Meyer Handelman Co. Cuts Stock Holdings in Schlumberger Limited (NYSE:SLB)

Meyer Handelman Co. cut its position in shares of Schlumberger Limited (NYSE:SLB) by 23.7% during the third quarter, according to its most recent Form 13F filing with the SEC. The institutional investor owned 59,057 shares of the oil and gas company’s stock after selling 18,375 shares during the period. Meyer Handelman Co.’s holdings in Schlumberger were worth $2,477,000 as of its most recent filing with the SEC.

Several other hedge funds and other institutional investors also recently added to or reduced their stakes in SLB. Register Financial Advisors LLC acquired a new stake in shares of Schlumberger during the 1st quarter valued at about $27,000. Bruce G. Allen Investments LLC increased its position in shares of Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 392 shares in the last quarter. Unique Wealth Strategies LLC acquired a new position in shares of Schlumberger during the 2nd quarter worth approximately $30,000. Manchester Capital Management LLC lifted its position in shares of Schlumberger by 297.9% during the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 426 shares in the last quarter. Finally, Riverview Trust Co grew its stake in Schlumberger by 90.6% in the 2nd quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 308 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

Analyst Upgrades and Downgrades

A number of research firms have weighed in on SLB. Piper Sandler reduced their price objective 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. TD Cowen lifted their price objective on Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Stifel Nicolaus reduced their target price on Schlumberger from $65.00 to $62.00 and set a “buy” rating for the company in a report on Friday. Susquehanna lowered their price target on Schlumberger from $70.00 to $60.00 and set a “positive” rating on the stock in a research note on Friday. Finally, Barclays reduced their price objective on Schlumberger from $70.00 to $67.00 and set an “overweight” rating for the company in a research note on Tuesday, July 23rd. Two analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average price target of $63.42.

Insider Activity at Schlumberger

In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value 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 trade was a 0.00 % decrease in their position. The transaction was disclosed in a legal filing with the SEC, which is available through this link. In other Schlumberger news, CFO Stephane Biguet sold 50,048 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the sale, the chief financial officer now owns 203,076 shares in the company, valued at $10,141,615.44. This represents a 0.00 % decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, 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 value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The trade was a 0.00 % decrease in their position. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 180,716 shares of company stock worth $9,048,624. 0.26% of the stock is currently owned by company insiders.

Schlumberger Stock Up 0.4 %

Shares of NYSE:SLB opened at $44.78 on Friday. The company has a market capitalization of $64.01 billion, a price-to-earnings ratio of 14.88, a PEG ratio of 0.95 and a beta of 1.51. Schlumberger Limited has a 12-month low of $38.66 and a 12-month high of $61.20. The business has a 50-day moving average price of $43.10 and a 200 day moving average price of $46.42. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, beating 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 for the quarter was up 12.8% on a year-over-year basis. During the same period last year, the business earned $0.72 earnings per share. Sell-side analysts expect that Schlumberger Limited will post 3.47 EPS for the current year.

Schlumberger Dividend Announcement

The company also recently disclosed a quarterly dividend, which was paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th were paid a $0.275 dividend. The ex-dividend date of this dividend was Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.46%. Schlumberger’s payout ratio is presently 36.54%.

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.