DAVENPORT & Co LLC Sells 1,923 Shares of Schlumberger Limited (NYSE:SLB)

DAVENPORT & Co LLC trimmed its position in shares of Schlumberger Limited (NYSE:SLB – Get Rating) by 10.2% in the 1st quarter, HoldingsChannel.com reports. The fund owned 16,860 shares of the oil and gas company’s stock after selling 1,923 shares during the quarter. DAVENPORT & Co LLC’s holdings in Schlumberger were worth $697,000 at the end of the most recent quarter.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLB. Sugarloaf Wealth Management LLC increased its position in shares of Schlumberger by 1,059.6% during the first quarter. Sugarloaf Wealth Management LLC now owns 603 shares of the oil and gas company’s stock valued at $25,000 after buying an additional 551 shares during the period. Crewe Advisors LLC increased its position in shares of Schlumberger by 768.4% during the first quarter. Crewe Advisors LLC now owns 660 shares of the oil and gas company’s stock valued at $27,000 after buying an additional 584 shares during the period. Riverview Trust Co purchased a new position in shares of Schlumberger during the first quarter valued at about $29,000. Equitec Proprietary Markets LLC purchased a new position in shares of Schlumberger during the fourth quarter valued at about $25,000. Finally, Atwood & Palmer Inc. increased its position in shares of Schlumberger by 482.8% during the first quarter. Atwood & Palmer Inc. now owns 845 shares of the oil and gas company’s stock valued at $35,000 after buying an additional 700 shares during the period. 76.34% of the stock is owned by institutional investors.

Schlumberger Trading Up 4.3 %

Shares of NYSE SLB opened at $35.07 on Monday. The firm’s 50 day moving average price is $39.64 and its 200-day moving average price is $39.92. The company has a market cap of $49.57 billion, a PE ratio of 19.06, a P/E/G ratio of 0.53 and a beta of 1.93. Schlumberger Limited has a 52-week low of $25.90 and a 52-week high of $49.83. The company has a debt-to-equity ratio of 0.84, a quick ratio of 0.89 and a current ratio of 1.24.

Schlumberger (NYSE:SLB – Get Rating) last issued its quarterly earnings data on Friday, July 22nd. The oil and gas company reported $0.50 earnings per share for the quarter, beating analysts’ consensus estimates of $0.40 by $0.10. The company had revenue of $6.77 billion for the quarter, compared to the consensus estimate of $6.28 billion. Schlumberger had a net margin of 8.84% and a return on equity of 14.02%. The firm’s revenue for the quarter was up 20.2% compared to the same quarter last year. During the same quarter in the prior year, the firm earned $0.30 earnings per share. On average, equities research analysts expect that Schlumberger Limited will post 1.86 EPS for the current fiscal year.

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 13th. Investors of record on Wednesday, September 7th will be given a dividend of $0.175 per share. The ex-dividend date of this dividend is Tuesday, September 6th. This represents a $0.70 dividend on an annualized basis and a yield of 2.00%. Schlumberger’s dividend payout ratio (DPR) is 38.04%.

Insider Activity at Schlumberger

In related news, Director Vijay Kasibhatla sold 20,000 shares of the stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $43.32, for a total transaction of $866,400.00. Following the transaction, the director now owns 46,529 shares in the company, valued at $2,015,636.28. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. In other Schlumberger news, Director Vijay Kasibhatla sold 20,000 shares of the stock in a transaction that occurred on Friday, May 6th. The shares were sold at an average price of $43.32, for a total value of $866,400.00. Following the transaction, the director now directly owns 46,529 shares in the company, valued at $2,015,636.28. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, major shareholder Limited/Nv Schlumberger sold 14,500,000 shares of the stock in a transaction that occurred on Tuesday, May 3rd. The stock was sold at an average price of $15.50, for a total transaction of $224,750,000.00. Following the completion of the transaction, the insider now owns 35,101,961 shares in the company, valued at $544,080,395.50. The disclosure for this sale can be found here. Insiders have sold a total of 26,567,459 shares of company stock worth $430,840,521 over the last quarter. Company insiders own 0.28% of the company’s stock.

Wall Street Analyst Weigh In

Several brokerages recently issued reports on SLB. Barclays boosted their price target on shares of Schlumberger from $55.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, June 8th. HSBC upgraded shares of Schlumberger from a “hold” rating to a “buy” rating and upped their price objective for the stock from $4.60 to $44.20 in a report on Wednesday, April 27th. Morgan Stanley cut their price objective on shares of Schlumberger from $50.00 to $45.00 and set an “overweight” rating on the stock in a report on Wednesday, July 13th. Wells Fargo & Company cut their price objective on shares of Schlumberger from $56.00 to $55.00 and set an “overweight” rating on the stock in a report on Monday, April 25th. Finally, StockNews.com cut shares of Schlumberger from a “buy” rating to a “hold” rating in a report on Monday, April 25th. Two equities research analysts have rated the stock with a hold rating and sixteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $46.51.

Schlumberger Company Profile

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Schlumberger Limited provides technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. It offers software, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; petro technical data services and training solutions; reservoir interpretation and data processing services; asset performance solutions; open and cased-hole services; exploration and production pressure and flow-rate measurement services; pressure pumping, well stimulation, and coiled tubing equipment for downhole mechanical well intervention, reservoir monitoring, and downhole data acquisition; and integrated production systems.