Schlumberger Limited $SLB Shares Sold by Truist Financial Corp

Truist Financial Corp cut its stake in shares of Schlumberger Limited (NYSE:SLB) by 16.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm owned 156,413 shares of the oil and gas company’s stock after selling 29,808 shares during the quarter. Truist Financial Corp’s holdings in Schlumberger were worth $5,287,000 at the end of the most recent quarter.

Other institutional investors and hedge funds have also made changes to their positions in the company. First Command Advisory Services Inc. grew its stake in shares of Schlumberger by 300.0% during the 1st quarter. First Command Advisory Services Inc. now owns 636 shares of the oil and gas company’s stock worth $27,000 after purchasing an additional 477 shares during the period. Atlas Capital Advisors Inc. acquired a new stake in Schlumberger in the 1st quarter valued at about $33,000. Alpine Bank Wealth Management acquired a new stake in Schlumberger in the 1st quarter valued at about $34,000. Atticus Wealth Management LLC acquired a new stake in Schlumberger in the 2nd quarter valued at about $29,000. Finally, Park Square Financial Group LLC acquired a new stake in Schlumberger in the 1st quarter valued at about $38,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, insider Dianne B. Ralston sold 39,727 shares of the firm’s stock in a transaction that occurred on Friday, September 12th. The shares were sold at an average price of $36.08, for a total value of $1,433,350.16. Following the transaction, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is accessible through the SEC website. Insiders own 0.22% of the company’s stock.

Schlumberger Trading Down 0.6%

Shares of SLB stock opened at $34.39 on Wednesday. The firm has a market cap of $51.36 billion, a P/E ratio of 11.78, a PEG ratio of 9.60 and a beta of 0.97. Schlumberger Limited has a 1-year low of $31.11 and a 1-year high of $45.17. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. The firm’s 50-day simple moving average is $34.58 and its 200-day simple moving average is $35.05.

Schlumberger (NYSE:SLB) last announced its quarterly earnings data on Friday, July 18th. The oil and gas company reported $0.74 earnings per share for the quarter, topping the consensus estimate of $0.73 by $0.01. The business had revenue of $8.55 billion for the quarter, compared to analyst estimates of $8.51 billion. Schlumberger had a net margin of 11.53% and a return on equity of 20.99%. The company’s revenue was down 6.5% on a year-over-year basis. During the same period in the prior year, the firm posted $0.85 EPS. As a group, equities analysts forecast that Schlumberger Limited will post 3.38 EPS for the current year.

Schlumberger Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 9th. Investors of record on Wednesday, September 3rd will be issued a $0.285 dividend. The ex-dividend date is Wednesday, September 3rd. This represents a $1.14 annualized dividend and a yield of 3.3%. Schlumberger’s dividend payout ratio (DPR) is presently 39.04%.

Wall Street Analyst Weigh In

SLB has been the topic of a number of research reports. Barclays lowered their price objective on shares of Schlumberger from $47.00 to $46.00 and set an “overweight” rating on the stock in a research note on Monday, July 21st. Jefferies Financial Group lowered their price objective on shares of Schlumberger from $54.00 to $53.00 and set a “buy” rating on the stock in a research note on Thursday, June 26th. Melius initiated coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They issued a “buy” rating and a $82.00 price objective on the stock. Wells Fargo & Company cut shares of Schlumberger from a “strong-buy” rating to a “hold” rating in a research note on Sunday, July 20th. Finally, Melius Research began coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They issued a “buy” rating and a $82.00 price objective on the stock. Two analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and six have issued a Hold rating to the company. According to data from MarketBeat, Schlumberger presently has a consensus rating of “Moderate Buy” and an average price target of $52.18.

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.