Platinum Investment Management Ltd. Buys 2,500 Shares of Schlumberger Limited. (SLB)
Platinum Investment Management Ltd. lifted its stake in Schlumberger Limited. (NYSE:SLB) by 0.1% in the second quarter, according to the company in its most recent 13F filing with the SEC. The firm owned 1,819,300 shares of the oil and gas company’s stock after purchasing an additional 2,500 shares during the quarter. Schlumberger comprises 2.9% of Platinum Investment Management Ltd.’s portfolio, making the stock its 12th biggest holding. Platinum Investment Management Ltd. owned about 0.13% of Schlumberger worth $121,948,000 as of its most recent filing with the SEC.
Several other institutional investors also recently made changes to their positions in the company. Baldwin Investment Management LLC raised its position in Schlumberger by 32.2% during the 2nd quarter. Baldwin Investment Management LLC now owns 21,265 shares of the oil and gas company’s stock valued at $1,425,000 after purchasing an additional 5,175 shares in the last quarter. Adalta Capital Management LLC raised its position in Schlumberger by 1.9% during the 2nd quarter. Adalta Capital Management LLC now owns 59,962 shares of the oil and gas company’s stock valued at $4,049,000 after purchasing an additional 1,115 shares in the last quarter. Tower Research Capital LLC TRC raised its position in Schlumberger by 107.9% during the 2nd quarter. Tower Research Capital LLC TRC now owns 14,041 shares of the oil and gas company’s stock valued at $941,000 after purchasing an additional 7,286 shares in the last quarter. Zacks Investment Management raised its position in Schlumberger by 0.5% during the 2nd quarter. Zacks Investment Management now owns 418,538 shares of the oil and gas company’s stock valued at $28,055,000 after purchasing an additional 2,174 shares in the last quarter. Finally, SevenBridge Financial Group LLC raised its position in Schlumberger by 15.7% during the 2nd quarter. SevenBridge Financial Group LLC now owns 18,303 shares of the oil and gas company’s stock valued at $1,227,000 after purchasing an additional 2,481 shares in the last quarter. Hedge funds and other institutional investors own 78.45% of the company’s stock.
In other Schlumberger news, Director Michael E. Marks bought 8,000 shares of the company’s stock in a transaction that occurred on Thursday, September 6th. The shares were purchased at an average cost of $60.31 per share, for a total transaction of $482,480.00. The acquisition was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.48% of the stock is owned by insiders.
Schlumberger (NYSE:SLB) last released its quarterly earnings results on Friday, July 20th. The oil and gas company reported $0.43 EPS for the quarter, topping the Thomson Reuters’ consensus estimate of $0.42 by $0.01. The firm had revenue of $8.30 billion during the quarter, compared to analyst estimates of $8.35 billion. Schlumberger had a positive return on equity of 6.25% and a negative net margin of 2.34%. The business’s revenue for the quarter was up 11.3% compared to the same quarter last year. During the same period in the previous year, the company posted $0.35 EPS. research analysts expect that Schlumberger Limited. will post 1.83 earnings per share for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 12th. Stockholders of record on Wednesday, September 5th will be given a $0.50 dividend. This represents a $2.00 annualized dividend and a dividend yield of 3.28%. The ex-dividend date is Tuesday, September 4th. Schlumberger’s payout ratio is 133.33%.
SLB has been the subject of a number of research analyst reports. Wells Fargo & Co lifted their target price on Schlumberger from $76.00 to $82.00 and gave the company an “outperform” rating in a research report on Thursday, May 24th. Credit Suisse Group lifted their target price on Schlumberger from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, July 23rd. ValuEngine lowered Schlumberger from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Stifel Nicolaus initiated coverage on Schlumberger in a research report on Monday. They set a “hold” rating and a $69.00 target price for the company. Finally, Citigroup decreased their target price on Schlumberger from $78.00 to $77.00 and set a “buy” rating for the company in a research report on Monday, July 23rd. One research analyst has rated the stock with a sell rating, four have given a hold rating and twenty-one have issued a buy rating to the company. Schlumberger currently has an average rating of “Buy” and an average target price of $79.57.
Schlumberger Limited supplies technology products and services to the oil and gas exploration and production industry worldwide. The company's Reservoir Characterization Group segment provides reservoir interpretation and data processing services; open and cased-hole services; slickline services; exploration and production pressure and flow-rate measurement services at the surface and downhole; software integrated solutions, such as software, consulting, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; and petrotechnical data services and training solutions, as well as integrated management services.
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