KLP Kapitalforvaltning AS Takes Position in Schlumberger Limited (NYSE:SLB)

KLP Kapitalforvaltning AS acquired a new stake in Schlumberger Limited (NYSE:SLB) in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The fund acquired 571,726 shares of the oil and gas company’s stock, valued at approximately $22,075,000.

Several other institutional investors and hedge funds have also modified their holdings of the stock. CX Institutional lifted its holdings in shares of Schlumberger by 2.4% in the 4th quarter. CX Institutional now owns 10,370 shares of the oil and gas company’s stock valued at $398,000 after buying an additional 244 shares during the period. GM Advisory Group LLC lifted its holdings in shares of Schlumberger by 3.8% in the 3rd quarter. GM Advisory Group LLC now owns 6,701 shares of the oil and gas company’s stock valued at $281,000 after buying an additional 247 shares during the period. TCW Group Inc. lifted its holdings in shares of Schlumberger by 1.3% in the 4th quarter. TCW Group Inc. now owns 19,797 shares of the oil and gas company’s stock valued at $759,000 after buying an additional 259 shares during the period. Tokio Marine Asset Management Co. Ltd. lifted its holdings in shares of Schlumberger by 0.5% in the 4th quarter. Tokio Marine Asset Management Co. Ltd. now owns 56,714 shares of the oil and gas company’s stock valued at $2,174,000 after buying an additional 262 shares during the period. Finally, Cromwell Holdings LLC lifted its holdings in shares of Schlumberger by 7.0% in the 4th quarter. Cromwell Holdings LLC now owns 4,350 shares of the oil and gas company’s stock valued at $167,000 after buying an additional 283 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

Insider Activity

In other news, Director Vijay Kasibhatla sold 25,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The stock was sold at an average price of $43.94, for a total value of $1,098,500.00. Following the completion of the sale, the director now directly owns 49,595 shares in the company, valued at $2,179,204.30. This represents a 33.51 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, VP Ugo Prechner sold 7,000 shares of the company’s stock in a transaction that occurred on Tuesday, January 21st. The shares were sold at an average price of $44.20, for a total value of $309,400.00. Following the completion of the sale, the vice president now owns 11,240 shares of the company’s stock, valued at $496,808. This trade represents a 38.38 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Insiders sold 290,772 shares of company stock worth $12,546,660 over the last ninety days. Corporate insiders own 0.26% of the company’s stock.

Analyst Upgrades and Downgrades

Several equities analysts have recently issued reports on the company. Piper Sandler began coverage on Schlumberger in a report on Thursday, December 19th. They issued a “neutral” rating and a $47.00 price objective for the company. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Schlumberger in a report on Tuesday, January 21st. Evercore ISI reaffirmed an “in-line” rating and issued a $44.00 price target (down previously from $62.00) on shares of Schlumberger in a report on Wednesday, January 15th. Atb Cap Markets cut Schlumberger from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Jefferies Financial Group reduced their price target on Schlumberger from $64.00 to $61.00 and set a “buy” rating for the company in a report on Friday, January 3rd. Six research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $55.81.

Schlumberger Price Performance

NYSE:SLB opened at $41.09 on Friday. The company has a current ratio of 1.45, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49. The stock has a 50 day moving average of $41.18 and a two-hundred day moving average of $41.41. The firm has a market cap of $55.87 billion, a P/E ratio of 13.21, a price-to-earnings-growth ratio of 10.10 and a beta of 1.47. Schlumberger Limited has a 12 month low of $36.52 and a 12 month high of $55.69.

Schlumberger (NYSE:SLB) last posted its quarterly earnings results on Friday, January 17th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.90 by $0.02. The business had revenue of $9.28 billion during the quarter, compared to analyst estimates of $9.24 billion. Schlumberger had a return on equity of 21.90% and a net margin of 12.29%. The business’s revenue was up 3.3% compared to the same quarter last year. During the same period in the prior year, the business earned $0.86 earnings per share. On average, analysts expect that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, February 5th will be given a $0.285 dividend. The ex-dividend date of this dividend is Wednesday, February 5th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.28. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.77%. Schlumberger’s dividend payout ratio is 36.66%.

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.