Pinnacle Associates Ltd. Has $6.12 Million Stock Position in Schlumberger Limited (NYSE:SLB)

Pinnacle Associates Ltd. reduced its stake in shares of Schlumberger Limited (NYSE:SLB) by 17.1% in the 3rd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,924 shares of the oil and gas company’s stock after selling 30,149 shares during the quarter. Pinnacle Associates Ltd.’s holdings in Schlumberger were worth $6,122,000 at the end of the most recent quarter.

Other hedge funds have also recently bought and sold shares of the company. Financial Advocates Investment Management raised its position in shares of Schlumberger by 3.4% during the second quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock valued at $309,000 after buying an additional 218 shares during the last quarter. Chilton Capital Management LLC lifted its position in shares of Schlumberger by 0.8% in the 2nd quarter. Chilton Capital Management LLC now owns 26,202 shares of the oil and gas company’s stock worth $1,236,000 after acquiring an additional 219 shares during the period. Grove Bank & Trust grew its holdings in shares of Schlumberger by 17.4% during the 3rd quarter. Grove Bank & Trust now owns 1,514 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 224 shares in the last quarter. First PREMIER Bank increased its position in shares of Schlumberger by 8.7% during the second quarter. First PREMIER Bank now owns 2,842 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 227 shares during the period. Finally, Team Hewins LLC raised its stake in shares of Schlumberger by 3.0% in the first quarter. Team Hewins LLC now owns 7,924 shares of the oil and gas company’s stock valued at $436,000 after purchasing an additional 229 shares in the last quarter. 81.99% of the stock is owned by institutional investors.

Insider Activity

In other news, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the transaction, the executive vice president now owns 211,937 shares of the company’s stock, valued at $8,880,160.30. This represents a 0.00 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages have issued reports on SLB. Susquehanna lowered their price target on shares of Schlumberger from $60.00 to $56.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Citigroup lowered their target price on shares of Schlumberger from $60.00 to $54.00 and set a “buy” rating on the stock in a research note on Tuesday, October 22nd. Wells Fargo & Company cut 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. TD Cowen lowered their price objective on Schlumberger from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Finally, Bank of America cut their target price on Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research report on Monday, October 14th. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.97.

Schlumberger Stock Down 0.7 %

Shares of NYSE SLB opened at $40.16 on Thursday. Schlumberger Limited has a 12-month low of $38.66 and a 12-month high of $57.75. The firm’s 50-day simple moving average is $42.63 and its 200 day simple moving average is $45.31. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. The company has a market cap of $57.40 billion, a price-to-earnings ratio of 13.34, a price-to-earnings-growth ratio of 1.47 and a beta of 1.51.

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

Schlumberger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be given a $0.275 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.74%. Schlumberger’s payout ratio is 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.