Occidental Asset Management LLC Acquires 5,873 Shares of Schlumberger Limited. (NYSE:SLB)
Occidental Asset Management LLC increased its holdings in Schlumberger Limited. (NYSE:SLB) by 80.0% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 13,218 shares of the oil and gas company’s stock after purchasing an additional 5,873 shares during the period. Occidental Asset Management LLC’s holdings in Schlumberger were worth $525,000 at the end of the most recent quarter.
Several other institutional investors have also modified their holdings of the stock. Chesley Taft & Associates LLC lifted its holdings in Schlumberger by 2.1% in the second quarter. Chesley Taft & Associates LLC now owns 21,500 shares of the oil and gas company’s stock valued at $854,000 after buying an additional 450 shares during the period. BTC Capital Management Inc. lifted its holdings in Schlumberger by 3.6% in the second quarter. BTC Capital Management Inc. now owns 88,704 shares of the oil and gas company’s stock valued at $3,520,000 after buying an additional 3,056 shares during the period. Griffin Asset Management Inc. lifted its holdings in Schlumberger by 44.3% in the first quarter. Griffin Asset Management Inc. now owns 133,874 shares of the oil and gas company’s stock valued at $5,833,000 after buying an additional 41,076 shares during the period. Manning & Napier Group LLC lifted its holdings in Schlumberger by 4.6% in the second quarter. Manning & Napier Group LLC now owns 3,437,572 shares of the oil and gas company’s stock valued at $136,608,000 after buying an additional 152,088 shares during the period. Finally, Taylor Cottrill Erickson & Associates Inc. raised its holdings in shares of Schlumberger by 31.2% during the first quarter. Taylor Cottrill Erickson & Associates Inc. now owns 31,794 shares of the oil and gas company’s stock valued at $1,385,000 after purchasing an additional 7,566 shares during the period. 77.22% of the stock is currently owned by institutional investors.
In other news, insider Stephanie Cox sold 24,057 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $40.59, for a total transaction of $976,473.63. Following the completion of the sale, the insider now directly owns 46,354 shares of the company’s stock, valued at $1,881,508.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Patrick Schorn sold 12,151 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $38.93, for a total transaction of $473,038.43. Following the completion of the sale, the executive vice president now directly owns 130,000 shares of the company’s stock, valued at $5,060,900. The disclosure for this sale can be found here. Insiders own 0.48% of the company’s stock.
Schlumberger (NYSE:SLB) last posted its earnings results on Friday, July 19th. The oil and gas company reported $0.35 EPS for the quarter, hitting the consensus estimate of $0.35. The company had revenue of $8.27 billion during the quarter, compared to the consensus estimate of $8.11 billion. Schlumberger had a net margin of 6.38% and a return on equity of 5.62%. The firm’s revenue for the quarter was down .4% on a year-over-year basis. During the same period in the previous year, the firm posted $0.43 earnings per share. Analysts expect that Schlumberger Limited. will post 1.51 EPS for the current fiscal year.
The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.50 per share. This represents a $2.00 annualized dividend and a dividend yield of 6.34%. The ex-dividend date of this dividend is Tuesday, September 3rd. Schlumberger’s payout ratio is presently 123.46%.
Several equities analysts have recently weighed in on the stock. Bank of America reiterated a “buy” rating and set a $51.00 price objective (down previously from $60.00) on shares of Schlumberger in a report on Tuesday, June 25th. AltaCorp Capital reiterated an “outperform” rating on shares of Schlumberger in a report on Thursday, June 20th. JPMorgan Chase & Co. dropped their price objective on shares of Schlumberger from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Monday, July 22nd. Morgan Stanley set a $51.00 price objective on shares of Schlumberger and gave the company a “hold” rating in a report on Monday, April 22nd. Finally, BMO Capital Markets set a $44.00 price objective on shares of Schlumberger and gave the company a “hold” rating in a report on Monday, April 22nd. Two analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have assigned a buy rating to the company. The stock has an average rating of “Hold” and an average target price of $52.17.
Schlumberger Company Profile
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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