Allen Investment Management LLC Sells 1,516,583 Shares of Schlumberger Limited (NYSE:SLB)

Allen Investment Management LLC trimmed its holdings in shares of Schlumberger Limited (NYSE:SLB) by 34.4% in the second quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 2,891,312 shares of the oil and gas company’s stock after selling 1,516,583 shares during the quarter. Schlumberger accounts for 1.7% of Allen Investment Management LLC’s holdings, making the stock its 13th biggest position. Allen Investment Management LLC owned approximately 0.20% of Schlumberger worth $136,412,000 as of its most recent SEC filing.

Several other hedge funds have also recently bought and sold shares of the stock. Vanguard Group Inc. raised its holdings in shares of Schlumberger by 1.4% during the first quarter. Vanguard Group Inc. now owns 134,150,168 shares of the oil and gas company’s stock worth $7,352,771,000 after acquiring an additional 1,868,688 shares during the period. Capital World Investors raised its stake in shares of Schlumberger by 72.3% in the 1st quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock valued at $4,875,402,000 after purchasing an additional 37,333,485 shares during the period. Price T Rowe Associates Inc. MD lifted its holdings in shares of Schlumberger by 14.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after purchasing an additional 10,606,191 shares in the last quarter. Norges Bank acquired a new position in shares of Schlumberger during the fourth quarter worth about $1,000,292,000. Finally, Capital International Investors grew its holdings in shares of Schlumberger by 0.6% during the fourth quarter. Capital International Investors now owns 14,797,363 shares of the oil and gas company’s stock worth $770,122,000 after buying an additional 89,483 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the sale, the director now directly 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 available at this hyperlink. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction that occurred 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 completion of the sale, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total transaction of $492,900.00. Following the completion of the transaction, the director now owns 62,354 shares in the company, 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 90 days. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities analysts have weighed in on SLB shares. Susquehanna reduced their price target on Schlumberger from $77.00 to $70.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Evercore ISI raised their target price on shares of Schlumberger from $73.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Bank of America cut their price target on shares of Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Barclays decreased their price objective on Schlumberger from $70.00 to $67.00 and set an “overweight” rating for the company in a report on Tuesday, July 23rd. Finally, Benchmark reiterated a “buy” rating and set a $68.00 target price on shares of Schlumberger in a report on Monday, July 22nd. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. According to MarketBeat.com, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus price target of $67.00.

Schlumberger Stock Performance

NYSE:SLB opened at $39.96 on Friday. Schlumberger Limited has a twelve month low of $38.66 and a twelve month high of $61.78. 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 stock’s 50-day simple moving average is $44.90 and its 200 day simple moving average is $47.64. The firm has a market capitalization of $56.74 billion, a PE ratio of 13.28, a price-to-earnings-growth ratio of 0.84 and a beta of 1.51.

Schlumberger (NYSE:SLB) last posted its earnings results 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. The firm 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% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, analysts anticipate that Schlumberger Limited will post 3.49 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be issued a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.75%. The ex-dividend date of this dividend is Wednesday, September 4th. 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.