Velanne Asset Management Ltd raised its stake in Schlumberger Limited. (NYSE:SLB) by 4.1% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 169,344 shares of the oil and gas company’s stock after purchasing an additional 6,643 shares during the quarter. Schlumberger makes up 5.1% of Velanne Asset Management Ltd’s holdings, making the stock its 7th largest position. Velanne Asset Management Ltd’s holdings in Schlumberger were worth $7,378,000 at the end of the most recent quarter.
A number of other institutional investors also recently added to or reduced their stakes in the business. CX Institutional grew its position in Schlumberger by 158.4% in the first quarter. CX Institutional now owns 646 shares of the oil and gas company’s stock worth $28,000 after acquiring an additional 396 shares in the last quarter. Highwater Wealth Management LLC acquired a new position in Schlumberger during the 4th quarter valued at $45,000. IMS Capital Management acquired a new position in Schlumberger during the 3rd quarter valued at $46,000. Old North State Trust LLC raised its stake in Schlumberger by 100.2% during the 1st quarter. Old North State Trust LLC now owns 871 shares of the oil and gas company’s stock valued at $37,000 after purchasing an additional 436 shares during the last quarter. Finally, Berman Capital Advisors LLC acquired a new position in Schlumberger during the 4th quarter valued at $31,000. Hedge funds and other institutional investors own 78.94% of the company’s stock.
In other Schlumberger news, CFO Simon Ayat sold 25,000 shares of the stock in a transaction dated Monday, April 22nd. The shares were sold at an average price of $46.10, for a total transaction of $1,152,500.00. Following the sale, the chief financial officer now owns 255,971 shares of the company’s stock, valued at approximately $11,800,263.10. The sale was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. 0.48% of the stock is owned by corporate insiders.
Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Thursday, April 18th. The oil and gas company reported $0.30 EPS for the quarter, hitting analysts’ consensus estimates of $0.30. Schlumberger had a net margin of 6.19% and a return on equity of 5.87%. The firm had revenue of $7.88 billion for the quarter, compared to analyst estimates of $7.82 billion. During the same quarter in the prior year, the firm earned $0.38 EPS. The company’s revenue was up .6% on a year-over-year basis. Analysts expect that Schlumberger Limited. will post 1.6 earnings per share for the current fiscal year.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, July 12th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 4.36%. The ex-dividend date of this dividend is Tuesday, June 4th. Schlumberger’s dividend payout ratio is currently 123.46%.
Several equities analysts recently commented on the stock. Jefferies Financial Group cut shares of Schlumberger from a “buy” rating to a “hold” rating and cut their target price for the company from $50.00 to $45.00 in a research note on Friday, March 15th. Credit Suisse Group set a $44.00 price objective on shares of Schlumberger and gave the company a “hold” rating in a research note on Friday, January 18th. Tudor Pickering cut shares of Schlumberger from a “hold” rating to a “sell” rating and set a $35.00 price objective for the company. in a research note on Monday. Goldman Sachs Group initiated coverage on shares of Schlumberger in a research note on Sunday, March 10th. They issued a “buy” rating and a $55.00 price objective for the company. Finally, Citigroup dropped their price objective on shares of Schlumberger from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, January 4th. Two equities research analysts have rated the stock with a sell rating, eleven have assigned a hold rating and eleven have given a buy rating to the company’s stock. Schlumberger presently has a consensus rating of “Hold” and an average price target of $57.53.
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Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company's Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.
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