Forza Wealth Management LLC Buys Shares of 3,776 Schlumberger Limited (NYSE:SLB)

Forza Wealth Management LLC purchased a new position in shares of Schlumberger Limited (NYSE:SLB) during the 1st quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor purchased 3,776 shares of the oil and gas company’s stock, valued at approximately $207,000.

A number of other hedge funds and other institutional investors have also modified their holdings of SLB. Exchange Traded Concepts LLC lifted its position in shares of Schlumberger by 3,008.8% in the third quarter. Exchange Traded Concepts LLC now owns 6,031 shares of the oil and gas company’s stock worth $352,000 after buying an additional 5,837 shares during the last quarter. Koshinski Asset Management Inc. acquired a new stake in Schlumberger in the 3rd quarter worth approximately $201,000. Asset Management One Co. Ltd. boosted its position in Schlumberger by 0.6% during the third quarter. Asset Management One Co. Ltd. now owns 571,549 shares of the oil and gas company’s stock worth $33,321,000 after purchasing an additional 3,306 shares during the period. Ballentine Partners LLC grew its holdings in Schlumberger by 3.1% during the third quarter. Ballentine Partners LLC now owns 9,060 shares of the oil and gas company’s stock valued at $528,000 after purchasing an additional 269 shares during the last quarter. Finally, KRS Capital Management LLC raised its position in shares of Schlumberger by 22.4% in the third quarter. KRS Capital Management LLC now owns 7,135 shares of the oil and gas company’s stock valued at $416,000 after purchasing an additional 1,308 shares during the period. Institutional investors own 81.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several analysts recently issued reports on the stock. HSBC reaffirmed a “buy” rating and set a $71.00 price objective on shares of Schlumberger in a report on Thursday, April 4th. TD Cowen lowered their price target on Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. Wells Fargo & Company lowered Schlumberger from an “overweight” rating to an “equal weight” rating and dropped their price objective for the stock from $68.00 to $53.00 in a research note on Monday. Royal Bank of Canada increased their target price on Schlumberger from $66.00 to $69.00 and gave the company an “outperform” rating in a research note on Wednesday, April 3rd. Finally, BMO Capital Markets lowered their target price on Schlumberger from $66.00 to $64.00 and set an “outperform” rating on the stock in a report on Monday, April 22nd. Two analysts have rated the stock with a hold rating and seventeen have given a buy rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average price target of $68.72.

Schlumberger Price Performance

NYSE:SLB traded up $0.01 during mid-day trading on Monday, hitting $49.21. The company’s stock had a trading volume of 9,211,325 shares, compared to its average volume of 11,160,987. The company has a market capitalization of $70.34 billion, a price-to-earnings ratio of 16.35, a P/E/G ratio of 0.95 and a beta of 1.60. The company has a current ratio of 1.37, a quick ratio of 1.02 and a debt-to-equity ratio of 0.49. Schlumberger Limited has a fifty-two week low of $42.73 and a fifty-two week high of $62.12. The stock has a fifty day moving average of $51.75 and a 200-day moving average of $52.02.

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 earnings per share for the quarter, meeting the consensus estimate of $0.75. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. The company’s revenue was up 12.6% compared to the same quarter last year. During the same period in the prior year, the company posted $0.63 EPS. As a group, equities analysts forecast that Schlumberger Limited will post 3.51 EPS for the current fiscal year.

Schlumberger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Shareholders of record on Wednesday, June 5th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This is a boost from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.24%. Schlumberger’s dividend payout ratio (DPR) is presently 36.54%.

Insider Activity

In related news, insider Gavin Rennick sold 20,045 shares of the stock in a transaction dated Thursday, February 1st. The shares were sold at an average price of $48.77, for a total transaction of $977,594.65. Following the completion of the sale, the insider now owns 77,563 shares in the company, valued at approximately $3,782,747.51. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Schlumberger news, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction on Monday, February 26th. The stock was sold at an average price of $48.64, for a total value of $304,000.00. Following the completion of the transaction, the chief financial officer now owns 242,932 shares in the company, valued at approximately $11,816,212.48. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, insider Gavin Rennick sold 20,045 shares of the stock in a transaction on Thursday, February 1st. The stock was sold at an average price of $48.77, for a total value of $977,594.65. Following the sale, the insider now owns 77,563 shares in the company, valued at approximately $3,782,747.51. The disclosure for this sale can be found here. In the last quarter, insiders have sold 76,295 shares of company stock worth $3,707,595. 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.