Pitcairn Co. Reduces Stock Holdings in Schlumberger Limited (NYSE:SLB)

Pitcairn Co. cut its holdings in Schlumberger Limited (NYSE:SLB) by 5.5% in the third quarter, according to the company in its most recent disclosure with the SEC. The fund owned 24,666 shares of the oil and gas company’s stock after selling 1,434 shares during the quarter. Pitcairn Co.’s holdings in Schlumberger were worth $1,035,000 at the end of the most recent reporting period.

Several other institutional investors have also added to or reduced their stakes in the business. Legal & General Group Plc grew its position in Schlumberger by 14.0% during the 2nd quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company’s stock worth $598,544,000 after purchasing an additional 1,560,684 shares during the last quarter. Boston Partners grew its holdings in shares of Schlumberger by 35.8% during the first quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock valued at $635,883,000 after buying an additional 3,069,395 shares during the last quarter. Van ECK Associates Corp increased its position in shares of Schlumberger by 1.2% in the 2nd quarter. Van ECK Associates Corp now owns 8,583,818 shares of the oil and gas company’s stock valued at $404,985,000 after acquiring an additional 100,477 shares during the period. Charles Schwab Investment Management Inc. raised its stake in Schlumberger by 0.4% in the 3rd quarter. Charles Schwab Investment Management Inc. now owns 7,990,797 shares of the oil and gas company’s stock worth $335,214,000 after acquiring an additional 31,718 shares during the last quarter. Finally, Dimensional Fund Advisors LP lifted its position in Schlumberger by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company’s stock worth $333,445,000 after acquiring an additional 915,705 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

Insider Transactions at Schlumberger

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The stock was sold at an average price of $41.90, for a total value of $2,514,000.00. Following the completion of the sale, the executive vice president now owns 211,937 shares of the company’s stock, valued at approximately $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages have recently issued reports on SLB. Sanford C. Bernstein upgraded Schlumberger to a “strong-buy” rating in a research note on Tuesday, November 12th. JPMorgan Chase & Co. decreased their price objective on shares of Schlumberger from $64.00 to $60.00 and set an “overweight” rating for the company in a research note on Tuesday, October 1st. Wells Fargo & Company cut their price objective on shares of Schlumberger from $53.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 25th. Barclays decreased their target price on shares of Schlumberger from $67.00 to $63.00 and set an “overweight” rating for the company in a research report on Wednesday, October 16th. Finally, BMO Capital Markets cut their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Thursday, October 10th. Two analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $60.97.

Schlumberger Stock Performance

SLB opened at $44.23 on Monday. The company has a market cap of $62.46 billion, a price-to-earnings ratio of 14.22, a PEG ratio of 1.56 and a beta of 1.52. The firm’s fifty day simple moving average is $42.78 and its two-hundred day simple moving average is $44.53. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. Schlumberger Limited has a 52-week low of $38.66 and a 52-week high of $55.69.

Schlumberger (NYSE:SLB) last announced its earnings results on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, beating analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $9.16 billion during the quarter, compared to analysts’ expectations of $9.27 billion. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. The business’s revenue was up 10.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.78 earnings per share. Equities analysts anticipate that Schlumberger Limited will post 3.39 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.275 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.10 annualized dividend and a yield of 2.49%. Schlumberger’s dividend payout ratio (DPR) is presently 35.37%.

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.