Connors Investor Services Inc. Sells 3,607 Shares of Schlumberger Limited (NYSE:SLB)

Connors Investor Services Inc. cut its holdings in Schlumberger Limited (NYSE:SLB) by 1.7% in the 2nd quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 209,797 shares of the oil and gas company’s stock after selling 3,607 shares during the period. Connors Investor Services Inc.’s holdings in Schlumberger were worth $9,898,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Gryphon Financial Partners LLC raised its holdings in Schlumberger by 46.3% during the 4th quarter. Gryphon Financial Partners LLC now owns 6,538 shares of the oil and gas company’s stock valued at $340,000 after buying an additional 2,068 shares during the last quarter. Financial Advocates Investment Management grew its stake in shares of Schlumberger by 25.5% in the 4th quarter. Financial Advocates Investment Management now owns 6,190 shares of the oil and gas company’s stock worth $322,000 after buying an additional 1,259 shares during the last quarter. Independent Advisor Alliance raised its stake in Schlumberger by 28.9% during the fourth quarter. Independent Advisor Alliance now owns 10,351 shares of the oil and gas company’s stock valued at $539,000 after buying an additional 2,323 shares during the last quarter. AMG National Trust Bank boosted its holdings in Schlumberger by 54.3% in the fourth quarter. AMG National Trust Bank now owns 7,806 shares of the oil and gas company’s stock worth $406,000 after acquiring an additional 2,748 shares in the last quarter. Finally, Gladstone Institutional Advisory LLC grew its stake in shares of Schlumberger by 42.8% in the fourth quarter. Gladstone Institutional Advisory LLC now owns 8,570 shares of the oil and gas company’s stock worth $446,000 after acquiring an additional 2,570 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity

In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this link. In related news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director Vijay Kasibhatla sold 10,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the transaction, the director now owns 62,354 shares in the company, valued at $3,073,428.66. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 180,716 shares of company stock valued at $9,048,624. 0.26% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

SLB has been the topic of a number of analyst reports. Susquehanna dropped their price target on shares of Schlumberger from $77.00 to $70.00 and set a “positive” rating on the stock in a research note on Thursday, July 11th. Evercore ISI lifted their target price on Schlumberger from $73.00 to $74.00 and gave the stock an “outperform” rating in a report on Monday, July 22nd. Bank of America lowered their price target on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 target price on shares of Schlumberger in a research report on Monday, July 22nd. Finally, Piper Sandler reduced their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.72.

Schlumberger Stock Performance

Shares of NYSE SLB opened at $40.39 on Tuesday. The company has a market cap of $57.35 billion, a P/E ratio of 13.42, a P/E/G ratio of 0.85 and a beta of 1.51. Schlumberger Limited has a 52-week low of $38.66 and a 52-week high of $61.78. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. The firm’s fifty day moving average is $44.78 and its two-hundred day moving average is $47.58.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. The business had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business’s revenue was up 12.8% on a year-over-year basis. During the same period last year, the company posted $0.72 EPS. As a group, analysts anticipate that Schlumberger Limited will post 3.49 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.72%. The ex-dividend date is Wednesday, September 4th. Schlumberger’s payout ratio is 36.54%.

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.