Foster Victor Wealth Advisors LLC Lowers Stock Holdings in Schlumberger Limited (NYSE:SLB)

Foster Victor Wealth Advisors LLC cut its holdings in shares of Schlumberger Limited (NYSE:SLB) by 11.0% during the second quarter, Holdings Channel reports. The firm owned 6,296 shares of the oil and gas company’s stock after selling 779 shares during the quarter. Foster Victor Wealth Advisors LLC’s holdings in Schlumberger were worth $307,000 at the end of the most recent quarter.

Other hedge funds have also made changes to their positions in the company. Gradient Investments LLC raised its stake in shares of Schlumberger by 11.8% in the second quarter. Gradient Investments LLC now owns 376,369 shares of the oil and gas company’s stock valued at $17,757,000 after acquiring an additional 39,855 shares in the last quarter. Blue Trust Inc. raised its position in Schlumberger by 19.9% in the 2nd quarter. Blue Trust Inc. now owns 14,822 shares of the oil and gas company’s stock valued at $699,000 after purchasing an additional 2,457 shares in the last quarter. Miracle Mile Advisors LLC purchased a new position in shares of Schlumberger in the 2nd quarter valued at about $4,265,000. Cordatus Wealth Management LLC acquired a new position in shares of Schlumberger during the second quarter worth about $618,000. Finally, Community Trust & Investment Co. purchased a new stake in shares of Schlumberger during the second quarter worth approximately $10,954,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

Schlumberger Trading Down 0.6 %

Shares of Schlumberger stock opened at $44.78 on Friday. Schlumberger Limited has a 1 year low of $42.61 and a 1 year high of $62.12. The company has a market capitalization of $63.58 billion, a P/E ratio of 14.88, a PEG ratio of 0.93 and a beta of 1.55. The company’s fifty day moving average is $46.11 and its two-hundred day moving average is $48.43. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.83 by $0.02. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The firm had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter in the previous year, the firm posted $0.72 EPS. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. Analysts forecast that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.46%. Schlumberger’s dividend payout ratio (DPR) is 36.54%.

Insider Buying and Selling at Schlumberger

In related news, CFO Stephane Biguet sold 50,048 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the completion of the transaction, the chief financial officer now directly owns 203,076 shares of the company’s stock, valued at $10,141,615.44. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In related news, CFO Stephane Biguet sold 50,048 shares of Schlumberger stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.94, for a total value of $2,499,397.12. Following the sale, the chief financial officer now directly owns 203,076 shares in the company, valued at $10,141,615.44. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Gavin Rennick sold 38,083 shares of the stock in a transaction 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 transaction, the insider now owns 45,851 shares of the company’s stock, valued at approximately $2,213,686.28. The disclosure for this sale can be found here. In the last three months, insiders have sold 223,779 shares of company stock valued at $11,103,553. 0.26% of the stock is owned by company insiders.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on the stock. Citigroup dropped their price objective on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Piper Sandler cut their price target on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a research report on Monday, July 22nd. BMO Capital Markets cut their target price on Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. Finally, Morgan Stanley reaffirmed an “overweight” rating and issued a $65.00 price target on shares of Schlumberger in a report on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to data from MarketBeat.com, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.24.

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.