Spire Wealth Management Grows Stock Holdings in Schlumberger Limited (NYSE:SLB)

Spire Wealth Management increased its stake in shares of Schlumberger Limited (NYSE:SLB) by 228.7% in the 1st quarter, according to its most recent disclosure with the Securities & Exchange Commission. The fund owned 65,566 shares of the oil and gas company’s stock after purchasing an additional 45,616 shares during the period. Spire Wealth Management’s holdings in Schlumberger were worth $2,741,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also recently made changes to their positions in the stock. True Wealth Design LLC grew its position in Schlumberger by 584.7% during the fourth quarter. True Wealth Design LLC now owns 986 shares of the oil and gas company’s stock valued at $38,000 after buying an additional 842 shares during the period. Mpwm Advisory Solutions LLC bought a new stake in Schlumberger during the fourth quarter valued at approximately $40,000. Sound Income Strategies LLC grew its position in Schlumberger by 265.4% during the first quarter. Sound Income Strategies LLC now owns 961 shares of the oil and gas company’s stock valued at $40,000 after buying an additional 698 shares during the period. J.Safra Asset Management Corp bought a new stake in Schlumberger during the fourth quarter valued at approximately $46,000. Finally, Heck Capital Advisors LLC bought a new stake in Schlumberger during the fourth quarter valued at approximately $47,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

SLB has been the subject of several recent research reports. Stifel Nicolaus cut their target price on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, April 28th. Jefferies Financial Group cut their target price on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating for the company in a research report on Thursday, March 27th. Susquehanna cut their target price on shares of Schlumberger from $48.00 to $46.00 and set a “positive” rating for the company in a research report on Monday, April 28th. Wells Fargo & Company dropped their price target on shares of Schlumberger from $46.00 to $43.00 and set an “overweight” rating for the company in a research report on Thursday, June 5th. Finally, Barclays dropped their price target on shares of Schlumberger from $53.00 to $48.00 and set an “overweight” rating for the company in a research report on Friday, April 25th. Four equities research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has given a strong buy rating to the company. According to MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $52.38.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $33.21 on Thursday. The company has a debt-to-equity ratio of 0.51, a quick ratio of 0.93 and a current ratio of 1.24. The firm has a fifty day moving average price of $34.51 and a 200 day moving average price of $37.94. Schlumberger Limited has a fifty-two week low of $31.11 and a fifty-two week high of $50.94. The firm has a market cap of $45.17 billion, a price-to-earnings ratio of 11.26, a P/E/G ratio of 8.68 and a beta of 1.01.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, April 25th. The oil and gas company reported $0.72 earnings per share for the quarter, missing analysts’ consensus estimates of $0.73 by ($0.01). Schlumberger had a return on equity of 21.76% and a net margin of 11.62%. The company had revenue of $8.49 billion for the quarter, compared to the consensus estimate of $8.64 billion. During the same quarter in the prior year, the company posted $0.75 EPS. Schlumberger’s revenue 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 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The business 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 dividend of $0.285 per share. The ex-dividend date is Wednesday, June 4th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.43%. Schlumberger’s dividend payout ratio is 38.64%.

Insider Buying and Selling

In related news, insider Aparna Raman sold 25,133 shares of the company’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 sale, 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 transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director La Chevardiere Patrick De sold 5,000 shares of the company’s stock in a transaction on Thursday, May 22nd. The shares were sold at an average price of $33.58, for a total transaction of $167,900.00. Following the sale, the director now directly owns 23,525 shares in the company, valued at approximately $789,969.50. The trade was a 17.53% decrease in their position. The disclosure for this sale can be found here. 0.26% of the stock is owned by company insiders.

Schlumberger 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.