Shares of Schlumberger Limited (NYSE:SLB) bought by Drexel Morgan & Co.

Drexel Morgan & Co. raised its position in Schlumberger Limited (NYSE:SLB – Free Report) by 0.7% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 342,412 shares of the oil and gas company’s stock after purchasing an additional 2,260 shares during the period. Schlumberger owns 3.5% of Drexel Morgan & Co’s investment portfolio. The holdings of Drexel Morgan & Co. holdings in Schlumberger were worth $16,155,000 at the end of the most recent quarter.

Several other institutional investors have also modified their holdings of SLB. Register Financial Advisors LLC purchased a new stake in Schlumberger in the first quarter valued at $27,000. Bruce G. Allen Investments LLC boosted its holdings in shares of Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after acquiring an additional 392 shares during the last quarter. Unique Wealth Strategies LLC acquired a new stake in shares of Schlumberger in the second quarter worth approximately $30,000. Manchester Capital Management LLC boosted its stake in Schlumberger by 297.9% in the first quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 426 shares during the last quarter. Finally, Riverview Trust Co boosted its holdings in Schlumberger by 90.6% in the second quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 308 shares during the last quarter. 81.99% of the shares are held by hedge funds and other institutional investors.

Analyst upgrades and downgrades

SLB has been the subject of a number of research analyst reports. Citigroup reduced their price objective on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a report on Friday, June 28th. Evercore ISI boosted their target price on shares of Schlumberger from $73.00 to $74.00 and gave the company an “outperform” rating in a research report on Monday, July 22nd. Piper Sandler decreased their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Benchmark reiterated a “buy” rating and set a $68.00 target price on shares of Schlumberger in a research report on Monday, July 22nd. Finally, Morgan Stanley decreased their price target on Schlumberger from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the company. The stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $66.29, according to MarketBeat.

Read our latest research report on SLB

Schlumberger stocks rose 3.2%

Shares of NYSE:SLB opened at $42.76 on Friday. Schlumberger Limited has a fifty-two week low of $38.66 and a fifty-two week high of $61.41. 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 company’s 50-day simple moving average is $44.56, and its 200-day simple moving average is $47.45. The company has a market cap of $60.71 billion, a price-to-earnings ratio of 14.20, a PEG ratio of 0.86 and a beta of 1.51.

Schlumberger (NYSE:SLB – Get Your Free Report ) last announced its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 earnings per share 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 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 for the quarter was up 12.8% compared to the same quarter last year. In the same quarter last year, the company earned $0.72 EPS. As a group, equities research analysts forecast that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4. This represents a dividend of $1.10 on an annualized basis and a dividend yield of 2.57%. Schlumberger’s dividend payout ratio is currently 36.54%.

Insider activity at Schlumberger

In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.29, for a total value of $492,900.00. Following the completion of the transaction, the director now directly owns 62,354 shares of the company’s stock, valued at $3,073,428.66. The sale was disclosed in a filing with the SEC, which is available at this link. In other Schlumberger news, CFO Stephane Biguet sold 50,048 shares of the stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the sale, the chief financial officer now owns 203,076 shares in the company, valued at approximately $10,141,615.44. The sale was disclosed in a legal filing with the SEC, which is available via this link. Also, Director Vijay Kasibhatla sold 10,000 shares of the business’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total value of $492,900.00. Following the transaction, the director now directly owns 62,354 shares of the company’s stock, valued at approximately $3,073,428.66. The disclosure for this sale can be found here. Insiders sold 180,716 shares of company stock worth $9,048,624 over the last 90 days. Company insiders own 0.26% of the company’s shares.

About Schlumberger

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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.

See Also

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