Schlumberger Limited (NYSE:SLB) Stock Holdings Increased by SouthState Corp

SouthState Corp increased its holdings in Schlumberger Limited (NYSE:SLB) by 481.7% during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor owned 1,018 shares of the oil and gas company’s stock after purchasing an additional 843 shares during the quarter. SouthState Corp’s holdings in Schlumberger were worth $43,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also made changes to their positions in SLB. Charles Schwab Investment Management Inc. lifted its position in shares of Schlumberger by 478.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company’s stock valued at $1,994,674,000 after acquiring an additional 39,474,501 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its position in shares of Schlumberger by 7.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company’s stock valued at $2,913,312,000 after acquiring an additional 5,225,828 shares in the last quarter. Nuveen LLC purchased a new stake in shares of Schlumberger in the 1st quarter valued at approximately $169,232,000. Lazard Asset Management LLC lifted its position in shares of Schlumberger by 3,112.1% in the 4th quarter. Lazard Asset Management LLC now owns 3,627,051 shares of the oil and gas company’s stock valued at $139,059,000 after acquiring an additional 3,514,134 shares in the last quarter. Finally, Deutsche Bank AG lifted its position in shares of Schlumberger by 12.2% in the 4th quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company’s stock valued at $1,101,804,000 after acquiring an additional 3,119,543 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

Schlumberger Stock Performance

SLB stock opened at $33.54 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The company has a market capitalization of $45.32 billion, a price-to-earnings ratio of 11.49, a P/E/G ratio of 9.14 and a beta of 1.03. Schlumberger Limited has a 12 month low of $31.11 and a 12 month high of $46.16. The firm has a 50 day moving average of $34.68 and a two-hundred day moving average of $36.72.

Schlumberger (NYSE:SLB) last posted its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.73 by $0.01. The business had revenue of $8.55 billion during the quarter, compared to the consensus estimate of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. Schlumberger’s quarterly revenue was down 6.5% compared to the same quarter last year. During the same period in the prior year, the firm earned $0.85 EPS. As a group, equities analysts anticipate that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 3.4%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger’s dividend payout ratio is currently 39.04%.

Analyst Ratings Changes

Several brokerages recently commented on SLB. Jefferies Financial Group reduced their price target on shares of Schlumberger from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. JPMorgan Chase & Co. reduced their price target 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 $47.00 to $46.00 and set an “overweight” rating for the company in a research report on Monday, July 21st. Susquehanna dropped their price objective on shares of Schlumberger from $44.00 to $42.00 and set a “positive” rating on the stock in a research note on Monday, July 21st. Finally, Stifel Nicolaus dropped their price objective on shares of Schlumberger from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. Four equities research analysts have rated the stock with a hold rating, thirteen have issued a buy rating and two have issued a strong buy rating to the company’s stock. According to MarketBeat, Schlumberger currently has an average rating of “Moderate Buy” and an average price target of $49.28.

Insider Activity

In related news, Director La Chevardiere Patrick De sold 5,000 shares of the company’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 completion of the sale, the director directly owned 23,525 shares of the company’s stock, valued at approximately $789,969.50. This represents a 17.53% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

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.