Edge Wealth Management LLC Cuts Stock Position in Schlumberger Limited (NYSE:SLB)

Edge Wealth Management LLC lowered its holdings in shares of Schlumberger Limited (NYSE:SLB) by 5.3% in the 4th quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The fund owned 251,631 shares of the oil and gas company’s stock after selling 14,051 shares during the quarter. Schlumberger accounts for about 2.0% of Edge Wealth Management LLC’s portfolio, making the stock its 21st largest position. Edge Wealth Management LLC’s holdings in Schlumberger were worth $9,648,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. ORG Partners LLC grew its position in Schlumberger by 393.5% in the third quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 484 shares in the last quarter. Prospera Private Wealth LLC bought a new position in shares of Schlumberger during the 3rd quarter valued at approximately $29,000. Ashton Thomas Securities LLC purchased a new stake in Schlumberger during the 3rd quarter valued at $37,000. DiNuzzo Private Wealth Inc. lifted its position in Schlumberger by 1,068.3% in the third quarter. DiNuzzo Private Wealth Inc. now owns 958 shares of the oil and gas company’s stock worth $40,000 after buying an additional 876 shares during the last quarter. Finally, J. Stern & Co. LLP purchased a new position in Schlumberger during the third quarter worth $47,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Schlumberger Price Performance

NYSE SLB opened at $41.16 on Friday. The company has a market cap of $58.13 billion, a PE ratio of 13.24, a P/E/G ratio of 1.35 and a beta of 1.52. The firm’s 50 day moving average price is $40.89 and its 200-day moving average price is $42.93. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.48. Schlumberger Limited has a 52-week low of $36.52 and a 52-week high of $55.69.

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

Wall Street Analyst Weigh In

Several brokerages have recently weighed in on SLB. BMO Capital Markets reduced their target price on shares of Schlumberger from $53.00 to $48.00 in a research note on Thursday. Evercore ISI reissued an “in-line” rating and issued a $44.00 price objective (down from $62.00) on shares of Schlumberger in a research report on Wednesday. JPMorgan Chase & Co. dropped their target price on Schlumberger from $55.00 to $48.00 and set an “overweight” rating for the company in a research report on Thursday, January 2nd. Citigroup cut their target price on Schlumberger from $53.00 to $50.00 and set a “buy” rating on the stock in a research note on Thursday, December 19th. Finally, Piper Sandler initiated coverage on Schlumberger in a research note on Thursday, December 19th. They set a “neutral” rating and a $47.00 price target for the company. Six research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the stock. Based on data from MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus target price of $56.03.

Insider Buying and Selling

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the business’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $41.90, for a total value 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. The trade was a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by company insiders.

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.