SevenBridge Financial Group LLC Boosts Stock Position in Schlumberger Limited (NYSE:SLB)

SevenBridge Financial Group LLC grew its holdings in shares of Schlumberger Limited (NYSE:SLB) by 4.9% in the fourth quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 7,519 shares of the oil and gas company’s stock after buying an additional 350 shares during the period. SevenBridge Financial Group LLC’s holdings in Schlumberger were worth $314,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp increased its stake in Schlumberger by 0.6% in the third quarter. State Street Corp now owns 90,209,014 shares of the oil and gas company’s stock valued at $3,808,476,000 after purchasing an additional 528,279 shares during the last quarter. Geode Capital Management LLC boosted its holdings in shares of Schlumberger by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 29,985,360 shares of the oil and gas company’s stock valued at $1,146,195,000 after buying an additional 1,377,134 shares in the last quarter. First Eagle Investment Management LLC grew its position in shares of Schlumberger by 1.2% in the 4th quarter. First Eagle Investment Management LLC now owns 27,836,555 shares of the oil and gas company’s stock valued at $1,067,254,000 after buying an additional 343,261 shares during the last quarter. Norges Bank acquired a new stake in Schlumberger during the 4th quarter worth $735,398,000. Finally, Boston Partners lifted its position in Schlumberger by 9.9% in the fourth quarter. Boston Partners now owns 15,529,159 shares of the oil and gas company’s stock valued at $597,356,000 after acquiring an additional 1,405,186 shares during the last quarter. 81.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLB has been the topic of several research reports. Jefferies Financial Group dropped their price objective on Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Thursday, March 27th. Piper Sandler initiated coverage on Schlumberger in a research report on Thursday, December 19th. They set a “neutral” rating and a $47.00 price target on the stock. Evercore ISI reissued an “in-line” rating and issued a $44.00 price objective (down from $62.00) on shares of Schlumberger in a report on Wednesday, January 15th. Wells Fargo & Company reduced their price target on shares of Schlumberger from $49.00 to $46.00 and set an “equal weight” rating for the company in a research report on Tuesday, December 17th. Finally, Griffin Securities downgraded shares of Schlumberger from a “buy” rating to a “neutral” rating in a research report on Friday, December 20th. Six investment analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. According to MarketBeat.com, the company has an average rating of “Moderate Buy” and an average target price of $55.69.

Insider Buying and Selling

In other news, Director Vijay Kasibhatla sold 25,000 shares of the company’s stock in a transaction on Tuesday, January 21st. The stock was sold at an average price of $43.94, for a total value of $1,098,500.00. Following the sale, the director now directly owns 49,595 shares in the company, valued at $2,179,204.30. This represents a 33.51 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction dated Wednesday, January 29th. The shares were sold at an average price of $41.44, for a total transaction of $2,486,400.00. Following the completion of the transaction, the executive vice president now owns 210,502 shares in the company, valued at approximately $8,723,202.88. This trade represents a 22.18 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 315,905 shares of company stock worth $13,609,283 in the last ninety days. Insiders own 0.26% of the company’s stock.

Schlumberger Stock Performance

SLB opened at $42.23 on Thursday. The stock’s 50 day simple moving average is $41.23 and its 200 day simple moving average is $41.50. The stock has a market cap of $57.43 billion, a P/E ratio of 13.58, a P/E/G ratio of 10.10 and a beta of 1.11. Schlumberger Limited has a 1-year low of $36.52 and a 1-year high of $55.65. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.45 and a quick ratio of 1.11.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, January 17th. The oil and gas company reported $0.92 earnings per share for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. The business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.24 billion. Schlumberger had a return on equity of 21.90% and a net margin of 12.29%. The business’s revenue for the quarter was up 3.3% on a year-over-year basis. During the same quarter last year, the business posted $0.86 earnings per share. As a group, equities analysts anticipate that Schlumberger Limited will post 3.38 EPS for the current fiscal year.

Schlumberger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, February 5th will be given a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, February 5th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a dividend yield of 2.70%. Schlumberger’s dividend payout ratio is currently 36.66%.

About Schlumberger

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.