Reliant Investment Management LLC Cuts Stock Position in Schlumberger Limited (NYSE:SLB)

Reliant Investment Management LLC lessened its position in shares of Schlumberger Limited (NYSE:SLB) by 92.1% in the 1st quarter, HoldingsChannel reports. The fund owned 10,061 shares of the oil and gas company’s stock after selling 117,082 shares during the period. Reliant Investment Management LLC’s holdings in Schlumberger were worth $421,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors also recently bought and sold shares of SLB. Vanguard Capital Wealth Advisors grew its holdings in Schlumberger by 47.8% in the first quarter. Vanguard Capital Wealth Advisors now owns 26,600 shares of the oil and gas company’s stock worth $1,112,000 after purchasing an additional 8,600 shares during the last quarter. Hudson Valley Investment Advisors Inc. ADV lifted its holdings in shares of Schlumberger by 3.6% during the 1st quarter. Hudson Valley Investment Advisors Inc. ADV now owns 94,200 shares of the oil and gas company’s stock valued at $3,938,000 after purchasing an additional 3,249 shares during the last quarter. Davis Capital Management acquired a new stake in shares of Schlumberger in the 1st quarter worth $934,000. Intellectus Partners LLC grew its stake in Schlumberger by 41.0% during the 1st quarter. Intellectus Partners LLC now owns 8,288 shares of the oil and gas company’s stock worth $349,000 after buying an additional 2,411 shares during the last quarter. Finally, Stablepoint Partners LLC increased its position in Schlumberger by 26.5% during the 1st quarter. Stablepoint Partners LLC now owns 32,830 shares of the oil and gas company’s stock valued at $1,372,000 after buying an additional 6,870 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

Several equities research analysts have weighed in on the company. Wells Fargo & Company lowered their price target on Schlumberger from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Thursday. Jefferies Financial Group lowered their target price on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating for the company in a research note on Thursday, March 27th. Morgan Stanley cut their price target on shares of Schlumberger from $50.00 to $45.00 and set an “overweight” rating on the stock in a research note on Friday, May 16th. Barclays decreased their price target on shares of Schlumberger from $53.00 to $48.00 and set an “overweight” rating for the company in a report on Friday, April 25th. Finally, Piper Sandler cut their target price on Schlumberger from $46.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Four research analysts have rated the stock with a hold rating, fifteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average target price of $52.38.

Insider Activity

In related news, insider Aparna Raman sold 25,133 shares of the firm’s stock in a transaction dated Friday, March 28th. The shares were sold at an average price of $42.28, for a total value of $1,062,623.24. Following the transaction, the insider now directly owns 31,031 shares of the company’s stock, valued at approximately $1,311,990.68. This trade represents a 44.75% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director La Chevardiere Patrick De sold 5,000 shares of Schlumberger stock in a transaction dated Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total value of $167,900.00. Following the completion of the sale, the director now owns 23,525 shares in the company, valued at approximately $789,969.50. The trade was a 17.53% decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders own 0.26% of the company’s stock.

Schlumberger Stock Up 2.4%

Shares of SLB stock opened at $33.87 on Friday. Schlumberger Limited has a twelve month low of $31.11 and a twelve month high of $50.94. The stock has a market cap of $46.07 billion, a P/E ratio of 10.89, a P/E/G ratio of 10.10 and a beta of 1.06. The stock has a 50 day moving average of $34.44 and a 200 day moving average of $38.67. The company has a current ratio of 1.45, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49.

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

Schlumberger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 10th. Stockholders of record on Wednesday, June 4th will be given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.37%. The ex-dividend date of this dividend is Wednesday, June 4th. Schlumberger’s dividend payout ratio (DPR) is presently 38.64%.

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.