TD Asset Management Inc Cuts Stock Position in Schlumberger Limited (NYSE:SLB)

TD Asset Management Inc lowered its holdings in Schlumberger Limited (NYSE:SLB) by 73.2% during the 2nd quarter, Holdings Channel reports. The firm owned 561,991 shares of the oil and gas company’s stock after selling 1,531,994 shares during the period. TD Asset Management Inc’s holdings in Schlumberger were worth $26,515,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of SLB. Register Financial Advisors LLC purchased a new position in shares of Schlumberger during the 1st quarter valued at $27,000. Manchester Capital Management LLC lifted its position in shares of Schlumberger by 297.9% during the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 426 shares during the last quarter. Bruce G. Allen Investments LLC lifted its position in shares of Schlumberger by 204.2% during the 2nd quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after buying an additional 392 shares during the last quarter. Transcendent Capital Group LLC purchased a new position in shares of Schlumberger during the 4th quarter valued at $32,000. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Schlumberger during the 2nd quarter valued at $30,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Schlumberger Price Performance

Shares of NYSE SLB opened at $40.62 on Friday. The firm has a market capitalization of $57.67 billion, a P/E ratio of 13.50, a P/E/G ratio of 0.88 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. The stock’s 50-day simple moving average is $45.59 and its two-hundred day simple moving average is $47.95. Schlumberger Limited has a twelve month low of $40.37 and a twelve month high of $62.12.

Schlumberger (NYSE:SLB) last announced its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, beating the consensus estimate of $0.83 by $0.02. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The company’s revenue was up 12.8% on a year-over-year basis. During the same period in the prior year, the company earned $0.72 EPS. As a group, equities analysts anticipate that Schlumberger Limited will post 3.49 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be given a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.71%. Schlumberger’s dividend payout ratio (DPR) is presently 36.54%.

Insider Activity

In other news, CFO Stephane Biguet sold 50,048 shares of the stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the transaction, the chief financial officer now directly owns 203,076 shares in the company, valued at approximately $10,141,615.44. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. In related news, EVP Mogharbel Khaled Al sold 120,668 shares of the firm’s 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 transaction, the executive vice president now directly owns 247,699 shares in the company, valued at approximately $12,432,012.81. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Also, CFO Stephane Biguet sold 50,048 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $49.94, for a total value of $2,499,397.12. Following the transaction, the chief financial officer now owns 203,076 shares in the company, valued at $10,141,615.44. The disclosure for this sale can be found here. In the last three months, insiders have sold 180,716 shares of company stock worth $9,048,624. 0.26% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of research analysts have recently commented on the company. Evercore ISI upped their price target on Schlumberger from $73.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Bank of America dropped their price objective on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a report on Monday, July 22nd. Barclays dropped their price objective on Schlumberger from $70.00 to $67.00 and set an “overweight” rating on the stock in a report on Tuesday, July 23rd. Finally, Piper Sandler dropped their price objective on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $67.00.

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.