First Fiduciary Investment Counsel Inc. trimmed its holdings in Schlumberger Limited. (NYSE:SLB) by 11.6% during the second quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 328,410 shares of the oil and gas company’s stock after selling 43,232 shares during the period. Schlumberger comprises about 2.8% of First Fiduciary Investment Counsel Inc.’s holdings, making the stock its 18th largest position. First Fiduciary Investment Counsel Inc.’s holdings in Schlumberger were worth $13,051,000 at the end of the most recent quarter.
Other institutional investors have also added to or reduced their stakes in the company. Geode Capital Management LLC lifted its position in shares of Schlumberger by 7.3% during the 4th quarter. Geode Capital Management LLC now owns 16,487,841 shares of the oil and gas company’s stock valued at $593,754,000 after acquiring an additional 1,125,484 shares during the last quarter. Princeton Global Asset Management LLC acquired a new stake in shares of Schlumberger during the 4th quarter valued at $248,000. Massmutual Trust Co. FSB ADV lifted its position in shares of Schlumberger by 11.5% during the 4th quarter. Massmutual Trust Co. FSB ADV now owns 17,827 shares of the oil and gas company’s stock valued at $643,000 after acquiring an additional 1,840 shares during the last quarter. O Brien Greene & Co. Inc acquired a new stake in shares of Schlumberger during the 4th quarter valued at $1,562,000. Finally, Actinver Wealth Management Inc. acquired a new stake in shares of Schlumberger during the 4th quarter valued at $1,481,000. 77.24% of the stock is currently owned by hedge funds and other institutional investors.
In other news, EVP Patrick Schorn sold 12,151 shares of the company’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $38.93, for a total value of $473,038.43. Following the transaction, the executive vice president now directly owns 130,000 shares of the company’s stock, valued at $5,060,900. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this hyperlink. Also, insider Stephanie Cox sold 24,057 shares of the company’s stock in a transaction on Thursday, July 25th. The stock was sold at an average price of $40.59, for a total transaction of $976,473.63. Following the completion of the transaction, the insider now directly owns 46,354 shares in the company, valued at $1,881,508.86. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
Schlumberger (NYSE:SLB) last announced its earnings results on Friday, July 19th. The oil and gas company reported $0.35 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.35. Schlumberger had a net margin of 6.38% and a return on equity of 5.62%. The company had revenue of $8.27 billion for the quarter, compared to the consensus estimate of $8.11 billion. During the same period in the previous year, the business earned $0.43 EPS. The company’s revenue was down .4% on a year-over-year basis. Analysts expect that Schlumberger Limited. will post 1.51 EPS for the current year.
The business also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Wednesday, September 4th will be paid a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.56%. The ex-dividend date of this dividend is Tuesday, September 3rd. Schlumberger’s dividend payout ratio (DPR) is presently 123.46%.
A number of equities research analysts have recently commented on the company. BMO Capital Markets set a $44.00 price objective on Schlumberger and gave the company a “hold” rating in a research report on Monday, April 22nd. Morgan Stanley set a $51.00 price objective on Schlumberger and gave the company a “hold” rating in a research report on Monday, April 22nd. Tudor Pickering downgraded Schlumberger from a “hold” rating to a “sell” rating and set a $35.00 price objective for the company. in a research report on Monday, April 22nd. SunTrust Banks increased their price objective on Schlumberger to $53.00 and gave the company a “buy” rating in a research report on Tuesday, April 23rd. Finally, Bank of America reissued a “buy” rating and set a $51.00 target price (down from $60.00) on shares of Schlumberger in a research note on Tuesday, June 25th. Two equities research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have given a buy rating to the stock. The company has a consensus rating of “Hold” and a consensus target price of $52.17.
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.
Featured Story: Cash Flow
Want to see what other hedge funds are holding SLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for Schlumberger Limited. (NYSE:SLB).
Receive News & Ratings for Schlumberger Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Schlumberger and related companies with MarketBeat.com's FREE daily email newsletter.