Connors Investor Services Inc. Decreases Stock Holdings in Schlumberger Limited (NYSE:SLB)

Connors Investor Services Inc. lowered its stake in Schlumberger Limited (NYSE:SLB) by 37.4% during the 4th quarter, according to its most recent disclosure with the Securities and Exchange Commission. The fund owned 184,511 shares of the oil and gas company’s stock after selling 110,069 shares during the quarter. Connors Investor Services Inc.’s holdings in Schlumberger were worth $7,074,000 at the end of the most recent quarter.

A number of other hedge funds have also added to or reduced their stakes in the stock. YANKCOM Partnership purchased a new stake in Schlumberger during the fourth quarter valued at $31,000. Stonebridge Financial Group LLC purchased a new stake in shares of Schlumberger during the 4th quarter valued at about $32,000. Golden State Wealth Management LLC bought a new position in shares of Schlumberger in the 4th quarter worth approximately $34,000. Hager Investment Management Services LLC bought a new stake in Schlumberger during the fourth quarter valued at approximately $38,000. Finally, Bogart Wealth LLC increased its holdings in Schlumberger by 468.9% during the fourth quarter. Bogart Wealth LLC now owns 1,024 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 844 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of research analysts recently issued reports on SLB shares. BMO Capital Markets cut their price objective on Schlumberger from $53.00 to $48.00 in a research note on Thursday, January 16th. Wells Fargo & Company raised shares of Schlumberger from an “equal weight” rating to an “overweight” rating and cut their price objective for the company from $46.00 to $44.00 in a report on Tuesday, April 8th. Citigroup upped their target price on shares of Schlumberger from $50.00 to $54.00 and gave the stock a “buy” rating in a research report on Tuesday, January 21st. Piper Sandler reduced their target price on Schlumberger from $46.00 to $44.00 and set a “neutral” rating on the stock in a report on Tuesday. Finally, Stifel Nicolaus decreased their price objective on Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Monday. Five equities research analysts have rated the stock with a hold rating, fifteen have issued a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $53.32.

Schlumberger Price Performance

Shares of SLB stock opened at $34.10 on Wednesday. The stock’s fifty day moving average price is $38.28 and its 200 day moving average price is $40.24. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.45 and a quick ratio of 1.11. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $50.94. The company has a market cap of $46.37 billion, a price-to-earnings ratio of 10.96, a price-to-earnings-growth ratio of 10.10 and a beta of 1.11.

Schlumberger (NYSE:SLB) last posted its quarterly earnings data on Friday, April 25th. The oil and gas company reported $0.72 earnings per share (EPS) for the quarter, missing the consensus estimate of $0.73 by ($0.01). The company had revenue of $8.49 billion for the quarter, compared to analyst estimates of $8.64 billion. Schlumberger had a net margin of 12.29% and a return on equity of 21.90%. The business’s revenue was down 2.5% compared to the same quarter last year. During the same quarter last year, the company earned $0.75 EPS. On average, research analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 4th will be given a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 3.34%. The ex-dividend date is Wednesday, June 4th. Schlumberger’s payout ratio is 38.64%.

Insiders Place Their Bets

In other news, insider Gavin Rennick sold 26,990 shares of the stock in a transaction on Wednesday, February 26th. The shares were sold at an average price of $40.92, for a total value of $1,104,430.80. Following the sale, the insider now owns 53,584 shares in the company, valued at $2,192,657.28. This represents a 33.50 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, insider Aparna Raman sold 25,133 shares of the business’s stock in a transaction on Friday, March 28th. The shares were sold at an average price of $42.28, for a total transaction of $1,062,623.24. Following the transaction, the insider now owns 31,031 shares of the company’s stock, valued at $1,311,990.68. This represents a 44.75 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last 90 days, insiders sold 57,647 shares of company stock valued at $2,390,279. 0.26% of the stock is owned by company insiders.

Schlumberger Company Profile

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.