Pinnacle Financial Partners Inc Sells 2,556 Shares of Schlumberger Limited (NYSE:SLB)

Pinnacle Financial Partners Inc reduced its position in shares of Schlumberger Limited (NYSE:SLB) by 3.7% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 66,852 shares of the oil and gas company’s stock after selling 2,556 shares during the period. Pinnacle Financial Partners Inc’s holdings in Schlumberger were worth $2,804,000 at the end of the most recent quarter.

Other institutional investors have also added to or reduced their stakes in the company. Capital World Investors grew its holdings in shares of Schlumberger by 72.3% in the first quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock valued at $4,875,402,000 after acquiring an additional 37,333,485 shares in the last quarter. Price T Rowe Associates Inc. MD increased its position in shares of Schlumberger by 14.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after purchasing an additional 10,606,191 shares during the last quarter. Boston Partners raised its stake in shares of Schlumberger by 35.8% during the 1st quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock worth $635,883,000 after purchasing an additional 3,069,395 shares during the period. Ceredex Value Advisors LLC purchased a new position in shares of Schlumberger in the 2nd quarter worth about $92,944,000. Finally, 1832 Asset Management L.P. bought a new position in Schlumberger during the second quarter valued at about $91,364,000. 81.99% of the stock is owned by institutional investors.

Wall Street Analyst Weigh In

A number of research analysts have weighed in on SLB shares. Morgan Stanley dropped their target price on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Royal Bank of Canada reiterated an “outperform” rating and issued a $69.00 price objective on shares of Schlumberger in a research note on Thursday, October 3rd. Susquehanna decreased their target price on Schlumberger from $60.00 to $56.00 and set a “positive” rating for the company in a research report on Monday, October 21st. Barclays dropped their price target on Schlumberger from $67.00 to $63.00 and set an “overweight” rating on the stock in a research report on Wednesday, October 16th. Finally, TD Cowen decreased their price objective on Schlumberger from $68.00 to $65.00 and set a “buy” rating for the company in a report on Monday, October 21st. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat, Schlumberger presently has an average rating of “Moderate Buy” and an average target price of $60.97.

Insider Transactions at Schlumberger

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction dated Thursday, October 24th. The stock was sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the sale, the executive vice president now owns 211,937 shares in the company, valued at $8,880,160.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is currently owned by insiders.

Schlumberger Price Performance

NYSE:SLB opened at $43.59 on Thursday. The firm has a market capitalization of $61.56 billion, a price-to-earnings ratio of 14.02, a P/E/G ratio of 1.56 and a beta of 1.52. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.48. The stock has a fifty day moving average of $42.26 and a 200 day moving average of $44.77. Schlumberger Limited has a 52-week low of $38.66 and a 52-week high of $55.69.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, topping the consensus estimate of $0.88 by $0.01. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. The company had revenue of $9.16 billion during the quarter, compared to analyst estimates of $9.27 billion. During the same quarter in the previous year, the firm earned $0.78 earnings per share. Schlumberger’s revenue was up 10.2% on a year-over-year basis. On average, research analysts expect that Schlumberger Limited will post 3.4 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 4th will be given a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.52%. The ex-dividend date is Wednesday, December 4th. Schlumberger’s dividend payout ratio (DPR) is currently 35.37%.

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.