Allstate Corp Purchases New Position in Schlumberger Limited (NYSE:SLB)

Allstate Corp acquired a new position in Schlumberger Limited (NYSE:SLB) during the fourth quarter, according to its most recent filing with the SEC. The firm acquired 42,256 shares of the oil and gas company’s stock, valued at approximately $1,620,000.

Several other hedge funds have also recently made changes to their positions in SLB. State Street Corp increased its position in Schlumberger by 0.6% during the 3rd quarter. State Street Corp now owns 90,209,014 shares of the oil and gas company’s stock valued at $3,808,476,000 after purchasing an additional 528,279 shares during the period. Geode Capital Management LLC boosted its stake in shares of Schlumberger by 0.8% during the 3rd quarter. Geode Capital Management LLC now owns 28,608,226 shares of the oil and gas company’s stock valued at $1,195,290,000 after purchasing an additional 239,966 shares in the last quarter. First Eagle Investment Management LLC increased its position in shares of Schlumberger by 1.2% during the fourth quarter. First Eagle Investment Management LLC now owns 27,836,555 shares of the oil and gas company’s stock valued at $1,067,254,000 after buying an additional 343,261 shares during the period. Norges Bank bought a new position in Schlumberger in the fourth quarter worth about $735,398,000. Finally, Boston Partners boosted its position in Schlumberger by 9.9% during the 4th quarter. Boston Partners now owns 15,529,159 shares of the oil and gas company’s stock valued at $597,356,000 after acquiring an additional 1,405,186 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research analysts have recently issued reports on the company. Piper Sandler began coverage on Schlumberger in a research report on Thursday, December 19th. They issued a “neutral” rating and a $47.00 target price for the company. Atb Cap Markets lowered Schlumberger from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Jefferies Financial Group dropped their target price on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Thursday. Evercore ISI reiterated an “in-line” rating and issued a $44.00 price target (down from $62.00) on shares of Schlumberger in a research note on Wednesday, January 15th. Finally, Barclays dropped their price objective on shares of Schlumberger from $61.00 to $53.00 and set an “overweight” rating on the stock in a research note on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat, Schlumberger has an average rating of “Moderate Buy” and a consensus price target of $55.69.

Insider Buying and Selling at Schlumberger

In other Schlumberger news, insider Dianne B. Ralston sold 43,161 shares of the stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $43.96, for a total value of $1,897,357.56. Following the transaction, the insider now owns 235,024 shares of the company’s stock, valued at approximately $10,331,655.04. This represents a 15.52 % 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. Also, VP Ugo Prechner sold 7,000 shares of the business’s stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $44.20, for a total value of $309,400.00. Following the sale, the vice president now owns 11,240 shares of the company’s stock, valued at approximately $496,808. This represents a 38.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. In the last ninety days, insiders sold 290,772 shares of company stock worth $12,546,660. Insiders own 0.26% of the company’s stock.

Schlumberger Stock Down 0.6 %

SLB stock opened at $41.87 on Monday. The stock has a market capitalization of $56.93 billion, a P/E ratio of 13.46, a P/E/G ratio of 10.10 and a beta of 1.47. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.45 and a quick ratio of 1.11. Schlumberger Limited has a 1-year low of $36.52 and a 1-year high of $55.65. The business has a fifty day moving average price of $41.29 and a 200-day moving average price of $41.47.

Schlumberger (NYSE:SLB) last posted its earnings results on Friday, January 17th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.02. Schlumberger had a net margin of 12.29% and a return on equity of 21.90%. The business had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.24 billion. During the same quarter in the prior year, the business earned $0.86 EPS. The business’s revenue for the quarter was up 3.3% compared to the same quarter last year. Equities analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, February 5th will be given a $0.285 dividend. This represents a $1.14 dividend on an annualized basis and a yield of 2.72%. The ex-dividend date is Wednesday, February 5th. This is an increase from Schlumberger’s previous quarterly dividend of $0.28. Schlumberger’s payout ratio is 36.66%.

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.