Allspring Global Investments Holdings LLC Lowers Stock Position in Schlumberger Limited (NYSE:SLB)

Allspring Global Investments Holdings LLC cut its position in shares of Schlumberger Limited (NYSE:SLB) by 33.0% during the 4th quarter, according to the company in its most recent Form 13F filing with the SEC. The fund owned 80,498 shares of the oil and gas company’s stock after selling 39,642 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Schlumberger were worth $4,189,000 as of its most recent SEC filing.

A number of other institutional investors have also added to or reduced their stakes in the company. Acadian Asset Management LLC purchased a new stake in shares of Schlumberger during the first quarter valued at approximately $25,000. Cetera Investment Advisers boosted its holdings in shares of Schlumberger by 35.3% in the 1st quarter. Cetera Investment Advisers now owns 39,287 shares of the oil and gas company’s stock worth $1,623,000 after buying an additional 10,240 shares during the last quarter. Dakota Wealth Management bought a new position in Schlumberger during the first quarter valued at about $232,000. Sequoia Financial Advisors LLC purchased a new stake in Schlumberger during the first quarter worth about $419,000. Finally, Baird Financial Group Inc. raised its position in Schlumberger by 2.9% in the first quarter. Baird Financial Group Inc. now owns 112,003 shares of the oil and gas company’s stock worth $4,627,000 after acquiring an additional 3,209 shares during the period. 81.99% of the stock is owned by institutional investors.

Schlumberger Price Performance

Schlumberger stock opened at $49.84 on Friday. The business has a 50-day simple moving average of $51.62 and a 200 day simple moving average of $52.43. Schlumberger Limited has a 52 week low of $42.73 and a 52 week high of $62.12. The stock has a market cap of $71.14 billion, a price-to-earnings ratio of 17.07, a PEG ratio of 0.97 and a beta of 1.60. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.51.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 EPS for the quarter, hitting the consensus estimate of $0.75. Schlumberger had a return on equity of 21.97% and a net margin of 12.68%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same quarter in the previous year, the firm earned $0.63 earnings per share. Schlumberger’s revenue was up 12.6% on a year-over-year basis. On average, research analysts forecast that Schlumberger Limited will post 3.51 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be issued a dividend of $0.275 per share. This is an increase from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.21%. Schlumberger’s payout ratio is currently 37.67%.

Insider Buying and Selling

In other Schlumberger news, EVP Abdellah Merad sold 50,000 shares of the firm’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total transaction of $2,426,000.00. Following the sale, the executive vice president now owns 261,507 shares in the company, valued at $12,688,319.64. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. In other news, EVP Mogharbel Khaled Al sold 38,570 shares of Schlumberger stock in a transaction dated Tuesday, January 23rd. The stock was sold at an average price of $50.42, for a total value of $1,944,699.40. Following the transaction, the executive vice president now owns 386,841 shares in the company, valued at $19,504,523.22. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Abdellah Merad sold 50,000 shares of the stock in a transaction dated Monday, February 26th. The shares were sold at an average price of $48.52, for a total value of $2,426,000.00. Following the sale, the executive vice president now owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 172,191 shares of company stock worth $8,636,322. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

SLB has been the subject of several research analyst reports. Benchmark restated a “buy” rating and set a $68.00 price target on shares of Schlumberger in a research note on Wednesday, April 3rd. Bank of America boosted their target price on Schlumberger from $62.00 to $63.00 and gave the company a “buy” rating in a research note on Monday, April 15th. The Goldman Sachs Group reiterated a “buy” rating on shares of Schlumberger in a research note on Monday, April 1st. Wells Fargo & Company boosted their price objective on Schlumberger from $69.00 to $70.00 and gave the company an “overweight” rating in a research note on Monday, January 22nd. Finally, Stifel Nicolaus increased their target price on shares of Schlumberger from $63.00 to $64.00 and gave the stock a “buy” rating in a research report on Monday, January 22nd. One investment analyst has rated the stock with a hold rating and sixteen have given a buy rating to the company’s stock. According to MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $70.31.

About Schlumberger

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.