Lathrop Investment Management Corp increased its holdings in Schlumberger Limited. (NYSE:SLB) by 5.2% in the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 177,783 shares of the oil and gas company’s stock after acquiring an additional 8,849 shares during the quarter. Schlumberger comprises approximately 2.0% of Lathrop Investment Management Corp’s portfolio, making the stock its 25th biggest position. Lathrop Investment Management Corp’s holdings in Schlumberger were worth $7,065,000 as of its most recent SEC filing.
A number of other hedge funds have also made changes to their positions in the stock. Washington Trust Bank lifted its position in Schlumberger by 4.3% during the first quarter. Washington Trust Bank now owns 5,719 shares of the oil and gas company’s stock valued at $249,000 after buying an additional 237 shares during the period. Lenox Wealth Management Inc. lifted its position in Schlumberger by 41.1% during the first quarter. Lenox Wealth Management Inc. now owns 879 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 256 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its position in Schlumberger by 1.0% during the second quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,410 shares of the oil and gas company’s stock valued at $1,010,000 after buying an additional 262 shares during the period. Monarch Capital Management Inc. lifted its position in Schlumberger by 1.3% during the first quarter. Monarch Capital Management Inc. now owns 21,414 shares of the oil and gas company’s stock valued at $933,000 after buying an additional 285 shares during the period. Finally, Cetera Advisor Networks LLC lifted its position in Schlumberger by 2.7% during the first quarter. Cetera Advisor Networks LLC now owns 10,746 shares of the oil and gas company’s stock valued at $471,000 after buying an additional 286 shares during the period. 77.24% of the stock is owned by institutional investors.
SLB stock opened at $35.46 on Wednesday. Schlumberger Limited. has a twelve month low of $34.46 and a twelve month high of $67.31. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The stock has a market cap of $51.75 billion, a PE ratio of 21.89, a P/E/G ratio of 2.35 and a beta of 1.44. The company’s 50-day moving average is $39.11.
The business also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.50 per share. The ex-dividend date is Tuesday, September 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.64%. Schlumberger’s payout ratio is currently 123.46%.
In related news, insider Stephanie Cox sold 24,057 shares of the business’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $40.59, for a total value of $976,473.63. Following the transaction, the insider now directly owns 46,354 shares of the company’s stock, valued at approximately $1,881,508.86. The transaction was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, EVP Patrick Schorn sold 12,151 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $38.93, for a total value of $473,038.43. Following the completion of the transaction, the executive vice president now directly owns 130,000 shares in the company, valued at $5,060,900. The disclosure for this sale can be found here. 0.48% of the stock is owned by insiders.
SLB has been the subject of several recent research reports. 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. Tudor Pickering downgraded Schlumberger from a “hold” rating to a “sell” rating and set a $35.00 price target for the company. in a report on Monday, April 22nd. AltaCorp Capital restated an “outperform” rating on shares of Schlumberger in a report on Thursday, June 20th. SunTrust Banks raised their price target on Schlumberger to $53.00 and gave the company a “buy” rating in a report on Tuesday, April 23rd. Finally, Bank of America restated a “buy” rating and set a $51.00 price target (down from $60.00) on shares of Schlumberger in a report on Tuesday, June 25th. Two research analysts have rated the stock with a sell rating, ten have given a hold rating and twelve have issued a buy rating to the company. The stock presently has an average rating of “Hold” and a consensus price target of $52.17.
Schlumberger Company Profile
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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