King Luther Capital Management Corp Trims Stock Position in Schlumberger Limited (NYSE:SLB)

King Luther Capital Management Corp lessened its stake in shares of Schlumberger Limited (NYSE:SLB) by 52.2% in the 4th quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The fund owned 62,428 shares of the oil and gas company’s stock after selling 68,243 shares during the quarter. King Luther Capital Management Corp’s holdings in Schlumberger were worth $3,249,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Vanguard Group Inc. raised its position in Schlumberger by 1.1% in the 3rd quarter. Vanguard Group Inc. now owns 130,528,372 shares of the oil and gas company’s stock valued at $7,609,804,000 after purchasing an additional 1,412,821 shares during the last quarter. FMR LLC raised its position in Schlumberger by 1.1% in the 3rd quarter. FMR LLC now owns 27,171,516 shares of the oil and gas company’s stock valued at $1,584,099,000 after purchasing an additional 282,709 shares during the last quarter. Norges Bank purchased a new stake in Schlumberger in the 4th quarter valued at $1,000,292,000. Morgan Stanley increased its stake in Schlumberger by 1.9% in the 3rd quarter. Morgan Stanley now owns 15,790,074 shares of the oil and gas company’s stock valued at $920,561,000 after buying an additional 292,817 shares during the period. Finally, Invesco Ltd. increased its stake in Schlumberger by 30.5% in the 3rd quarter. Invesco Ltd. now owns 8,370,835 shares of the oil and gas company’s stock valued at $488,020,000 after buying an additional 1,954,620 shares during the period. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insider Activity at Schlumberger

In related news, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction on Monday, February 26th. The shares were sold at an average price of $48.64, for a total value of $304,000.00. Following the completion of the sale, the chief financial officer now owns 242,932 shares in the company, valued at $11,816,212.48. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, CFO Stephane Biguet sold 6,250 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $48.64, for a total transaction of $304,000.00. Following the sale, the chief financial officer now owns 242,932 shares in the company, valued at $11,816,212.48. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Also, insider Gavin Rennick sold 38,083 shares of the firm’s 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 in the company, valued at approximately $2,213,686.28. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 157,428 shares of company stock worth $7,613,612. 0.26% of the stock is currently owned by corporate insiders.

Analysts Set New Price Targets

SLB has been the topic of several recent research reports. Wells Fargo & Company cut shares of Schlumberger from an “overweight” rating to an “equal weight” rating and dropped their price objective for the company from $68.00 to $53.00 in a research note on Monday, April 29th. BMO Capital Markets dropped their price objective on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a research note on Monday, April 22nd. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Schlumberger in a research note on Monday, April 22nd. Royal Bank of Canada upped 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. Finally, Barclays lowered their price target on shares of Schlumberger from $74.00 to $70.00 and set an “overweight” rating on the stock in a research note on Thursday, April 4th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, Schlumberger presently has a consensus rating of “Moderate Buy” and a consensus target price of $68.72.

Schlumberger Trading Down 0.0 %

NYSE:SLB traded down $0.01 on Thursday, reaching $46.47. The stock had a trading volume of 2,212,034 shares, compared to its average volume of 10,635,040. The company has a market cap of $66.42 billion, a price-to-earnings ratio of 15.44, a P/E/G ratio of 0.93 and a beta of 1.64. Schlumberger Limited has a 12-month low of $42.73 and a 12-month high of $62.12. 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’s fifty day moving average is $51.19 and its two-hundred day moving average is $50.90.

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

Schlumberger Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, June 5th. This represents a $1.10 annualized dividend and a dividend yield of 2.37%. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. Schlumberger’s dividend payout ratio is presently 36.54%.

Schlumberger 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.