Kingsview Wealth Management LLC Sells 2,754 Shares of Schlumberger Limited (NYSE:SLB)

Kingsview Wealth Management LLC trimmed its stake in shares of Schlumberger Limited (NYSE:SLB) by 12.8% in the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 18,692 shares of the oil and gas company’s stock after selling 2,754 shares during the quarter. Kingsview Wealth Management LLC’s holdings in Schlumberger were worth $784,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds and other institutional investors also recently made changes to their positions in SLB. Lazard Asset Management LLC lifted its position in shares of Schlumberger by 18.8% in the 1st quarter. Lazard Asset Management LLC now owns 14,753 shares of the oil and gas company’s stock worth $808,000 after purchasing an additional 2,330 shares during the period. Jacobs Levy Equity Management Inc. bought a new stake in Schlumberger during the first quarter valued at $252,000. B. Riley Wealth Advisors Inc. grew its holdings in Schlumberger by 55.3% during the 1st quarter. B. Riley Wealth Advisors Inc. now owns 24,800 shares of the oil and gas company’s stock worth $1,452,000 after acquiring an additional 8,829 shares during the period. LRI Investments LLC bought a new position in shares of Schlumberger in the 1st quarter worth about $80,000. Finally, Swedbank AB acquired a new position in shares of Schlumberger in the 1st quarter valued at about $28,267,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $43.66 on Thursday. Schlumberger Limited has a 1-year low of $38.66 and a 1-year high of $55.69. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The stock has a market cap of $61.65 billion, a PE ratio of 14.04, a price-to-earnings-growth ratio of 1.55 and a beta of 1.52. The stock’s fifty day simple moving average is $42.94 and its two-hundred day simple moving average is $44.45.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The business had revenue of $9.16 billion during the quarter, compared to the consensus estimate of $9.27 billion. During the same period in the prior year, the firm posted $0.78 EPS. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. As a group, analysts forecast that Schlumberger Limited will post 3.39 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.52%. Schlumberger’s dividend payout ratio (DPR) is currently 35.37%.

Insiders Place Their Bets

In related news, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the sale, the executive vice president now owns 211,937 shares in the company, valued at approximately $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through this link. Insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

A number of brokerages have weighed in on SLB. JPMorgan Chase & Co. lowered their target price on Schlumberger from $64.00 to $60.00 and set an “overweight” rating for the company in a report on Tuesday, October 1st. Susquehanna lowered their price objective on shares of Schlumberger from $60.00 to $56.00 and set a “positive” rating for the company in a research note on Monday, October 21st. Barclays cut their target price on shares of Schlumberger from $67.00 to $63.00 and set an “overweight” rating on the stock in a research note on Wednesday, October 16th. Stifel Nicolaus reaffirmed a “buy” rating and issued a $60.00 price target (down from $62.00) on shares of Schlumberger in a research note on Monday, October 21st. Finally, Bank of America cut their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday, October 14th. Two equities research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has assigned a strong buy rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and an average price target of $60.97.

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.