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

Connors Investor Services Inc. lessened its stake in shares of Schlumberger Limited (NYSE:SLB) by 1.7% in the 2nd quarter, HoldingsChannel.com reports. 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 quarter.

Several other hedge funds and other institutional investors also recently bought and sold shares of the company. Carolinas Wealth Consulting LLC increased its stake in shares of Schlumberger by 53.5% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 1,960 shares of the oil and gas company’s stock valued at $102,000 after buying an additional 683 shares during the period. Crescent Grove Advisors LLC purchased a new stake in shares of Schlumberger in the 2nd quarter worth approximately $257,000. National Bank of Canada FI boosted its stake in shares of Schlumberger by 15.0% during the first quarter. National Bank of Canada FI now owns 396,382 shares of the oil and gas company’s stock valued at $21,726,000 after purchasing an additional 51,637 shares in the last quarter. Mission Wealth Management LP bought a new position in Schlumberger in the first quarter worth approximately $245,000. Finally, Canada Pension Plan Investment Board lifted its holdings in Schlumberger by 9.0% during the first quarter. Canada Pension Plan Investment Board now owns 788,484 shares of the oil and gas company’s stock worth $43,217,000 after buying an additional 64,974 shares during the period. Institutional investors own 81.99% of the company’s stock.

Insider Activity

In related news, Director Vijay Kasibhatla sold 10,000 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $49.29, for a total value of $492,900.00. Following the completion of the transaction, the director now owns 62,354 shares of the company’s stock, valued at approximately $3,073,428.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the 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 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 SEC, which is accessible 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 stock was 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 of the company’s stock, valued at approximately $3,073,428.66. The disclosure for this sale can be found here. Insiders have sold 180,716 shares of company stock worth $9,048,624 in the last ninety days. Company insiders own 0.26% of the company’s stock.

Schlumberger Stock Up 1.1 %

Schlumberger stock opened at $40.39 on Tuesday. The business’s 50-day moving average price is $44.78 and its 200 day moving average price is $47.58. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.55. The firm has a market cap of $57.35 billion, a price-to-earnings ratio of 13.42, a price-to-earnings-growth 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.

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. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter last year, the company earned $0.72 EPS. The business’s revenue was up 12.8% on a year-over-year basis. As a group, sell-side analysts anticipate that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

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

Analyst Ratings Changes

A number of research analysts have recently issued reports on SLB shares. TD Cowen lifted their price target on Schlumberger from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 22nd. Benchmark reiterated a “buy” rating and issued a $68.00 target price on shares of Schlumberger in a research note on Monday, July 22nd. Piper Sandler decreased their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research report on Monday, July 15th. Evercore ISI boosted their price objective on shares of Schlumberger from $73.00 to $74.00 and gave the stock an “outperform” rating in a research note on Monday, July 22nd. Finally, Citigroup lowered their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a research note on Friday, June 28th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat, Schlumberger currently has an average rating of “Moderate Buy” and an average target price of $66.72.

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.