Legacy Capital Group California Inc. Decreases Stake in Schlumberger Limited (NYSE:SLB)

Legacy Capital Group California Inc. reduced its stake in shares of Schlumberger Limited (NYSE:SLB) by 3.1% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 17,302 shares of the oil and gas company’s stock after selling 552 shares during the period. Legacy Capital Group California Inc.’s holdings in Schlumberger were worth $816,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the stock. Register Financial Advisors LLC purchased a new stake in Schlumberger during the 1st quarter valued at about $27,000. Bruce G. Allen Investments LLC boosted its position in Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 392 shares during the last quarter. Manchester Capital Management LLC increased its holdings in Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock worth $31,000 after buying an additional 426 shares during the period. Riverview Trust Co raised its position in Schlumberger by 90.6% during the 2nd quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock worth $31,000 after buying an additional 308 shares during the last quarter. Finally, Transcendent Capital Group LLC purchased a new stake in shares of Schlumberger in the 4th quarter valued at $32,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In other Schlumberger news, insider Bejar Carmen Rando sold 4,980 shares of the business’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.43, for a total transaction of $216,281.40. Following the sale, the insider now directly owns 22,518 shares in the company, valued at $977,956.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Schlumberger news, insider Bejar Carmen Rando sold 4,980 shares of the business’s stock in a transaction on Friday, June 7th. The shares were 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 owns 22,518 shares in the company, valued at $977,956.74. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 223,779 shares of company stock valued at $11,103,553. 0.26% of the stock is currently owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of research analysts recently issued reports on SLB shares. Citigroup decreased their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a research report on Friday, June 28th. StockNews.com downgraded Schlumberger from a “buy” rating to a “hold” rating in a research note on Thursday, June 6th. Susquehanna reduced their price target on Schlumberger from $77.00 to $70.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Piper Sandler dropped their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Finally, UBS Group cut their target price on shares of Schlumberger from $67.00 to $63.00 and set a “buy” rating for the company in a report on Tuesday. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

Schlumberger Trading Down 2.9 %

Shares of Schlumberger stock traded down $1.33 during trading hours on Tuesday, hitting $44.03. The company’s stock had a trading volume of 7,404,833 shares, compared to its average volume of 10,751,265. The firm has a fifty day moving average of $46.10 and a 200-day moving average of $48.37. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. The stock has a market cap of $62.52 billion, a price-to-earnings ratio of 14.63, a P/E/G ratio of 0.93 and a beta of 1.55. Schlumberger Limited has a twelve month low of $42.61 and a twelve month high of $62.12.

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

Schlumberger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.50%. Schlumberger’s dividend payout ratio is currently 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.