Schlumberger Limited. (SLB) Stake Lowered by Cornerstone Capital Inc.
Cornerstone Capital Inc. lessened its position in Schlumberger Limited. (NYSE:SLB) by 50.1% during the 4th quarter, HoldingsChannel reports. The firm owned 123,639 shares of the oil and gas company’s stock after selling 124,173 shares during the quarter. Cornerstone Capital Inc.’s holdings in Schlumberger were worth $4,461,000 at the end of the most recent reporting period.
Several other large investors have also recently modified their holdings of the company. Soros Fund Management LLC acquired a new position in Schlumberger during the 3rd quarter worth about $3,046,000. Greylin Investment Mangement Inc. acquired a new position in Schlumberger during the 3rd quarter worth about $7,963,000. Fosun International Ltd acquired a new position in Schlumberger during the 3rd quarter worth about $1,847,000. Kentucky Retirement Systems acquired a new position in Schlumberger during the 3rd quarter worth about $9,798,000. Finally, Sound Shore Management Inc. CT acquired a new position in Schlumberger during the 3rd quarter worth about $61,845,000. Institutional investors own 78.31% of the company’s stock.
In related news, EVP Patrick Schorn purchased 10,000 shares of the stock in a transaction dated Thursday, December 20th. The stock was bought at an average cost of $37.55 per share, with a total value of $375,500.00. Following the purchase, the executive vice president now directly owns 35,000 shares in the company, valued at approximately $1,314,250. The purchase was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Also, EVP Peuch Olivier Le sold 15,000 shares of the company’s stock in a transaction dated Tuesday, January 22nd. The shares were sold at an average price of $44.00, for a total value of $660,000.00. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, January 18th. The oil and gas company reported $0.36 EPS for the quarter, meeting analysts’ consensus estimates of $0.36. The company had revenue of $8.18 billion during the quarter, compared to analysts’ expectations of $8.10 billion. Schlumberger had a return on equity of 6.12% and a net margin of 6.51%. Schlumberger’s revenue was up .0% on a year-over-year basis. During the same period in the prior year, the business posted $0.48 EPS. As a group, sell-side analysts expect that Schlumberger Limited. will post 1.59 earnings per share for the current fiscal year.
The business also recently declared a quarterly dividend, which will be paid on Friday, April 12th. Stockholders of record on Wednesday, February 13th will be paid a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, February 12th. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.72%. Schlumberger’s dividend payout ratio (DPR) is presently 123.46%.
Several brokerages have weighed in on SLB. Royal Bank of Canada set a $58.00 price objective on Schlumberger and gave the stock a “buy” rating in a report on Friday, January 18th. JPMorgan Chase & Co. cut Schlumberger from an “overweight” rating to a “neutral” rating and dropped their price objective for the stock from $73.00 to $48.00 in a report on Tuesday, December 11th. Zacks Investment Research raised Schlumberger from a “strong sell” rating to a “hold” rating in a report on Wednesday, March 6th. Credit Suisse Group cut Schlumberger from an “outperform” rating to a “neutral” rating and dropped their price objective for the stock from $65.00 to $44.00 in a report on Wednesday, December 19th. Finally, HSBC raised Schlumberger from a “hold” rating to a “buy” rating in a report on Monday, November 26th. One research analyst has rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the stock. Schlumberger has a consensus rating of “Hold” and a consensus price target of $65.50.
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Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company's Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.
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