American International Group Inc. Reduces Stake in Schlumberger Limited (NYSE:SLB)

American International Group Inc. lessened its stake in shares of Schlumberger Limited (NYSE:SLB) by 1.6% during the 4th quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 400,422 shares of the oil and gas company’s stock after selling 6,647 shares during the period. American International Group Inc.’s holdings in Schlumberger were worth $20,838,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently modified their holdings of the company. Oppenheimer Asset Management Inc. grew its holdings in shares of Schlumberger by 119.0% during the 3rd quarter. Oppenheimer Asset Management Inc. now owns 39,084 shares of the oil and gas company’s stock worth $2,279,000 after purchasing an additional 21,234 shares during the period. Sowell Financial Services LLC purchased a new position in Schlumberger during the third quarter worth about $808,000. Atria Wealth Solutions Inc. increased its position in shares of Schlumberger by 0.6% during the third quarter. Atria Wealth Solutions Inc. now owns 34,414 shares of the oil and gas company’s stock valued at $2,007,000 after acquiring an additional 206 shares during the last quarter. Soltis Investment Advisors LLC purchased a new stake in shares of Schlumberger in the 3rd quarter valued at approximately $246,000. Finally, Janney Montgomery Scott LLC lifted its holdings in shares of Schlumberger by 20.8% in the 3rd quarter. Janney Montgomery Scott LLC now owns 219,440 shares of the oil and gas company’s stock worth $12,793,000 after acquiring an additional 37,756 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities analysts recently issued reports on SLB shares. Bank of America decreased their target price on Schlumberger from $63.00 to $62.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Stifel Nicolaus reissued a “buy” rating and issued a $64.00 price objective on shares of Schlumberger in a research note on Monday, April 22nd. Barclays dropped their price objective on shares of Schlumberger from $74.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. TD Cowen reduced their target price on shares of Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Finally, Royal Bank of Canada boosted their price target on shares of Schlumberger from $66.00 to $69.00 and gave the stock an “outperform” rating in a research note on Wednesday, April 3rd. One analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $68.72.

Schlumberger Stock Performance

NYSE:SLB traded down $0.21 during midday trading on Wednesday, reaching $43.20. 10,659,533 shares of the company traded hands, compared to its average volume of 11,098,471. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 1.02. The firm has a market capitalization of $61.74 billion, a price-to-earnings ratio of 14.35, a price-to-earnings-growth ratio of 0.85 and a beta of 1.57. Schlumberger Limited has a twelve month low of $42.78 and a twelve month high of $62.12. The company has a fifty day moving average price of $49.45 and a 200 day moving average price of $50.32.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share for the quarter, hitting analysts’ consensus estimates of $0.75. The firm had revenue of $8.71 billion during the quarter, compared to the consensus estimate of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. The firm’s revenue for the quarter was up 12.6% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.63 earnings per share. On average, analysts expect that Schlumberger Limited will post 3.51 EPS for the current fiscal year.

Schlumberger Increases Dividend

The firm 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 dividend of $0.275 per share. This is a positive change 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 2.55%. Schlumberger’s dividend payout ratio is 36.54%.

Insider Buying and Selling at Schlumberger

In other news, insider Gavin Rennick sold 38,083 shares of the stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $48.28, for a total value of $1,838,647.24. Following the completion of the sale, the insider now directly owns 45,851 shares of the company’s stock, valued at $2,213,686.28. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. In related news, CTO Demosthenis Pafitis sold 63,095 shares of the company’s stock in a transaction dated Tuesday, May 14th. The stock was sold at an average price of $48.26, for a total value of $3,044,964.70. Following the completion of the sale, the chief technology officer now owns 33,421 shares in the company, valued at $1,612,897.46. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. Also, insider Gavin Rennick sold 38,083 shares of the business’s stock in a transaction on Wednesday, May 22nd. The shares were sold at an average price of $48.28, for a total transaction of $1,838,647.24. Following the completion of the transaction, the insider now directly owns 45,851 shares of the company’s stock, valued at approximately $2,213,686.28. 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.