Synovus Financial Corp Purchases 25,465 Shares of Schlumberger Limited (NYSE:SLB)

Synovus Financial Corp lifted its position in Schlumberger Limited (NYSE:SLB) by 30.2% during the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 109,717 shares of the oil and gas company’s stock after buying an additional 25,465 shares during the period. Synovus Financial Corp’s holdings in Schlumberger were worth $4,603,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently made changes to their positions in the company. PVG Asset Management Corp bought a new position in Schlumberger in the 3rd quarter valued at approximately $386,000. Wilmington Savings Fund Society FSB raised its stake in shares of Schlumberger by 27.0% in the third quarter. Wilmington Savings Fund Society FSB now owns 76,838 shares of the oil and gas company’s stock worth $3,223,000 after purchasing an additional 16,350 shares during the last quarter. Sfmg LLC lifted its holdings in shares of Schlumberger by 4.1% during the third quarter. Sfmg LLC now owns 88,398 shares of the oil and gas company’s stock valued at $3,708,000 after purchasing an additional 3,478 shares in the last quarter. SkyView Investment Advisors LLC boosted its position in shares of Schlumberger by 5.8% during the third quarter. SkyView Investment Advisors LLC now owns 16,965 shares of the oil and gas company’s stock valued at $712,000 after buying an additional 936 shares during the last quarter. Finally, Bard Financial Services Inc. bought a new stake in Schlumberger in the 3rd quarter worth about $229,000. Institutional investors own 81.99% of the company’s stock.

Insider Activity

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on 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 completion of 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 represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.26% of the company’s stock.

Analysts Set New Price Targets

SLB has been the topic of several research analyst reports. TD Cowen lowered their target price on shares of Schlumberger from $68.00 to $65.00 and set a “buy” rating on the stock in a research note on Monday, October 21st. Dbs Bank assumed coverage on shares of Schlumberger in a research report on Wednesday, September 18th. They set a “buy” rating and a $64.50 price objective on the stock. Morgan Stanley cut their target price on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating for the company in a research report on Monday, September 16th. UBS Group lowered their price target on Schlumberger from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Finally, Barclays cut their price objective on Schlumberger from $67.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Three 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 company’s stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and an average target price of $60.91.

Schlumberger Stock Performance

Shares of NYSE SLB opened at $40.22 on Friday. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12. Schlumberger Limited has a 1 year low of $38.66 and a 1 year high of $55.69. The firm has a fifty day moving average price of $42.73 and a 200-day moving average price of $43.99. The stock has a market cap of $56.80 billion, a PE ratio of 12.93, a price-to-earnings-growth ratio of 1.47 and a beta of 1.51.

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

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be issued a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a yield of 2.73%. The ex-dividend date of this dividend is Wednesday, December 4th. Schlumberger’s dividend payout ratio (DPR) is currently 35.37%.

Schlumberger Company Profile

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.