Peapack Gladstone Financial Corp Purchases 34,861 Shares of Schlumberger Limited (NYSE:SLB)

Peapack Gladstone Financial Corp increased its position in Schlumberger Limited (NYSE:SLB) by 15.0% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 268,008 shares of the oil and gas company’s stock after purchasing an additional 34,861 shares during the quarter. Peapack Gladstone Financial Corp’s holdings in Schlumberger were worth $11,244,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds also recently made changes to their positions in the company. Financial Advocates Investment Management boosted its holdings in shares of Schlumberger by 3.4% during the 2nd quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock valued at $309,000 after buying an additional 218 shares in the last quarter. Chilton Capital Management LLC lifted its position 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 valued at $1,236,000 after acquiring an additional 219 shares during the period. Grove Bank & Trust boosted its stake in Schlumberger by 17.4% during the third quarter. Grove Bank & Trust now owns 1,514 shares of the oil and gas company’s stock worth $64,000 after acquiring an additional 224 shares in the last quarter. Addison Advisors LLC grew its holdings in Schlumberger by 6.5% in the second quarter. Addison Advisors LLC now owns 3,794 shares of the oil and gas company’s stock worth $179,000 after purchasing an additional 233 shares during the period. Finally, Clearstead Trust LLC increased its stake in shares of Schlumberger by 0.8% during the second quarter. Clearstead Trust LLC now owns 31,529 shares of the oil and gas company’s stock valued at $1,488,000 after purchasing an additional 237 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

Insider Activity at Schlumberger

In other news, EVP Abdellah Merad sold 60,000 shares of Schlumberger stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the transaction, the executive vice president now owns 211,937 shares in the company, valued at $8,880,160.30. This trade represents a 22.06 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

A number of analysts have recently commented on SLB shares. JPMorgan Chase & Co. dropped their price target on Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Susquehanna dropped their target price on Schlumberger from $60.00 to $56.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Bank of America reduced their price target on Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a report on Monday, October 14th. Morgan Stanley dropped their price target on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Finally, Stifel Nicolaus reissued a “buy” rating and set a $60.00 price objective (down from $62.00) on shares of Schlumberger in a research report on Monday, October 21st. Three equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average target price of $60.91.

Schlumberger Price Performance

NYSE SLB opened at $40.22 on Friday. The stock has a market capitalization of $56.80 billion, a price-to-earnings ratio of 12.93, a PEG ratio of 1.47 and a beta of 1.51. Schlumberger Limited has a 1-year low of $38.66 and a 1-year high of $55.69. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12. The business’s fifty day moving average price is $42.73 and its 200-day moving average price is $44.01.

Schlumberger (NYSE:SLB) last posted its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $9.16 billion for the quarter, compared to the consensus estimate of $9.27 billion. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. Schlumberger’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.78 earnings per share. On average, equities analysts predict that Schlumberger Limited will post 3.39 earnings per share for the current year.

Schlumberger Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.73%. The ex-dividend date of this dividend is Wednesday, December 4th. Schlumberger’s payout ratio is 35.37%.

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.