Texas Permanent School Fund Corp Cuts Stake in Schlumberger Limited (NYSE:SLB)

Texas Permanent School Fund Corp lessened its holdings in shares of Schlumberger Limited (NYSE:SLB) by 20.1% in the 2nd quarter, Holdings Channel reports. The fund owned 235,906 shares of the oil and gas company’s stock after selling 59,223 shares during the quarter. Texas Permanent School Fund Corp’s holdings in Schlumberger were worth $11,130,000 at the end of the most recent reporting period.

Several other large investors also recently bought and sold shares of SLB. BCM Advisors LLC boosted its holdings in Schlumberger by 1.1% in the 1st quarter. BCM Advisors LLC now owns 18,904 shares of the oil and gas company’s stock valued at $1,036,000 after purchasing an additional 204 shares during the last quarter. Checchi Capital Advisers LLC lifted its holdings in shares of Schlumberger by 1.9% in the 1st quarter. Checchi Capital Advisers LLC now owns 10,808 shares of the oil and gas company’s stock worth $592,000 after acquiring an additional 204 shares during the last quarter. Financial Advocates Investment Management lifted its holdings in shares of Schlumberger by 3.4% in the 2nd quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock worth $309,000 after acquiring an additional 218 shares during the last quarter. Hilltop Holdings Inc. lifted its holdings in shares of Schlumberger by 2.1% in the 4th quarter. Hilltop Holdings Inc. now owns 10,761 shares of the oil and gas company’s stock worth $560,000 after acquiring an additional 219 shares during the last quarter. Finally, Chilton Capital Management LLC lifted its holdings in Schlumberger by 0.8% during the 2nd quarter. Chilton Capital Management LLC now owns 26,202 shares of the oil and gas company’s stock worth $1,236,000 after buying an additional 219 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Analysts Set New Price Targets

A number of research firms recently commented on SLB. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $69.00 target price on shares of Schlumberger in a research report on Monday, July 22nd. Piper Sandler decreased their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. UBS Group reduced their target price on shares of Schlumberger from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. 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 note on Monday, July 22nd. Finally, Citigroup reduced their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $67.00.

Insider Activity

In related news, Director Vijay Kasibhatla sold 10,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total value of $492,900.00. Following the transaction, the director now owns 62,354 shares in the company, valued at $3,073,428.66. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this link. In other news, Director Vijay Kasibhatla sold 10,000 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total value of $492,900.00. Following the completion of the sale, the director now directly owns 62,354 shares of the company’s stock, valued at $3,073,428.66. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the 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 completion of the sale, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The disclosure for this sale can be found here. Insiders have sold 180,716 shares of company stock worth $9,048,624 in the last 90 days. Company insiders own 0.26% of the company’s stock.

Schlumberger Stock Down 0.5 %

Schlumberger stock opened at $40.41 on Tuesday. The company has a 50-day simple moving average of $45.47 and a 200-day simple moving average of $47.88. The firm has a market capitalization of $57.38 billion, a P/E ratio of 13.43, a P/E/G ratio of 0.87 and a beta of 1.52. 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 one year low of $40.35 and a one year high of $62.12.

Schlumberger (NYSE:SLB) last posted its quarterly earnings data 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 business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the company posted $0.72 earnings per share. As a group, equities analysts expect that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Dividend Announcement

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

Schlumberger Company 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.