Renaissance Technologies LLC Has $71.36 Million Stock Position in Schlumberger Limited (NYSE:SLB)

Renaissance Technologies LLC reduced its stake in shares of Schlumberger Limited (NYSE:SLB) by 38.9% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 1,512,404 shares of the oil and gas company’s stock after selling 964,000 shares during the period. Renaissance Technologies LLC’s holdings in Schlumberger were worth $71,355,000 at the end of the most recent reporting period.

Other large investors have also bought and sold shares of the company. Register Financial Advisors LLC acquired a new stake in Schlumberger in the first quarter valued at about $27,000. Bruce G. Allen Investments LLC boosted its stake 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 in the last quarter. Unique Wealth Strategies LLC acquired a new stake in Schlumberger in the second quarter valued at about $30,000. Manchester Capital Management LLC boosted its stake in Schlumberger by 297.9% in the first quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 426 shares in the last quarter. Finally, Riverview Trust Co boosted its stake in shares of Schlumberger by 90.6% during the second quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 308 shares in the last quarter. 81.99% of the stock is owned by institutional investors and hedge funds.

Schlumberger Trading Up 1.1 %

Shares of SLB stock opened at $40.39 on Tuesday. The company has a market cap of $57.35 billion, a P/E ratio of 13.42, a PEG ratio of 0.85 and a beta of 1.51. The stock has a 50 day simple moving average of $44.78 and a two-hundred day simple moving average of $47.58. 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 Limited has a fifty-two week low of $38.66 and a fifty-two week high of $61.78.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. The business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. During the same period in the previous year, the company posted $0.72 earnings per share. Research 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. Stockholders of record on Wednesday, September 4th will be issued 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 2.72%. Schlumberger’s dividend payout ratio is 36.54%.

Insider Activity

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction 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 transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 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 transaction of $2,499,397.12. Following the transaction, the chief financial officer now owns 203,076 shares of the company’s stock, valued at $10,141,615.44. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction that occurred 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 transaction, the executive vice president now directly owns 247,699 shares in the company, valued at approximately $12,432,012.81. The disclosure for this sale can be found here. Insiders sold a total of 180,716 shares of company stock worth $9,048,624 over the last quarter. 0.26% of the stock is currently owned by corporate insiders.

Wall Street Analysts Forecast Growth

A number of brokerages have recently commented on SLB. Evercore ISI lifted their price target on Schlumberger from $73.00 to $74.00 and gave the company an “outperform” rating in a research note on Monday, July 22nd. Benchmark reissued a “buy” rating and set a $68.00 price target on shares of Schlumberger in a research note on Monday, July 22nd. Bank of America cut their price target on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research note on Monday, July 15th. 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. Finally, Citigroup cut their price target on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Two investment analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company. According to data from MarketBeat.com, Schlumberger has an average rating of “Moderate Buy” and a consensus target price of $66.72.

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.