Waterfront Wealth Inc. Boosts Holdings in Schlumberger Limited (NYSE:SLB)

Waterfront Wealth Inc. raised its position in shares of Schlumberger Limited (NYSE:SLB) by 75.1% during the 2nd quarter, Holdings Channel.com reports. The firm owned 23,653 shares of the oil and gas company’s stock after purchasing an additional 10,148 shares during the period. Waterfront Wealth Inc.’s holdings in Schlumberger were worth $1,116,000 at the end of the most recent reporting period.

Several other large investors have also added to or reduced their stakes in SLB. Register Financial Advisors LLC purchased a new position in Schlumberger during the first quarter valued at approximately $27,000. Bruce G. Allen Investments LLC lifted its holdings in Schlumberger by 204.2% during the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 392 shares in the last quarter. Unique Wealth Strategies LLC purchased a new position in Schlumberger during the second quarter valued at approximately $30,000. Manchester Capital Management LLC lifted its holdings in Schlumberger by 297.9% during the first quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 426 shares in the last quarter. Finally, Riverview Trust Co raised its position in shares of Schlumberger by 90.6% during the second quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 308 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insider Activity

In other news, insider Bejar Carmen Rando sold 4,980 shares of the business’s stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the sale, the insider now directly owns 22,518 shares of the company’s stock, valued at $977,956.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the transaction, the director now directly owns 62,354 shares in the company, valued at approximately $3,073,428.66. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Bejar Carmen Rando sold 4,980 shares of the firm’s stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the sale, the insider now owns 22,518 shares in the company, valued at $977,956.74. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 185,696 shares of company stock valued at $9,264,905. 0.26% of the stock is currently owned by company insiders.

Analysts Set New Price Targets

Several equities research analysts have recently issued reports on SLB shares. Royal Bank of Canada reiterated an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a research report on Monday, July 22nd. UBS Group reduced their price objective on shares of Schlumberger from $67.00 to $63.00 and set a “buy” rating on the stock in a research report on Tuesday, August 20th. Barclays reduced their price objective on shares of Schlumberger from $70.00 to $67.00 and set an “overweight” rating on the stock in a research report on Tuesday, July 23rd. Benchmark reiterated a “buy” rating and set a $68.00 price objective on shares of Schlumberger in a research report on Monday, July 22nd. Finally, Piper Sandler reduced their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Two research analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. Based on data from MarketBeat.com, Schlumberger has a consensus rating of “Moderate Buy” and a consensus target price of $67.00.

Schlumberger Trading Down 0.4 %

NYSE SLB traded down $0.19 on Friday, hitting $43.99. 10,174,701 shares of the stock were exchanged, compared to its average volume of 7,519,542. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. The stock has a fifty day moving average price of $46.11 and a two-hundred day moving average price of $48.18. The firm has a market capitalization of $62.46 billion, a P/E ratio of 14.61, a P/E/G ratio of 0.94 and a beta of 1.55. Schlumberger Limited has a 52-week low of $42.61 and a 52-week high of $62.12.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. The firm had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business’s revenue was up 12.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.72 earnings per share. Research analysts forecast that Schlumberger Limited will post 3.49 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.275 per share. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.50%. The ex-dividend date is Wednesday, September 4th. Schlumberger’s dividend payout ratio is currently 36.54%.

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.