Cullen Frost Bankers Inc. Boosts Holdings in Schlumberger Limited (NYSE:SLB)

Cullen Frost Bankers Inc. lifted its position in shares of Schlumberger Limited (NYSE:SLB) by 2.9% in the 1st quarter, HoldingsChannel reports. The institutional investor owned 19,623 shares of the oil and gas company’s stock after acquiring an additional 552 shares during the period. Cullen Frost Bankers Inc.’s holdings in Schlumberger were worth $820,000 at the end of the most recent reporting period.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Price T Rowe Associates Inc. MD boosted its holdings in Schlumberger by 7.4% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company’s stock worth $2,913,312,000 after acquiring an additional 5,225,828 shares during the period. Geode Capital Management LLC increased its position in Schlumberger by 4.8% in the fourth quarter. Geode Capital Management LLC now owns 29,985,360 shares of the oil and gas company’s stock worth $1,146,195,000 after buying an additional 1,377,134 shares during the period. Deutsche Bank AG increased its position in Schlumberger by 12.2% in the fourth quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company’s stock worth $1,101,804,000 after buying an additional 3,119,543 shares during the period. Norges Bank acquired a new position in shares of Schlumberger during the fourth quarter valued at $735,398,000. Finally, Franklin Resources Inc. increased its holdings in shares of Schlumberger by 12.4% during the fourth quarter. Franklin Resources Inc. now owns 15,396,967 shares of the oil and gas company’s stock valued at $590,320,000 after purchasing an additional 1,700,203 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 5,000 shares of the business’s stock in a transaction that occurred on Thursday, May 22nd. The stock was sold at an average price of $33.58, for a total transaction of $167,900.00. Following the completion of the sale, the director owned 23,525 shares in the company, valued at $789,969.50. The trade was a 17.53% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. Insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

SLB has been the topic of a number of research analyst reports. Atb Cap Markets raised Schlumberger from a “hold” rating to a “strong-buy” rating in a report on Tuesday, July 1st. JPMorgan Chase & Co. reduced their price target on Schlumberger from $46.00 to $44.00 and set an “overweight” rating for the company in a report on Monday, June 30th. Wells Fargo & Company reduced their target price on Schlumberger from $46.00 to $43.00 and set an “overweight” rating for the company in a report on Thursday, June 5th. Jefferies Financial Group dropped their price target on Schlumberger from $54.00 to $53.00 and set a “buy” rating on the stock in a research report on Thursday, June 26th. Finally, Piper Sandler dropped their price target on Schlumberger from $46.00 to $44.00 and set a “neutral” rating on the stock in a research report on Tuesday, April 29th. Three equities research analysts have rated the stock with a hold rating, fifteen have given a buy rating and two have given a strong buy rating to the company. Based on data from MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and an average price target of $50.68.

Schlumberger Stock Up 0.3%

Schlumberger stock opened at $34.69 on Friday. Schlumberger Limited has a one year low of $31.11 and a one year high of $50.94. 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 company has a 50-day simple moving average of $34.88 and a 200-day simple moving average of $37.56. The firm has a market capitalization of $47.19 billion, a P/E ratio of 11.76, a P/E/G ratio of 9.25 and a beta of 1.01.

Schlumberger (NYSE:SLB) last released its earnings results 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 return on equity of 21.76% and a net margin of 11.62%. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. During the same period last year, the company posted $0.75 earnings per share. As a group, equities analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Announces Dividend

The firm also recently announced a quarterly dividend, which was paid on Thursday, July 10th. Shareholders of record on Wednesday, June 4th were issued a $0.285 dividend. The ex-dividend date of this dividend was Wednesday, June 4th. This represents a $1.14 dividend on an annualized basis and a yield of 3.29%. Schlumberger’s payout ratio is currently 38.64%.

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.