Seven Eight Capital LP Acquires New Position in Schlumberger Limited (NYSE:SLB)

Seven Eight Capital LP bought a new position in Schlumberger Limited (NYSE:SLB) in the second quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor bought 8,153 shares of the oil and gas company’s stock, valued at approximately $385,000.

A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in SLB. Carolinas Wealth Consulting LLC boosted its position in 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 valued at $102,000 after purchasing an additional 683 shares during the last quarter. Crescent Grove Advisors LLC bought a new stake in shares of Schlumberger in the 2nd quarter valued at approximately $257,000. National Bank of Canada FI grew its stake in shares of Schlumberger by 15.0% in the 1st quarter. National Bank of Canada FI now owns 396,382 shares of the oil and gas company’s stock valued at $21,726,000 after buying an additional 51,637 shares in the last quarter. Mission Wealth Management LP acquired a new position in Schlumberger in the first quarter worth approximately $245,000. Finally, Canada Pension Plan Investment Board raised its position in Schlumberger by 9.0% during the first quarter. Canada Pension Plan Investment Board now owns 788,484 shares of the oil and gas company’s stock valued at $43,217,000 after acquiring an additional 64,974 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the stock. Royal Bank of Canada restated an “outperform” rating and set a $69.00 price target on shares of Schlumberger in a report on Monday, July 22nd. Susquehanna reduced their price target on Schlumberger from $77.00 to $70.00 and set a “positive” rating for the company in a research report on Thursday, July 11th. Dbs Bank began coverage on Schlumberger in a report on Wednesday, September 18th. They set a “buy” rating and a $64.50 price objective on the stock. TD Cowen boosted their target price on Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Finally, Bank of America decreased their target price on Schlumberger from $62.00 to $58.00 and set a “buy” rating for the company in a research report on Monday, July 15th. Two investment analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.29.

Schlumberger Trading Down 0.8 %

Schlumberger stock opened at $42.41 on Monday. Schlumberger Limited has a 12 month low of $38.66 and a 12 month high of $61.41. The stock has a market cap of $60.62 billion, a price-to-earnings ratio of 14.09, a price-to-earnings-growth ratio of 0.86 and a beta of 1.51. The business has a 50 day moving average price of $44.48 and a two-hundred day moving average price of $47.36. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.55.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.83 by $0.02. The firm had revenue of $9.14 billion during the quarter, compared to analysts’ expectations of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. Schlumberger’s quarterly revenue was up 12.8% compared to the same quarter last year. During the same period last year, the business earned $0.72 earnings per share. As a group, equities analysts forecast that Schlumberger Limited will post 3.49 EPS for the current year.

Schlumberger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.59%. Schlumberger’s payout ratio is currently 36.54%.

Insider Buying and Selling

In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the sale, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now directly owns 247,699 shares in the company, valued at $12,432,012.81. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the completion of the sale, the director now owns 62,354 shares in the company, valued at approximately $3,073,428.66. The disclosure for this sale can be found here. Insiders sold 180,716 shares of company stock valued at $9,048,624 over the last quarter. Corporate insiders own 0.26% of the company’s stock.

About Schlumberger

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.