Industry News

Envestnet Asset Management Inc. Decreases Position in Schlumberger Limited. (NYSE:SLB)

By August 20, 2019 No Comments

Envestnet Asset Management Inc. lowered its stake in shares of Schlumberger Limited. (NYSE:SLB) by 18.5% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The fund owned 717,480 shares of the oil and gas company’s stock after selling 162,691 shares during the period. Envestnet Asset Management Inc. owned 0.05% of Schlumberger worth $28,513,000 at the end of the most recent quarter.

Several other hedge funds also recently modified their holdings of SLB. Clearbridge Investments LLC increased its stake in shares of Schlumberger by 9.7% during the 1st quarter. Clearbridge Investments LLC now owns 13,660,190 shares of the oil and gas company’s stock worth $595,174,000 after purchasing an additional 1,203,997 shares during the last quarter. Geode Capital Management LLC grew its stake in Schlumberger by 7.3% in the 4th quarter. Geode Capital Management LLC now owns 16,487,841 shares of the oil and gas company’s stock valued at $593,754,000 after buying an additional 1,125,484 shares in the last quarter. Smead Capital Management Inc. purchased a new position in Schlumberger in the 2nd quarter valued at approximately $38,425,000. Parametric Portfolio Associates LLC grew its stake in Schlumberger by 26.0% in the 1st quarter. Parametric Portfolio Associates LLC now owns 3,786,185 shares of the oil and gas company’s stock valued at $164,964,000 after buying an additional 781,979 shares in the last quarter. Finally, Fisher Asset Management LLC grew its stake in Schlumberger by 6.4% in the 2nd quarter. Fisher Asset Management LLC now owns 11,816,154 shares of the oil and gas company’s stock valued at $469,574,000 after buying an additional 709,200 shares in the last quarter. Institutional investors own 77.22% of the company’s stock.

In other Schlumberger news, insider Stephanie Cox sold 24,057 shares of the business’s stock in a transaction dated Thursday, July 25th. The shares were sold at an average price of $40.59, for a total value of $976,473.63. Following the transaction, the insider now owns 46,354 shares in the company, valued at $1,881,508.86. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Patrick Schorn sold 12,151 shares of the business’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $38.93, for a total transaction of $473,038.43. Following the completion of the transaction, the executive vice president now owns 130,000 shares in the company, valued at approximately $5,060,900. The disclosure for this sale can be found here. 0.48% of the stock is owned by company insiders.

SLB has been the subject of a number of recent research reports. BMO Capital Markets set a $44.00 price objective on shares of Schlumberger and gave the company a “hold” rating in a research note on Monday, April 22nd. Stifel Nicolaus upgraded shares of Schlumberger from a “hold” rating to a “buy” rating and set a $50.00 price objective for the company in a research note on Friday, June 7th. Bank of America reiterated a “buy” rating and issued a $51.00 price objective (down from $60.00) on shares of Schlumberger in a research note on Tuesday, June 25th. JPMorgan Chase & Co. reduced their price objective on shares of Schlumberger from $42.00 to $41.00 and set a “neutral” rating for the company in a research note on Monday, July 22nd. Finally, Raymond James reissued a “hold” rating on shares of Schlumberger in a report on Friday, June 21st. Two research analysts have rated the stock with a sell rating, ten have assigned a hold rating and twelve have assigned a buy rating to the company’s stock. Schlumberger presently has a consensus rating of “Hold” and an average price target of $52.17.

Shares of NYSE:SLB opened at $32.72 on Monday. The stock has a market cap of $43.77 billion, a PE ratio of 20.20, a PEG ratio of 1.98 and a beta of 1.44. The company’s fifty day moving average is $38.21 and its 200 day moving average is $40.81. Schlumberger Limited. has a 52 week low of $31.11 and a 52 week high of $65.61. The company has a quick ratio of 1.01, a current ratio of 1.39 and a debt-to-equity ratio of 0.47.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.35 EPS for the quarter, hitting analysts’ consensus estimates of $0.35. The company had revenue of $8.27 billion for the quarter, compared to analysts’ expectations of $8.11 billion. Schlumberger had a net margin of 6.38% and a return on equity of 5.62%. The firm’s revenue was down .4% compared to the same quarter last year. During the same quarter last year, the company earned $0.43 EPS. Sell-side analysts anticipate that Schlumberger Limited. will post 1.51 EPS for the current year.

The firm also recently announced a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Wednesday, September 4th will be given a $0.50 dividend. This represents a $2.00 dividend on an annualized basis and a yield of 6.11%. The ex-dividend date is Tuesday, September 3rd. Schlumberger’s payout ratio is presently 123.46%.

Schlumberger Company Profile

Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company’s Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.

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Institutional Ownership by Quarter for Schlumberger (NYSE:SLB)

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