Drive Wealth Management LLC Raises Stake in Schlumberger Limited (NYSE:SLB)

Drive Wealth Management LLC boosted its holdings in Schlumberger Limited (NYSE:SLB – Free Report) by 25.7% in the second quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 5,893 shares of the oil and gas company’s stock after acquiring an additional 1,204 shares during the period. Drive Wealth Management LLC’s holdings in Schlumberger were worth $280,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other large investors have also recently bought and sold shares of SLB. Capital World Investors lifted its position in shares of 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 valued at $4,875,402,000 after buying an additional 37,333,485 shares during the last quarter. Norges Bank purchased a new position in Schlumberger in the fourth quarter valued at $1,000,292,000. Price T Rowe Associates Inc. MD increased its holdings 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 valued at $4,712,897,000 after buying an additional 10,606,191 shares during the last quarter. Winslow Capital Management LLC raised its position in shares of Schlumberger by 123,063.5% in the fourth quarter. Winslow Capital Management LLC now owns 4,347,671 shares of the oil and gas company’s stock valued at $226,253,000 after purchasing an additional 4,344,141 shares during the period. Finally, Boston Partners raised its stake in shares of 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 buying an additional 3,069,395 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s shares.

Schlumberger stock falls 0.4%

Shares of SLB stock opened at $43.99 on Monday. The company’s 50-day moving average price is $46.11 and its 200-day moving average price is $48.18. Schlumberger Limited has a 12-month low of $42.61 and a 12-month high of $62.12. The company has a current ratio of 1.49, a quick ratio of 1.13, and a debt-to-equity ratio of 0.55. The firm has a market cap of $62.46 billion, a P/E ratio of 14.61, a price-to-earnings-growth ratio of 0.94 and a beta of 1.55.

Schlumberger (NYSE:SLB – Get Your Free Report ) last posted its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. The company had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The company’s revenue increased by 12.8% year-on-year. During the same period in the previous year, the firm earned $0.72 EPS. On average, sell-side analysts forecast that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger announces dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be issued a $0.275 dividend. The ex-dividend date is Wednesday, September 4. This represents an annualized dividend of $1.10 and a dividend yield of 2.50%. Schlumberger’s dividend 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 dated Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The transaction was disclosed in a filing with the SEC, which is accessible via this hyperlink. In other Schlumberger news, EVP Mogharbel Khaled Al sold 120,668 shares of the business’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible via this link. Also, insider Bejar Carmen Rando sold 4,980 shares of the company’s stock in a transaction on Friday, June 7th. The stock was sold at an average price of $43.43, for a total value of $216,281.40. Following the sale, the insider now directly owns 22,518 shares in the company, valued at approximately $977,956.74. The disclosure for this sale can be found here. Over the last 90 days, insiders have sold 185,696 shares of company stock worth $9,264,905. Corporate insiders own 0.26% of the company’s shares.

The Wall Street analyst weighs in

A number of brokerages have recently weighed in on SLB. TD Cowen boosted their target price on shares of Schlumberger from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Piper Sandler cut their price target on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. UBS Group cut their price objective on Schlumberger from $67.00 to $63.00 and set a “buy” rating for the company in a research note on Tuesday, August 20th. Benchmark reaffirmed a “buy” rating and set a $68.00 target price on shares of Schlumberger in a research note on Monday, July 22nd. Finally, Bank of America decreased their target price on shares of Schlumberger from $62.00 to $58.00 and set a “buy” rating for the company in a report on Monday, July 15th. Two analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the company’s stock. The company presently has an average rating of “Moderate Buy” and a consensus price target of $67.00, based on data from MarketBeat.com.

Read our latest report on Schlumberger

Schlumberger profile

(Free report)

Schlumberger Limited is committed to providing technology to 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; Field data interpretation and processing services for exploration data; and well construction and production improvement services and products.

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