PNC Financial Services Group Inc. Reduces Position in Schlumberger Limited (NYSE:SLB)

PNC Financial Services Group Inc. cut its holdings in shares of Schlumberger Limited (NYSE:SLB) by 51.7% during the 4th quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 1,056,262 shares of the oil and gas company’s stock after selling 1,129,272 shares during the period. PNC Financial Services Group Inc. owned approximately 0.08% of Schlumberger worth $40,497,000 at the end of the most recent reporting period.

Several other institutional investors also recently modified their holdings of the business. Camden National Bank boosted its position in shares of Schlumberger by 8.4% during the fourth quarter. Camden National Bank now owns 7,559 shares of the oil and gas company’s stock valued at $290,000 after buying an additional 587 shares during the last quarter. Bank Julius Baer & Co. Ltd Zurich purchased a new position in Schlumberger in the fourth quarter worth about $230,000. AMG National Trust Bank boosted its position in Schlumberger by 290.3% in the fourth quarter. AMG National Trust Bank now owns 27,316 shares of the oil and gas company’s stock worth $1,036,000 after purchasing an additional 20,318 shares during the last quarter. Bay Colony Advisory Group Inc d b a Bay Colony Advisors purchased a new position in Schlumberger in the fourth quarter worth about $212,000. Finally, Ashton Thomas Private Wealth LLC boosted its position in Schlumberger by 0.8% in the fourth quarter. Ashton Thomas Private Wealth LLC now owns 49,882 shares of the oil and gas company’s stock worth $1,928,000 after purchasing an additional 403 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several brokerages have issued reports on SLB. Jefferies Financial Group dropped their target price on Schlumberger from $64.00 to $61.00 and set a “buy” rating on the stock in a research report on Friday, January 3rd. Piper Sandler began coverage on Schlumberger in a research report on Thursday, December 19th. They issued a “neutral” rating and a $47.00 target price on the stock. Stifel Nicolaus dropped their target price on Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a research report on Monday, December 23rd. Evercore ISI reissued an “in-line” rating and issued a $44.00 target price (down from $62.00) on shares of Schlumberger in a research report on Wednesday, January 15th. Finally, Wells Fargo & Company lowered their price objective on Schlumberger from $49.00 to $46.00 and set an “equal weight” rating on the stock in a research report on Tuesday, December 17th. Six equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average target price of $55.81.

Schlumberger Stock Performance

Shares of NYSE SLB opened at $41.36 on Monday. The company has a market cap of $56.25 billion, a P/E ratio of 13.30, a P/E/G ratio of 10.10 and a beta of 1.47. Schlumberger Limited has a 52-week low of $36.52 and a 52-week high of $55.69. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.11 and a current ratio of 1.45. The firm’s fifty day moving average is $40.73 and its two-hundred day moving average is $41.63.

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

Schlumberger Increases Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.285 per share. This is an increase from Schlumberger’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.76%. The ex-dividend date of this dividend is Wednesday, February 5th. Schlumberger’s dividend payout ratio is currently 36.66%.

Insider Activity at Schlumberger

In other Schlumberger news, VP Ugo Prechner sold 7,000 shares of the stock in a transaction on Tuesday, January 21st. The shares were sold at an average price of $44.20, for a total transaction of $309,400.00. Following the completion of the transaction, the vice president now owns 11,240 shares in the company, valued at $496,808. This trade represents a 38.38 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Mogharbel Khaled Al sold 123,097 shares of the business’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $44.09, for a total transaction of $5,427,346.73. Following the completion of the sale, the executive vice president now owns 184,626 shares in the company, valued at approximately $8,140,160.34. This trade represents a 40.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 290,772 shares of company stock valued at $12,546,660. 0.26% of the stock is owned by corporate insiders.

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.