Grimes & Company Inc. Trims Stock Holdings in Schlumberger Limited $SLB

Grimes & Company Inc. trimmed its holdings in Schlumberger Limited (NYSE:SLB) by 0.2% in the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 265,903 shares of the oil and gas company’s stock after selling 573 shares during the period. Grimes & Company Inc.’s holdings in Schlumberger were worth $8,988,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other hedge funds have also bought and sold shares of the business. Charles Schwab Investment Management Inc. grew its position in shares of Schlumberger by 478.8% during the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company’s stock valued at $1,994,674,000 after purchasing an additional 39,474,501 shares in the last quarter. Boston Partners grew its position in shares of Schlumberger by 27.7% during the 1st quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company’s stock valued at $824,160,000 after purchasing an additional 4,300,222 shares in the last quarter. Northern Trust Corp grew its position in shares of Schlumberger by 4.4% during the 1st quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company’s stock valued at $602,860,000 after purchasing an additional 604,832 shares in the last quarter. Dimensional Fund Advisors LP grew its position in shares of Schlumberger by 22.8% during the 1st quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company’s stock valued at $375,738,000 after purchasing an additional 1,667,203 shares in the last quarter. Finally, Invesco Ltd. grew its position in shares of Schlumberger by 3.8% during the 1st quarter. Invesco Ltd. now owns 7,659,177 shares of the oil and gas company’s stock valued at $320,154,000 after purchasing an additional 281,937 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Stock Performance

NYSE SLB opened at $34.26 on Monday. The company has a 50-day simple moving average of $34.63 and a two-hundred day simple moving average of $35.10. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. Schlumberger Limited has a 12-month low of $31.11 and a 12-month high of $46.15. The firm has a market cap of $51.17 billion, a price-to-earnings ratio of 11.73, a PEG ratio of 9.51 and a beta of 0.97.

Schlumberger (NYSE:SLB) last posted its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.73 by $0.01. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The business had revenue of $8.55 billion during the quarter, compared to analyst estimates of $8.51 billion. During the same period in the prior year, the business posted $0.85 earnings per share. The company’s revenue was down 6.5% on a year-over-year basis. On average, equities analysts forecast that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Shareholders of record on Wednesday, September 3rd will be given a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 3.3%. The ex-dividend date is Wednesday, September 3rd. Schlumberger’s dividend payout ratio is presently 39.04%.

Insider Transactions at Schlumberger

In other Schlumberger news, insider Dianne B. Ralston sold 39,727 shares of the company’s stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the sale, the insider directly owned 202,201 shares in the company, valued at $7,295,412.08. This represents a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available at this hyperlink. 0.22% of the stock is currently owned by insiders.

Wall Street Analysts Forecast Growth

A number of research firms have recently commented on SLB. Jefferies Financial Group reduced their price target on shares of Schlumberger from $54.00 to $53.00 and set a “buy” rating for the company in a research report on Thursday, June 26th. Atb Cap Markets upgraded shares of Schlumberger from a “hold” rating to a “strong-buy” rating in a research report on Tuesday, July 1st. UBS Group cut their target price on shares of Schlumberger from $45.00 to $44.00 and set a “buy” rating for the company in a research report on Wednesday, August 20th. Melius started coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They issued a “buy” rating and a $82.00 target price for the company. Finally, Melius Research started coverage on shares of Schlumberger in a research report on Wednesday, August 20th. They issued a “buy” rating and a $82.00 target price for the company. Two analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and six have given a Hold rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus target price of $52.18.

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.