DAVENPORT & Co LLC Increases Stake in Schlumberger Limited $SLB

DAVENPORT & Co LLC grew its position in Schlumberger Limited (NYSE:SLB) by 25.8% during the 2nd quarter, Holdings Channel reports. The fund owned 2,518,002 shares of the oil and gas company’s stock after buying an additional 516,887 shares during the quarter. DAVENPORT & Co LLC’s holdings in Schlumberger were worth $85,252,000 as of its most recent filing with the Securities & Exchange Commission.

Several other large investors have also recently added to or reduced their stakes in SLB. Fortitude Advisory Group L.L.C. boosted its holdings in Schlumberger by 24.6% in the 2nd quarter. Fortitude Advisory Group L.L.C. now owns 11,566 shares of the oil and gas company’s stock valued at $391,000 after purchasing an additional 2,283 shares in the last quarter. Highland Capital Management LLC boosted its stake in shares of Schlumberger by 0.8% in the second quarter. Highland Capital Management LLC now owns 174,808 shares of the oil and gas company’s stock valued at $5,909,000 after buying an additional 1,350 shares in the last quarter. Bay Harbor Wealth Management LLC grew its holdings in Schlumberger by 275.4% during the second quarter. Bay Harbor Wealth Management LLC now owns 2,568 shares of the oil and gas company’s stock worth $87,000 after acquiring an additional 1,884 shares during the period. Hudson Valley Investment Advisors Inc. ADV raised its position in Schlumberger by 2.4% in the second quarter. Hudson Valley Investment Advisors Inc. ADV now owns 96,449 shares of the oil and gas company’s stock worth $3,260,000 after acquiring an additional 2,249 shares in the last quarter. Finally, Hennessy Advisors Inc. lifted its holdings in Schlumberger by 2.1% in the second quarter. Hennessy Advisors Inc. now owns 143,410 shares of the oil and gas company’s stock valued at $4,847,000 after acquiring an additional 3,000 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, insider Dianne B. Ralston sold 39,727 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the sale, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.22% of the company’s stock.

Schlumberger Stock Performance

Schlumberger stock opened at $34.26 on Monday. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $46.15. The company has a market capitalization of $51.17 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 9.51 and a beta of 0.97. The stock has a fifty day moving average of $34.63 and a two-hundred day moving average of $35.10. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.98 and a current ratio of 1.31.

Schlumberger (NYSE:SLB) last posted its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 EPS for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The business had revenue of $8.55 billion for the quarter, compared to analyst estimates of $8.51 billion. During the same quarter last year, the company earned $0.85 earnings per share. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. On average, analysts anticipate that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 9th. Stockholders of record on Wednesday, September 3rd will be given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.3%. The ex-dividend date of this dividend is Wednesday, September 3rd. Schlumberger’s payout ratio is currently 39.04%.

Wall Street Analyst Weigh In

A number of equities analysts have recently weighed in on SLB shares. Melius assumed coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They set a “buy” rating and a $82.00 price target on the stock. Stifel Nicolaus lowered their target price on shares of Schlumberger from $54.00 to $52.00 and set a “buy” rating on the stock in a research report on Wednesday, July 16th. Susquehanna dropped their target price on shares of Schlumberger from $44.00 to $42.00 and set a “positive” rating for the company in a report on Monday, July 21st. Jefferies Financial Group decreased their price target on Schlumberger from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, June 26th. Finally, Barclays lowered their price target on Schlumberger from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Monday, July 21st. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have issued a Buy rating and six have assigned a Hold rating to the company. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $52.18.

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.