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

Allspring Global Investments Holdings LLC lessened its stake in Schlumberger Limited (NYSE:SLB) by 4.1% in the 1st quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 77,168 shares of the oil and gas company’s stock after selling 3,330 shares during the period. Allspring Global Investments Holdings LLC’s holdings in Schlumberger were worth $4,230,000 at the end of the most recent reporting period.

Several other hedge funds have also recently added to or reduced their stakes in SLB. Carolinas Wealth Consulting LLC increased its holdings in shares of Schlumberger by 53.5% during the fourth quarter. Carolinas Wealth Consulting LLC now owns 1,960 shares of the oil and gas company’s stock worth $102,000 after buying an additional 683 shares in the last quarter. Highland Capital Management LLC increased its holdings in shares of Schlumberger by 2,494.0% in the fourth quarter. Highland Capital Management LLC now owns 101,426 shares of the oil and gas company’s stock valued at $5,278,000 after purchasing an additional 97,516 shares in the last quarter. Nordea Investment Management AB increased its holdings in shares of Schlumberger by 36.4% in the fourth quarter. Nordea Investment Management AB now owns 1,424,625 shares of the oil and gas company’s stock valued at $74,080,000 after purchasing an additional 380,185 shares in the last quarter. Asset Management One Co. Ltd. boosted its stake in Schlumberger by 6.3% in the fourth quarter. Asset Management One Co. Ltd. now owns 607,312 shares of the oil and gas company’s stock valued at $31,726,000 after acquiring an additional 35,763 shares during the last quarter. Finally, Sapient Capital LLC bought a new position in Schlumberger in the fourth quarter valued at approximately $1,389,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on SLB. BMO Capital Markets reduced their price target on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a research report on Monday, April 22nd. TD Cowen lowered their price objective on shares of Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research note on Monday, April 22nd. Barclays reduced their target price on shares of Schlumberger from $74.00 to $70.00 and set an “overweight” rating for the company in a report on Thursday, April 4th. The Goldman Sachs Group reiterated a “buy” rating on shares of Schlumberger in a research report on Monday, April 1st. Finally, Royal Bank of Canada upped their price target on shares of Schlumberger from $66.00 to $69.00 and gave the company an “outperform” rating in a research report on Wednesday, April 3rd. Two investment analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the company’s stock. According to MarketBeat, Schlumberger presently has an average rating of “Moderate Buy” and a consensus target price of $68.59.

Insiders Place Their Bets

In related news, insider Bejar Carmen Rando sold 4,980 shares of the company’s stock in a transaction that occurred on Friday, June 7th. The stock was sold at an average price of $43.43, for a total value of $216,281.40. Following the sale, the insider now owns 22,518 shares in the company, valued at $977,956.74. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, insider Gavin Rennick sold 38,083 shares of Schlumberger stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $48.28, for a total value of $1,838,647.24. Following the sale, the insider now directly owns 45,851 shares in the company, valued at $2,213,686.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, insider Bejar Carmen Rando sold 4,980 shares of the business’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.43, for a total value 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. Over the last ninety days, insiders sold 106,158 shares of company stock worth $5,099,893. 0.26% of the stock is owned by corporate insiders.

Schlumberger Stock Performance

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

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, meeting the consensus estimate of $0.75. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The firm had revenue of $8.71 billion for the quarter, compared to analysts’ expectations of $8.70 billion. During the same quarter last year, the business posted $0.63 earnings per share. The company’s revenue for the quarter was up 12.6% compared to the same quarter last year. On average, sell-side analysts expect that Schlumberger Limited will post 3.51 earnings per share for the current year.

Schlumberger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be issued a $0.275 dividend. This is an increase from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 2.35%. The ex-dividend date of this dividend is Wednesday, June 5th. Schlumberger’s payout ratio is presently 36.54%.

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.