Cypress Capital Group Sells 16,353 Shares of Schlumberger Limited $SLB

Cypress Capital Group reduced its holdings in Schlumberger Limited (NYSE:SLB) by 59.9% during the second quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 10,944 shares of the oil and gas company’s stock after selling 16,353 shares during the quarter. Cypress Capital Group’s holdings in Schlumberger were worth $370,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the business. Charles Schwab Investment Management Inc. grew its position in shares of Schlumberger by 478.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company’s stock worth $1,994,674,000 after buying an additional 39,474,501 shares during the last quarter. Boston Partners boosted its position in shares of Schlumberger by 27.7% during the first quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company’s stock valued at $824,160,000 after purchasing an additional 4,300,222 shares in the last quarter. Northern Trust Corp boosted its position in shares of Schlumberger by 4.4% during the first quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company’s stock valued at $602,860,000 after purchasing an additional 604,832 shares in the last quarter. Dimensional Fund Advisors LP boosted its position in shares of Schlumberger by 22.8% during the first quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company’s stock valued at $375,738,000 after purchasing an additional 1,667,203 shares in the last quarter. Finally, Invesco Ltd. boosted its position in shares of Schlumberger by 3.8% during the first quarter. Invesco Ltd. now owns 7,659,177 shares of the oil and gas company’s stock valued at $320,154,000 after purchasing an additional 281,937 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling

In related news, insider Dianne B. Ralston sold 39,727 shares of the company’s stock in a transaction 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 sale, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Company insiders own 0.22% of the company’s stock.

Schlumberger Stock Up 1.8%

SLB stock opened at $32.28 on Tuesday. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $44.97. The business has a fifty day moving average price of $34.52 and a 200-day moving average price of $34.74. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. The stock has a market capitalization of $48.22 billion, a P/E ratio of 11.06, a P/E/G ratio of 8.82 and a beta of 0.97.

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

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd were given a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a yield of 3.5%. The ex-dividend date was Wednesday, September 3rd. Schlumberger’s dividend payout ratio is 39.04%.

Analyst Upgrades and Downgrades

Several equities research analysts recently weighed in on the company. UBS Group dropped their price target on Schlumberger from $45.00 to $44.00 and set a “buy” rating on the stock in a research report on Wednesday, August 20th. Piper Sandler dropped their price target on Schlumberger from $44.00 to $42.00 and set a “neutral” rating on the stock in a research report on Friday, July 18th. 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. Susquehanna dropped their price target on Schlumberger from $44.00 to $42.00 and set a “positive” rating on the stock in a research report on Monday, July 21st. Finally, Zacks Research raised Schlumberger from a “strong sell” rating to a “hold” rating in a report on Monday, September 15th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have given a Hold rating to the stock. Based on data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $52.06.

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.