Friday, April 25th. The oil and gas company reported $0.72 earnings per share for the quarter, missing the consensus estimate of $0.73 by ($0.01). The company had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.64 billion. Schlumberger had a return on equity of 21.76% and a net margin of 11.62%. Schlumberger’s revenue was down 2.5% on a year-over-year basis. During the same period in the prior year, the business earned $0.75 earnings per share. On average, equities research analysts predict that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 4th were paid a dividend of $0.285 per share. The ex-dividend date was Wednesday, June 4th. This represents a $1.14 annualized dividend and a yield of 3.14%. Schlumberger’s payout ratio is 38.64%.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the firm’s stock in a transaction dated Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total value of $167,900.00. Following the transaction, the director directly owned 23,525 shares in the company, valued at approximately $789,969.50. This trade represents a 17.53% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several brokerages have commented on SLB. Piper Sandler dropped their price target on Schlumberger from $46.00 to $44.00 and set a “neutral” rating for the company in a research note on Tuesday, April 29th. JPMorgan Chase & Co. dropped their target price on shares of Schlumberger from $46.00 to $44.00 and set an “overweight” rating for the company in a research report on Monday, June 30th. Barclays reduced their price target on shares of Schlumberger from $48.00 to $47.00 and set an “overweight” rating on the stock in a research report on Thursday, July 10th. Jefferies Financial Group decreased their price objective on shares of Schlumberger from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Thursday, June 26th. Finally, Wells Fargo & Company cut their price objective on Schlumberger from $46.00 to $43.00 and set an “overweight” rating on the stock in a research report on Thursday, June 5th. Three analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and two have issued a strong buy rating to the company. According to data from MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $50.79.

Schlumberger 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.