Cornerstone Advisors LLC Sells 3,000 Shares of Schlumberger Limited (NYSE:SLB)

Cornerstone Advisors LLC lessened its stake in shares of Schlumberger Limited (NYSE:SLB) by 11.3% in the 2nd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 23,500 shares of the oil and gas company’s stock after selling 3,000 shares during the period. Cornerstone Advisors LLC’s holdings in Schlumberger were worth $1,109,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Citizens Financial Group Inc. RI raised its position in Schlumberger by 7.4% in the 2nd quarter. Citizens Financial Group Inc. RI now owns 197,371 shares of the oil and gas company’s stock worth $9,312,000 after purchasing an additional 13,662 shares during the period. Mesirow Financial Investment Management Inc. raised its position in Schlumberger by 21.1% in the 2nd quarter. Mesirow Financial Investment Management Inc. now owns 11,847 shares of the oil and gas company’s stock worth $559,000 after purchasing an additional 2,061 shares during the period. Dimensional Fund Advisors LP raised its position in Schlumberger by 14.9% in the 2nd quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company’s stock worth $333,445,000 after purchasing an additional 915,705 shares during the period. Keene & Associates Inc. raised its position in Schlumberger by 3.1% in the 2nd quarter. Keene & Associates Inc. now owns 68,984 shares of the oil and gas company’s stock worth $3,255,000 after purchasing an additional 2,053 shares during the period. Finally, Brown Brothers Harriman & Co. raised its position in Schlumberger by 40.4% in the 2nd quarter. Brown Brothers Harriman & Co. now owns 17,990 shares of the oil and gas company’s stock worth $849,000 after purchasing an additional 5,179 shares during the period. Institutional investors own 81.99% of the company’s stock.

Schlumberger Trading Up 1.1 %

Shares of NYSE:SLB opened at $40.39 on Tuesday. Schlumberger Limited has a 12-month low of $38.66 and a 12-month high of $61.78. The business’s fifty day simple moving average is $44.78 and its 200-day simple moving average is $47.58. The company has a market capitalization of $57.35 billion, a PE ratio of 13.42, a P/E/G ratio of 0.85 and a beta of 1.51. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

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

Schlumberger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.275 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.72%. Schlumberger’s dividend payout ratio (DPR) is 36.54%.

Analyst Ratings Changes

SLB has been the topic of a number of recent analyst reports. Citigroup reduced 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. Bank of America reduced their target price on shares of Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. StockNews.com lowered shares of Schlumberger from a “buy” rating to a “hold” rating in a research report on Thursday, June 6th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $69.00 target price on shares of Schlumberger in a research report on Monday, July 22nd. Finally, TD Cowen raised their target price on shares of Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, July 22nd. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. Based on data from MarketBeat.com, the company has a consensus rating of “Moderate Buy” and a consensus target price of $66.72.

Insider Buying and Selling

In related news, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total transaction of $492,900.00. Following the transaction, the director now directly owns 62,354 shares in the company, valued at approximately $3,073,428.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $49.29, for a total transaction of $492,900.00. Following the sale, the director now owns 62,354 shares in the company, valued at approximately $3,073,428.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Also, CFO Stephane Biguet sold 50,048 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were 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 owns 203,076 shares in the company, valued at approximately $10,141,615.44. The disclosure for this sale can be found here. Insiders have sold a total of 180,716 shares of company stock worth $9,048,624 in the last ninety days. 0.26% of the stock is owned by insiders.

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.