Hartford Investment Management Co. Decreases Stake in Schlumberger Limited $SLB

Hartford Investment Management Co. lowered its stake in Schlumberger Limited (NYSE:SLB) by 4.1% in the 2nd quarter, Holdings Channel reports. The firm owned 81,985 shares of the oil and gas company’s stock after selling 3,505 shares during the quarter. Hartford Investment Management Co.’s holdings in Schlumberger were worth $2,771,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in the stock. EntryPoint Capital LLC boosted its position in shares of Schlumberger by 4.5% during the 1st quarter. EntryPoint Capital LLC now owns 7,348 shares of the oil and gas company’s stock valued at $307,000 after acquiring an additional 316 shares during the last quarter. Heritage Wealth Management Inc. Texas boosted its position in shares of Schlumberger by 2.2% during the 1st quarter. Heritage Wealth Management Inc. Texas now owns 14,736 shares of the oil and gas company’s stock valued at $616,000 after acquiring an additional 318 shares during the last quarter. Horizon Investments LLC boosted its position in shares of Schlumberger by 1.5% during the 1st quarter. Horizon Investments LLC now owns 22,633 shares of the oil and gas company’s stock valued at $946,000 after acquiring an additional 330 shares during the last quarter. CreativeOne Wealth LLC boosted its position in shares of Schlumberger by 6.3% during the 1st quarter. CreativeOne Wealth LLC now owns 5,655 shares of the oil and gas company’s stock valued at $236,000 after acquiring an additional 335 shares during the last quarter. Finally, Financial Management Professionals Inc. lifted its position in Schlumberger by 2.0% in the 1st quarter. Financial Management Professionals Inc. now owns 16,851 shares of the oil and gas company’s stock worth $704,000 after buying an additional 336 shares during the last quarter. Institutional investors own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms recently weighed in on SLB. Atb Cap Markets upgraded Schlumberger from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 1st. Susquehanna dropped their target price on Schlumberger from $44.00 to $42.00 and set a “positive” rating for the company in a research report on Monday, July 21st. Barclays decreased their price target on Schlumberger from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, July 21st. JPMorgan Chase & Co. decreased their price target on Schlumberger from $46.00 to $44.00 and set an “overweight” rating on the stock in a research note on Monday, June 30th. Finally, Jefferies Financial Group reduced their target price on Schlumberger from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, June 26th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. Based on data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $52.18.

Insider Activity

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the transaction, the insider owned 202,201 shares in the company, valued at $7,295,412.08. This trade represents a 16.42% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this link. Corporate insiders own 0.22% of the company’s stock.

Schlumberger Trading Up 2.7%

Shares of NYSE:SLB opened at $35.51 on Friday. The company has a market cap of $53.04 billion, a P/E ratio of 12.16, a PEG ratio of 9.60 and a beta of 1.05. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. Schlumberger Limited has a 1 year low of $31.11 and a 1 year high of $46.15. The stock’s fifty day moving average price is $34.65 and its 200-day moving average price is $35.40.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.73 by $0.01. The firm had revenue of $8.55 billion for the quarter, compared to the consensus estimate of $8.51 billion. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The company’s quarterly revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the company posted $0.85 earnings per share. Sell-side analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be given a dividend of $0.285 per share. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a dividend yield of 3.2%. Schlumberger’s dividend payout ratio (DPR) is currently 39.04%.

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.