Van ECK Associates Corp Trims Stake in Schlumberger Limited (NYSE:SLB)

Van ECK Associates Corp reduced its position in shares of Schlumberger Limited (NYSE:SLB) by 16.3% in the third quarter, Holdings Channel reports. The firm owned 7,187,790 shares of the oil and gas company’s stock after selling 1,396,028 shares during the period. Van ECK Associates Corp’s holdings in Schlumberger were worth $302,821,000 at the end of the most recent reporting period.

Other hedge funds have also recently made changes to their positions in the company. Ashton Thomas Private Wealth LLC lifted its holdings in shares of Schlumberger by 4.7% during the 1st quarter. Ashton Thomas Private Wealth LLC now owns 11,551 shares of the oil and gas company’s stock worth $633,000 after acquiring an additional 520 shares during the last quarter. Norden Group LLC bought a new stake in shares of Schlumberger during the 1st quarter worth $253,000. Mission Wealth Management LP bought a new stake in shares of Schlumberger during the 1st quarter worth $245,000. PDS Planning Inc bought a new stake in shares of Schlumberger during the 1st quarter worth $216,000. Finally, BNP Paribas bought a new stake in shares of Schlumberger during the 1st quarter worth $898,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Stock Down 0.8 %

SLB traded down $0.31 during midday trading on Friday, reaching $39.76. The company’s stock had a trading volume of 12,605,858 shares, compared to its average volume of 12,131,746. The stock’s 50-day moving average is $42.44 and its 200-day moving average is $45.15. The firm has a market capitalization of $56.15 billion, a price-to-earnings ratio of 12.78, a PEG ratio of 1.41 and a beta of 1.52. Schlumberger Limited has a 1 year low of $38.66 and a 1 year high of $57.75. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.88 by $0.01. The firm had revenue of $9.16 billion for the quarter, compared to the consensus estimate of $9.27 billion. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The business’s revenue was up 10.2% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.78 earnings per share. As a group, research analysts expect that Schlumberger Limited will post 3.4 EPS for the current year.

Schlumberger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.77%. Schlumberger’s dividend payout ratio (DPR) is 35.37%.

Wall Street Analysts Forecast Growth

Several analysts have weighed in on SLB shares. Evercore ISI lowered their price target on shares of Schlumberger from $74.00 to $62.00 and set an “outperform” rating for the company in a research note on Monday, October 21st. Wells Fargo & Company lowered their price target on shares of Schlumberger from $53.00 to $49.00 and set an “equal weight” rating for the company in a research note on Wednesday, September 25th. Morgan Stanley lowered their price target on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. BMO Capital Markets lowered their price target on shares of Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, October 10th. Finally, Piper Sandler lowered their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company’s stock. According to MarketBeat.com, Schlumberger presently has an average rating of “Moderate Buy” and an average price target of $60.97.

Insider Activity at Schlumberger

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total value of $2,514,000.00. Following the transaction, the executive vice president now directly owns 211,937 shares in the company, valued at approximately $8,880,160.30. This trade represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. 0.26% of the stock is owned by insiders.

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.