Penobscot Investment Management Company Inc. Makes New Investment in Schlumberger Limited (NYSE:SLB)

Penobscot Investment Management Company Inc. acquired a new stake in Schlumberger Limited (NYSE:SLB) during the fourth quarter, Holdings Channel.com reports. The firm acquired 23,841 shares of the oil and gas company’s stock, valued at approximately $914,000.

Several other institutional investors have also modified their holdings of SLB. YANKCOM Partnership acquired a new stake in Schlumberger in the fourth quarter valued at $31,000. Stonebridge Financial Group LLC acquired a new stake in shares of Schlumberger during the 4th quarter worth about $32,000. Golden State Wealth Management LLC purchased a new stake in Schlumberger during the fourth quarter worth approximately $34,000. Hager Investment Management Services LLC acquired a new position in Schlumberger in the fourth quarter valued at approximately $38,000. Finally, Bogart Wealth LLC increased its stake in Schlumberger by 468.9% in the fourth quarter. Bogart Wealth LLC now owns 1,024 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 844 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Gavin Rennick sold 26,990 shares of the company’s stock in a transaction dated Wednesday, February 26th. The shares were sold at an average price of $40.92, for a total transaction of $1,104,430.80. Following the transaction, the insider now directly owns 53,584 shares in the company, valued at approximately $2,192,657.28. This represents a 33.50 % decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Mogharbel Khaled Al sold 123,097 shares of Schlumberger stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $44.09, for a total transaction of $5,427,346.73. Following the sale, the executive vice president now owns 184,626 shares of the company’s stock, valued at approximately $8,140,160.34. The trade was a 40.00 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders have sold a total of 290,772 shares of company stock valued at $12,546,660 in the last ninety days. 0.26% of the stock is currently owned by company insiders.

Analyst Ratings Changes

SLB has been the subject of several recent analyst reports. JPMorgan Chase & Co. boosted their price objective on shares of Schlumberger from $48.00 to $50.00 and gave the stock an “overweight” rating in a research report on Tuesday, January 21st. Evercore ISI reaffirmed an “in-line” rating and set a $44.00 price objective (down previously from $62.00) on shares of Schlumberger in a report on Wednesday, January 15th. Barclays reduced their target price on Schlumberger from $61.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, December 18th. Atb Cap Markets downgraded Schlumberger from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Finally, BMO Capital Markets reduced their price objective on Schlumberger from $53.00 to $48.00 in a research note on Thursday, January 16th. Six investment analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has given a strong buy rating to the company. Based on data from MarketBeat, Schlumberger presently has a consensus rating of “Moderate Buy” and an average target price of $55.81.

Schlumberger Trading Up 0.3 %

NYSE SLB opened at $42.39 on Thursday. Schlumberger Limited has a 52-week low of $36.52 and a 52-week high of $55.69. The firm has a 50-day moving average price of $41.30 and a 200 day moving average price of $41.43. The stock has a market capitalization of $57.64 billion, a P/E ratio of 13.63, a P/E/G ratio of 10.10 and a beta of 1.47. The company has a quick ratio of 1.11, a current ratio of 1.45 and a debt-to-equity ratio of 0.49.

Schlumberger (NYSE:SLB) last posted its quarterly earnings results on Friday, January 17th. The oil and gas company reported $0.92 EPS for the quarter, beating the consensus estimate of $0.90 by $0.02. Schlumberger had a return on equity of 21.90% and a net margin of 12.29%. The business had revenue of $9.28 billion during the quarter, compared to analysts’ expectations of $9.24 billion. During the same period last year, the firm earned $0.86 EPS. The company’s quarterly revenue was up 3.3% compared to the same quarter last year. Equities research analysts expect that Schlumberger Limited will post 3.38 EPS 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 given a dividend of $0.285 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.28. This represents a $1.14 annualized dividend and a dividend yield of 2.69%. The ex-dividend date of this dividend is Wednesday, February 5th. Schlumberger’s payout ratio is presently 36.66%.

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.