Edge Wealth Management LLC Boosts Stock Position in Schlumberger Limited (NYSE:SLB)

Edge Wealth Management LLC raised its stake in shares of Schlumberger Limited (NYSE:SLB) by 45.3% in the 3rd quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 265,682 shares of the oil and gas company’s stock after acquiring an additional 82,840 shares during the period. Schlumberger makes up 2.2% of Edge Wealth Management LLC’s investment portfolio, making the stock its 19th biggest holding. Edge Wealth Management LLC’s holdings in Schlumberger were worth $11,145,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. Grove Bank & Trust increased its position in Schlumberger by 17.4% during the 3rd quarter. Grove Bank & Trust now owns 1,514 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 224 shares during the period. Wedge Capital Management L L P NC increased its position in Schlumberger by 25.9% during the 3rd quarter. Wedge Capital Management L L P NC now owns 163,079 shares of the oil and gas company’s stock worth $6,841,000 after purchasing an additional 33,512 shares during the period. ORG Partners LLC increased its position in Schlumberger by 393.5% during the 3rd quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 484 shares during the period. Stablepoint Partners LLC increased its position in Schlumberger by 4.3% during the 3rd quarter. Stablepoint Partners LLC now owns 23,840 shares of the oil and gas company’s stock worth $1,000,000 after purchasing an additional 982 shares during the period. Finally, Sapient Capital LLC increased its position in Schlumberger by 6.9% during the 3rd quarter. Sapient Capital LLC now owns 5,034 shares of the oil and gas company’s stock worth $212,000 after purchasing an additional 323 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

Schlumberger Trading Down 3.9 %

Shares of Schlumberger stock traded down $1.75 during trading hours on Tuesday, reaching $42.95. 10,226,299 shares of the company’s stock were exchanged, compared to its average volume of 11,034,646. Schlumberger Limited has a 52-week low of $38.66 and a 52-week high of $61.20. The firm has a market capitalization of $60.98 billion, a price-to-earnings ratio of 14.13, a price-to-earnings-growth ratio of 0.96 and a beta of 1.51. The company has a fifty day moving average of $43.12 and a 200-day moving average of $46.29. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The company had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. During the same quarter in the prior year, the company posted $0.72 EPS. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. Sell-side analysts forecast that Schlumberger Limited will post 3.47 EPS for the current fiscal year.

Schlumberger Announces Dividend

The firm also recently declared a quarterly dividend, which was paid on Thursday, October 10th. Shareholders of record on Wednesday, September 4th were paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.56%. The ex-dividend date of this dividend was Wednesday, September 4th. Schlumberger’s dividend payout ratio is presently 35.95%.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SLB. Piper Sandler lowered their price target on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Evercore ISI upped their price target on Schlumberger from $73.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Morgan Stanley lowered their price target on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. BMO Capital Markets lowered their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, October 10th. Finally, JPMorgan Chase & Co. lowered their price target on Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $63.19.

Insiders Place Their Bets

In related news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. In related news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The stock was 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 in the company, valued at approximately $12,432,012.81. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Stephane Biguet sold 50,048 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $49.94, for a total value of $2,499,397.12. Following the completion of the sale, the chief financial officer now owns 203,076 shares of the company’s stock, valued at approximately $10,141,615.44. This represents a 0.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 180,716 shares of company stock valued at $9,048,624 in the last quarter. 0.26% of the stock is currently owned by company 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.