Central Pacific Bank Trust Division Boosts Stock Position in Schlumberger Limited (NYSE:SLB)

Central Pacific Bank Trust Division increased its position in Schlumberger Limited (NYSE:SLB) by 8.0% in the 3rd quarter, according to its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 45,363 shares of the oil and gas company’s stock after acquiring an additional 3,366 shares during the quarter. Central Pacific Bank Trust Division’s holdings in Schlumberger were worth $1,903,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Massmutual Trust Co. FSB ADV grew its position in shares of Schlumberger by 113.6% during the third quarter. Massmutual Trust Co. FSB ADV now owns 115,615 shares of the oil and gas company’s stock valued at $4,850,000 after purchasing an additional 61,485 shares in the last quarter. Trust Co. of Toledo NA OH lifted its position in shares of Schlumberger by 12.5% in the third quarter. Trust Co. of Toledo NA OH now owns 71,660 shares of the oil and gas company’s stock worth $3,006,000 after buying an additional 7,968 shares in the last quarter. M&R Capital Management Inc. boosted its stake in Schlumberger by 1.7% during the third quarter. M&R Capital Management Inc. now owns 14,817 shares of the oil and gas company’s stock valued at $622,000 after buying an additional 241 shares during the last quarter. Mattson Financial Services LLC purchased a new position in Schlumberger during the 2nd quarter valued at approximately $1,558,000. Finally, Ashburton Jersey Ltd bought a new stake in Schlumberger in the 2nd quarter worth approximately $10,998,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In related news, EVP Mogharbel Khaled Al sold 120,668 shares of the business’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 completion of the sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The transaction was disclosed in a document filed with the SEC, which is available through the SEC website. In other 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 transaction of $6,056,326.92. Following the sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction that occurred 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 in the company, 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 in the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analysts Forecast Growth

Several equities research analysts recently weighed in on SLB shares. StockNews.com cut shares of Schlumberger from a “buy” rating to a “hold” rating in a research report on Thursday, June 6th. Citigroup decreased their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Piper Sandler reduced their price objective on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. Wells Fargo & Company decreased their price objective on Schlumberger from $53.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 25th. Finally, Bank of America cut their target price on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. Two analysts have rated the stock with a hold rating and nineteen have given a buy rating to the company. According to MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus price target of $65.29.

Schlumberger Price Performance

Schlumberger stock opened at $43.94 on Thursday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. The company has a market capitalization of $62.39 billion, a price-to-earnings ratio of 14.60, a price-to-earnings-growth ratio of 0.90 and a beta of 1.51. The company’s 50 day simple moving average is $43.48 and its 200-day simple moving average is $46.87. Schlumberger Limited has a 1 year low of $38.66 and a 1 year high of $61.20.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, beating the consensus estimate of $0.83 by $0.02. The company had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. Schlumberger’s revenue was up 12.8% compared to the same quarter last year. During the same period in the previous year, the company posted $0.72 EPS. As a group, equities research analysts expect that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.50%. Schlumberger’s dividend payout ratio is currently 36.54%.

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.