Tidal Investments LLC Lowers Holdings in Schlumberger Limited (NYSE:SLB)

Tidal Investments LLC cut its position in shares of Schlumberger Limited (NYSE:SLB) by 37.9% in the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 90,417 shares of the oil and gas company’s stock after selling 55,114 shares during the period. Tidal Investments LLC’s holdings in Schlumberger were worth $3,793,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds have also made changes to their positions in the company. Ceredex Value Advisors LLC bought a new stake in shares of Schlumberger in the second quarter valued at about $92,944,000. 1832 Asset Management L.P. purchased a new position in Schlumberger during the 2nd quarter valued at about $91,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC lifted its position in shares of Schlumberger by 20.6% in the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,213,944 shares of the oil and gas company’s stock worth $470,425,000 after purchasing an additional 1,916,851 shares during the period. Legal & General Group Plc lifted its position in shares of Schlumberger by 14.0% in the 2nd quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company’s stock worth $598,544,000 after purchasing an additional 1,560,684 shares during the period. Finally, Dimensional Fund Advisors LP increased its holdings in Schlumberger by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company’s stock valued at $333,445,000 after buying an additional 915,705 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Trading Down 2.1 %

Schlumberger stock opened at $40.22 on Friday. The stock has a 50-day moving average price of $42.73 and a 200 day moving average price of $43.99. The company has a market capitalization of $56.80 billion, a price-to-earnings ratio of 12.93, a price-to-earnings-growth ratio of 1.47 and a beta of 1.51. Schlumberger Limited has a 52 week low of $38.66 and a 52 week high of $55.69. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52.

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, beating the consensus estimate 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 for the quarter, compared to the consensus estimate of $9.27 billion. During the same period in the prior year, the firm earned $0.78 EPS. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. Sell-side analysts anticipate that Schlumberger Limited will post 3.39 EPS for the current 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 paid 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 dividend yield of 2.73%. Schlumberger’s payout ratio is currently 35.37%.

Analysts Set New Price Targets

A number of analysts have weighed in on SLB shares. Sanford C. Bernstein upgraded Schlumberger to a “strong-buy” rating in a report on Tuesday, November 12th. TD Cowen decreased their price objective on Schlumberger from $68.00 to $65.00 and set a “buy” rating for the company in a research note on Monday, October 21st. Bank of America cut their target price on Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday, October 14th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price target on shares of Schlumberger in a research report on Thursday, October 3rd. Finally, UBS Group cut their price objective on shares of Schlumberger from $63.00 to $57.00 and set a “buy” rating on the stock in a research report on Wednesday, September 18th. Three analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and an average target price of $60.91.

Insider Activity

In related news, EVP Abdellah Merad sold 60,000 shares of Schlumberger 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 in the company, valued at approximately $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders own 0.26% of the company’s stock.

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.