Schlumberger Limited (NYSE:SLB) Shares Acquired by Synergy Asset Management LLC

Synergy Asset Management LLC raised its position in shares of Schlumberger Limited (NYSE:SLB) by 1,328.0% in the first quarter, Holdings Channel reports. The firm owned 285,234 shares of the oil and gas company’s stock after buying an additional 265,260 shares during the period. Schlumberger accounts for 2.7% of Synergy Asset Management LLC’s investment portfolio, making the stock its 12th largest holding. Synergy Asset Management LLC’s holdings in Schlumberger were worth $15,634,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently added to or reduced their stakes in the company. Norges Bank bought a new position in shares of Schlumberger in the fourth quarter valued at approximately $1,000,292,000. Price T Rowe Associates Inc. MD boosted its position in shares of Schlumberger by 12.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock valued at $3,922,768,000 after acquiring an additional 8,617,971 shares during the period. Winslow Capital Management LLC raised its stake in Schlumberger by 123,063.5% during the 4th quarter. Winslow Capital Management LLC now owns 4,347,671 shares of the oil and gas company’s stock valued at $226,253,000 after purchasing an additional 4,344,141 shares during the last quarter. Royal Bank of Canada raised its position in shares of Schlumberger by 79.7% during the third quarter. Royal Bank of Canada now owns 4,919,990 shares of the oil and gas company’s stock valued at $286,835,000 after buying an additional 2,182,706 shares during the last quarter. Finally, Vanguard Group Inc. raised its stake in shares of Schlumberger by 1.3% in the fourth quarter. Vanguard Group Inc. now owns 132,281,480 shares of the oil and gas company’s stock valued at $6,883,928,000 after purchasing an additional 1,753,108 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research firms have recently weighed in on SLB. Wells Fargo & Company lowered Schlumberger from an “overweight” rating to an “equal weight” rating and lowered their price objective for the company from $68.00 to $53.00 in a research note on Monday, April 29th. Morgan Stanley reiterated an “overweight” rating and set a $65.00 target price on shares of Schlumberger in a research report on Monday, April 22nd. The Goldman Sachs Group restated a “buy” rating on shares of Schlumberger in a research report on Monday, April 1st. TD Cowen reduced their target price on shares of Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Finally, Citigroup reduced their price objective on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Friday. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. Based on data from MarketBeat, Schlumberger has a consensus rating of “Moderate Buy” and an average target price of $68.59.

Schlumberger Stock Performance

NYSE SLB traded down $0.25 during trading on Tuesday, reaching $46.33. 3,778,575 shares of the company’s stock were exchanged, compared to its average volume of 11,324,989. Schlumberger Limited has a fifty-two week low of $42.61 and a fifty-two week high of $62.12. The stock has a market capitalization of $66.22 billion, a P/E ratio of 15.48, a PEG ratio of 0.91 and a beta of 1.55. The business has a 50 day moving average price of $46.69 and a 200-day moving average price of $49.61. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 1.02.

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

Schlumberger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.37%. This is a boost from Schlumberger’s previous quarterly dividend of $0.25. The ex-dividend date of this dividend is Wednesday, June 5th. Schlumberger’s dividend payout ratio (DPR) is 36.54%.

Insiders Place Their Bets

In other Schlumberger news, insider Bejar Carmen Rando sold 4,980 shares of the stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.43, for a total value of $216,281.40. Following the completion of the transaction, the insider now directly owns 22,518 shares in the company, valued at $977,956.74. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In other news, insider Bejar Carmen Rando sold 4,980 shares of the firm’s stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the transaction, the insider now directly owns 22,518 shares in the company, valued at $977,956.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, CTO Demosthenis Pafitis sold 63,095 shares of the company’s stock in a transaction that occurred on Tuesday, May 14th. The shares were sold at an average price of $48.26, for a total value of $3,044,964.70. Following the completion of the sale, the chief technology officer now owns 33,421 shares in the company, valued at $1,612,897.46. The disclosure for this sale can be found here. Insiders sold 106,158 shares of company stock worth $5,099,893 over the last three months. 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.