Cohen Lawrence B lowered its stake in Schlumberger Limited. (NYSE:SLB) by 2.6% during the second quarter, HoldingsChannel.com reports. The firm owned 34,964 shares of the oil and gas company’s stock after selling 925 shares during the period. Cohen Lawrence B’s holdings in Schlumberger were worth $1,390,000 at the end of the most recent quarter.
Several other hedge funds also recently bought and sold shares of the company. Chesley Taft & Associates LLC increased its position in shares of Schlumberger by 2.1% in the 2nd quarter. Chesley Taft & Associates LLC now owns 21,500 shares of the oil and gas company’s stock valued at $854,000 after buying an additional 450 shares in the last quarter. BTC Capital Management Inc. increased its position in shares of Schlumberger by 3.6% in the 2nd quarter. BTC Capital Management Inc. now owns 88,704 shares of the oil and gas company’s stock valued at $3,520,000 after buying an additional 3,056 shares in the last quarter. Griffin Asset Management Inc. increased its position in shares of Schlumberger by 44.3% in the 1st quarter. Griffin Asset Management Inc. now owns 133,874 shares of the oil and gas company’s stock valued at $5,833,000 after buying an additional 41,076 shares in the last quarter. Manning & Napier Group LLC increased its position in shares of Schlumberger by 4.6% in the 2nd quarter. Manning & Napier Group LLC now owns 3,437,572 shares of the oil and gas company’s stock valued at $136,608,000 after buying an additional 152,088 shares in the last quarter. Finally, Taylor Cottrill Erickson & Associates Inc. increased its position in shares of Schlumberger by 31.2% in the 1st quarter. Taylor Cottrill Erickson & Associates Inc. now owns 31,794 shares of the oil and gas company’s stock valued at $1,385,000 after buying an additional 7,566 shares in the last quarter. 77.22% of the stock is currently owned by institutional investors.
A number of research firms recently commented on SLB. Bank of America restated a “buy” rating and issued a $51.00 price objective (down previously from $60.00) on shares of Schlumberger in a research report on Tuesday, June 25th. Raymond James restated a “hold” rating on shares of Schlumberger in a research report on Friday, June 21st. JPMorgan Chase & Co. lowered their price objective on shares of Schlumberger from $42.00 to $41.00 and set a “neutral” rating for the company in a research report on Monday, July 22nd. AltaCorp Capital restated an “outperform” rating on shares of Schlumberger in a research report on Thursday, June 20th. Finally, Piper Jaffray Companies set a $40.00 price objective on shares of Schlumberger and gave the company a “buy” rating in a research report on Monday, July 1st. Two equities research analysts have rated the stock with a sell rating, ten have issued a hold rating and twelve have given a buy rating to the company. Schlumberger currently has an average rating of “Hold” and an average target price of $52.17.
Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. The company had revenue of $8.27 billion for the quarter, compared to analyst estimates of $8.11 billion. Schlumberger had a net margin of 6.38% and a return on equity of 5.62%. Schlumberger’s revenue was down .4% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.43 earnings per share. Research analysts anticipate that Schlumberger Limited. will post 1.51 earnings per share for the current fiscal year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, October 11th. Stockholders of record on Wednesday, September 4th will be issued a dividend of $0.50 per share. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.00 dividend on an annualized basis and a dividend yield of 5.78%. Schlumberger’s dividend payout ratio (DPR) is presently 123.46%.
In other news, insider Stephanie Cox sold 24,057 shares of Schlumberger stock in a transaction on Thursday, July 25th. The shares were sold at an average price of $40.59, for a total transaction of $976,473.63. Following the transaction, the insider now owns 46,354 shares in the company, valued at $1,881,508.86. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Patrick Schorn sold 12,151 shares of Schlumberger stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $38.93, for a total transaction of $473,038.43. Following the transaction, the executive vice president now owns 130,000 shares in the company, valued at approximately $5,060,900. The disclosure for this sale can be found here. 0.48% of the stock is currently owned by insiders.
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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