Everence Capital Management Inc. Cuts Stock Holdings in Schlumberger Limited (NYSE:SLB)

Everence Capital Management Inc. reduced its position in shares of Schlumberger Limited (NYSE:SLB) by 49.6% during the fourth quarter, Holdings Channel reports. The firm owned 55,936 shares of the oil and gas company’s stock after selling 54,990 shares during the period. Everence Capital Management Inc.’s holdings in Schlumberger were worth $2,145,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also added to or reduced their stakes in SLB. Modus Advisors LLC bought a new position in shares of Schlumberger during the 4th quarter worth approximately $50,000. Versant Capital Management Inc lifted its holdings in Schlumberger by 98.9% during the fourth quarter. Versant Capital Management Inc now owns 1,498 shares of the oil and gas company’s stock worth $57,000 after acquiring an additional 745 shares during the period. Principal Financial Group Inc. boosted its position in Schlumberger by 8.0% in the third quarter. Principal Financial Group Inc. now owns 4,487,067 shares of the oil and gas company’s stock worth $188,232,000 after purchasing an additional 332,500 shares during the last quarter. Syntax Research Inc. bought a new position in Schlumberger in the 3rd quarter valued at $3,491,000. Finally, Copley Financial Group Inc. purchased a new stake in shares of Schlumberger during the 3rd quarter valued at $515,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

Several research firms recently weighed in on SLB. Atb Cap Markets lowered shares of Schlumberger from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Morgan Stanley decreased their price target on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating for the company in a research note on Monday, September 16th. Griffin Securities cut shares of Schlumberger from a “buy” rating to a “neutral” rating in a report on Friday, December 20th. Barclays reduced their price objective on Schlumberger from $61.00 to $53.00 and set an “overweight” rating for the company in a report on Wednesday, December 18th. Finally, BMO Capital Markets lowered their target price on Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a research note on Thursday, October 10th. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat.com, Schlumberger has an average rating of “Moderate Buy” and a consensus target price of $58.25.

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 stock was sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the transaction, the executive vice president now directly owns 211,937 shares of the company’s stock, valued at approximately $8,880,160.30. This trade represents a 22.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through this link. Corporate insiders own 0.26% of the company’s stock.

Schlumberger Price Performance

Shares of NYSE SLB opened at $38.59 on Friday. The firm has a market capitalization of $54.50 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.42 and a beta of 1.51. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. The stock’s 50-day simple moving average is $41.19 and its two-hundred day simple moving average is $43.37. Schlumberger Limited has a twelve month low of $36.52 and a twelve month high of $55.69.

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

Schlumberger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be given a dividend of $0.275 per share. The ex-dividend date is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.85%. Schlumberger’s payout ratio is 35.37%.

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.