Allspring Global Investments Holdings LLC Raises Stock Holdings in Schlumberger Limited (NYSE:SLB)

Allspring Global Investments Holdings LLC lifted its holdings in Schlumberger Limited (NYSE:SLB) by 12.8% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 957,126 shares of the oil and gas company’s stock after buying an additional 108,311 shares during the quarter. Allspring Global Investments Holdings LLC owned approximately 0.07% of Schlumberger worth $40,151,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of the business. Capital World Investors grew its stake in Schlumberger by 72.3% in the first quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock worth $4,875,402,000 after purchasing an additional 37,333,485 shares in the last quarter. Price T Rowe Associates Inc. MD grew its stake in Schlumberger by 14.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock worth $4,712,897,000 after purchasing an additional 10,606,191 shares in the last quarter. Boston Partners grew its stake in Schlumberger by 35.8% in the first quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock worth $635,883,000 after purchasing an additional 3,069,395 shares in the last quarter. Ceredex Value Advisors LLC bought a new position in Schlumberger in the second quarter worth approximately $92,944,000. Finally, 1832 Asset Management L.P. bought a new position in Schlumberger in the second quarter worth approximately $91,364,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SLB. Susquehanna dropped their price objective on Schlumberger from $60.00 to $56.00 and set a “positive” rating on the stock in a research note on Monday. Wells Fargo & Company dropped their price objective on Schlumberger from $53.00 to $49.00 and set an “equal weight” rating on the stock in a research note on Wednesday, September 25th. Piper Sandler dropped their target price on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. BMO Capital Markets decreased their price objective on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, October 10th. Finally, Stifel Nicolaus reiterated a “buy” rating and issued a $60.00 target price (down previously from $62.00) on shares of Schlumberger in a research note on Monday. Two equities research analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the stock. According to MarketBeat, Schlumberger presently has an average rating of “Moderate Buy” and an average price target of $61.58.

Schlumberger Stock Down 1.2 %

SLB stock opened at $41.94 on Wednesday. The firm has a 50 day moving average of $43.03 and a 200 day moving average of $45.78. The stock has a market capitalization of $59.54 billion, a PE ratio of 13.48, a price-to-earnings-growth ratio of 1.27 and a beta of 1.51. 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 Limited has a 52 week low of $38.66 and a 52 week high of $59.05.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $9.16 billion during the quarter, compared to analysts’ expectations of $9.27 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. Schlumberger’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same period last year, the business earned $0.78 EPS. Sell-side analysts forecast that Schlumberger Limited will post 3.44 earnings per share for the current year.

Schlumberger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be paid a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.62%. The ex-dividend date is Wednesday, December 4th. Schlumberger’s dividend payout ratio (DPR) is presently 35.37%.

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.