Allspring Global Investments Holdings LLC Sells 3,330 Shares of Schlumberger Limited (NYSE:SLB)

Allspring Global Investments Holdings LLC reduced its position in Schlumberger Limited (NYSE:SLB) by 4.1% in the 1st quarter, Holdings Channel reports. The firm owned 77,168 shares of the oil and gas company’s stock after selling 3,330 shares during the quarter. Allspring Global Investments Holdings LLC’s holdings in Schlumberger were worth $4,230,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds have also recently bought and sold shares of the stock. Norges Bank bought a new position in shares of Schlumberger during the 4th quarter valued at about $1,000,292,000. Price T Rowe Associates Inc. MD lifted its stake in Schlumberger by 12.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock valued at $3,922,768,000 after acquiring an additional 8,617,971 shares in the last quarter. Winslow Capital Management LLC lifted its stake in Schlumberger by 123,063.5% in the 4th quarter. Winslow Capital Management LLC now owns 4,347,671 shares of the oil and gas company’s stock valued at $226,253,000 after acquiring an additional 4,344,141 shares in the last quarter. Royal Bank of Canada lifted its stake in Schlumberger by 79.7% in the 3rd quarter. Royal Bank of Canada now owns 4,919,990 shares of the oil and gas company’s stock valued at $286,835,000 after acquiring an additional 2,182,706 shares in the last quarter. Finally, Vanguard Group Inc. lifted its stake in Schlumberger by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 132,281,480 shares of the oil and gas company’s stock valued at $6,883,928,000 after acquiring an additional 1,753,108 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Activity at Schlumberger

In related news, CTO Demosthenis Pafitis sold 63,095 shares of Schlumberger stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $48.26, for a total transaction of $3,044,964.70. Following the completion of the transaction, the chief technology officer now directly owns 33,421 shares of the company’s stock, valued at approximately $1,612,897.46. The sale was disclosed in a filing with the SEC, which is available at this hyperlink. In other Schlumberger news, CTO Demosthenis Pafitis sold 63,095 shares of Schlumberger stock in a transaction dated Tuesday, May 14th. The shares were sold at an average price of $48.26, for a total value of $3,044,964.70. Following the completion of the transaction, the chief technology officer now directly owns 33,421 shares of the company’s stock, valued at $1,612,897.46. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bejar Carmen Rando sold 4,980 shares of Schlumberger stock in a transaction dated Friday, June 7th. The stock was sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the transaction, the insider now directly owns 22,518 shares of the company’s stock, valued at $977,956.74. The disclosure for this sale can be found here. Insiders sold a total of 106,158 shares of company stock valued at $5,099,893 in the last three months. Company insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on SLB shares. Morgan Stanley reaffirmed an “overweight” rating and set a $65.00 price target on shares of Schlumberger in a research report on Monday, April 22nd. BMO Capital Markets decreased their target price on Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. Benchmark restated a “buy” rating and issued a $68.00 price target on shares of Schlumberger in a research note on Tuesday, June 25th. HSBC restated a “buy” rating and issued a $71.00 price target on shares of Schlumberger in a research note on Thursday, April 4th. Finally, Wells Fargo & Company downgraded Schlumberger from an “overweight” rating to an “equal weight” rating and reduced their price target for the company from $68.00 to $53.00 in a research note on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the company. According to data from MarketBeat.com, Schlumberger presently has a consensus rating of “Moderate Buy” and a consensus price target of $68.59.

Schlumberger Stock Up 0.6 %

Shares of SLB traded up $0.27 on Tuesday, reaching $46.85. The stock had a trading volume of 1,101,060 shares, compared to its average volume of 11,303,739. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.02 and a current ratio of 1.37. Schlumberger Limited has a 12-month low of $42.61 and a 12-month high of $62.12. The firm has a market capitalization of $66.96 billion, a price-to-earnings ratio of 15.48, a price-to-earnings-growth ratio of 0.91 and a beta of 1.55. The company has a 50-day simple moving average of $46.69 and a 200-day simple moving average of $49.61.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.75. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The company had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.70 billion. During the same period last year, the business earned $0.63 EPS. Schlumberger’s quarterly revenue was up 12.6% compared to the same quarter last year. Sell-side analysts predict that Schlumberger Limited will post 3.51 EPS for the current year.

Schlumberger Increases Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be given a dividend of $0.275 per share. This is a boost from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a yield of 2.35%. The ex-dividend date of this dividend is Wednesday, June 5th. Schlumberger’s dividend payout ratio (DPR) is 36.54%.

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.