Bank of New York Mellon Corp Lowers Holdings in Schlumberger Limited (NYSE:SLB)

Bank of New York Mellon Corp reduced its stake in shares of Schlumberger Limited (NYSE:SLB) by 37.3% in the fourth quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 9,487,646 shares of the oil and gas company’s stock after selling 5,653,798 shares during the quarter. Bank of New York Mellon Corp’s holdings in Schlumberger were worth $363,756,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other institutional investors and hedge funds have also recently modified their holdings of the stock. International Assets Investment Management LLC increased its holdings in Schlumberger by 4,640.0% in the 3rd quarter. International Assets Investment Management LLC now owns 202,635 shares of the oil and gas company’s stock valued at $8,501,000 after acquiring an additional 198,360 shares during the last quarter. Assenagon Asset Management S.A. increased its holdings in shares of Schlumberger by 6.7% in the third quarter. Assenagon Asset Management S.A. now owns 47,548 shares of the oil and gas company’s stock worth $1,995,000 after purchasing an additional 2,986 shares during the last quarter. Mirae Asset Global Investments Co. Ltd. increased its holdings in shares of Schlumberger by 27.4% in the third quarter. Mirae Asset Global Investments Co. Ltd. now owns 87,301 shares of the oil and gas company’s stock worth $3,692,000 after purchasing an additional 18,797 shares during the last quarter. Modera Wealth Management LLC bought a new position in Schlumberger during the third quarter valued at approximately $235,000. Finally, Vanguard Capital Wealth Advisors boosted its stake in Schlumberger by 36.4% during the third quarter. Vanguard Capital Wealth Advisors now owns 13,400 shares of the oil and gas company’s stock valued at $562,000 after buying an additional 3,576 shares during the last quarter. Institutional investors own 81.99% of the company’s stock.

Schlumberger Stock Performance

Shares of Schlumberger stock opened at $40.53 on Thursday. The company has a quick ratio of 1.11, a current ratio of 1.45 and a debt-to-equity ratio of 0.49. The stock’s fifty day moving average is $40.33 and its two-hundred day moving average is $41.85. Schlumberger Limited has a 52 week low of $36.52 and a 52 week high of $55.69. The company has a market capitalization of $55.11 billion, a PE ratio of 13.03, a price-to-earnings-growth ratio of 10.10 and a beta of 1.51.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, January 17th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. The firm had revenue of $9.28 billion during the quarter, compared to analyst estimates of $9.24 billion. Schlumberger had a net margin of 12.29% and a return on equity of 21.90%. The business’s revenue was up 3.3% on a year-over-year basis. During the same period in the previous year, the firm earned $0.86 earnings per share. As a group, analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current year.

Schlumberger Increases Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, April 3rd. Shareholders of record on Wednesday, February 5th will be paid a $0.285 dividend. This is an increase from Schlumberger’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a yield of 2.81%. The ex-dividend date of this dividend is Wednesday, February 5th. Schlumberger’s dividend payout ratio is currently 36.66%.

Insider Transactions at Schlumberger

In other news, insider Gavin Rennick sold 26,990 shares of the stock in a transaction on Wednesday, February 26th. The stock was sold at an average price of $40.92, for a total transaction of $1,104,430.80. Following the transaction, the insider now owns 53,584 shares of the company’s stock, valued at approximately $2,192,657.28. This represents a 33.50 % decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Bejar Carmen Rando sold 5,524 shares of the firm’s stock in a transaction on Friday, January 31st. The shares were sold at an average price of $40.41, for a total value of $223,224.84. Following the transaction, the insider now owns 30,829 shares in the company, valued at approximately $1,245,799.89. This represents a 15.20 % decrease in their position. The disclosure for this sale can be found here. Over the last three months, insiders have sold 290,772 shares of company stock valued at $12,546,660. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SLB has been the topic of several recent research reports. Evercore ISI reaffirmed an “in-line” rating and set a $44.00 price objective (down from $62.00) on shares of Schlumberger in a report on Wednesday, January 15th. Stifel Nicolaus decreased their price target on shares of Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. TD Cowen lifted their price objective on shares of Schlumberger from $53.00 to $55.00 and gave the stock a “buy” rating in a research note on Tuesday, January 21st. Royal Bank of Canada restated an “outperform” rating and issued a $57.00 target price on shares of Schlumberger in a report on Tuesday, January 21st. Finally, Barclays lowered their price target on shares of Schlumberger from $61.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, December 18th. Six investment analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company has a consensus rating of “Moderate Buy” and an average target price of $55.81.

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.