Northstar Asset Management LLC cut its stake in Schlumberger Limited. (NYSE:SLB) by 35.2% in the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 9,240 shares of the oil and gas company’s stock after selling 5,010 shares during the quarter. Northstar Asset Management LLC’s holdings in Schlumberger were worth $316,000 at the end of the most recent quarter.
Several other hedge funds also recently made changes to their positions in the company. Nuveen Asset Management LLC increased its stake in Schlumberger by 14,172.7% during the 2nd quarter. Nuveen Asset Management LLC now owns 7,796,324 shares of the oil and gas company’s stock worth $309,825,000 after purchasing an additional 7,741,700 shares in the last quarter. Invesco Ltd. increased its stake in Schlumberger by 57.3% during the 2nd quarter. Invesco Ltd. now owns 16,703,642 shares of the oil and gas company’s stock worth $663,804,000 after purchasing an additional 6,087,455 shares in the last quarter. Mackenzie Financial Corp increased its stake in Schlumberger by 14,241.7% during the 2nd quarter. Mackenzie Financial Corp now owns 2,921,974 shares of the oil and gas company’s stock worth $116,119,000 after purchasing an additional 2,901,600 shares in the last quarter. BlackRock Inc. increased its stake in Schlumberger by 2.7% during the 2nd quarter. BlackRock Inc. now owns 89,868,836 shares of the oil and gas company’s stock worth $3,571,386,000 after purchasing an additional 2,340,320 shares in the last quarter. Finally, Vanguard Group Inc. increased its stake in Schlumberger by 1.5% during the 2nd quarter. Vanguard Group Inc. now owns 112,662,996 shares of the oil and gas company’s stock worth $4,477,227,000 after purchasing an additional 1,715,548 shares in the last quarter. 76.69% of the stock is owned by institutional investors.
In other Schlumberger news, insider Stephanie Cox sold 24,057 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The stock was sold at an average price of $40.59, for a total transaction of $976,473.63. Following the completion of the transaction, the insider now owns 46,354 shares of the company’s stock, valued at approximately $1,881,508.86. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Also, EVP Patrick Schorn sold 12,151 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $38.93, for a total value of $473,038.43. Following the transaction, the executive vice president now directly owns 130,000 shares of the company’s stock, valued at approximately $5,060,900. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
Schlumberger (NYSE:SLB) last released its quarterly earnings results on Friday, October 18th. The oil and gas company reported $0.43 earnings per share for the quarter, topping analysts’ consensus estimates of $0.40 by $0.03. Schlumberger had a return on equity of 5.62% and a net margin of 6.38%. The firm had revenue of $8.54 billion during the quarter, compared to the consensus estimate of $8.50 billion. During the same quarter in the prior year, the firm posted $0.46 EPS. The business’s revenue was up .4% on a year-over-year basis. Equities research analysts anticipate that Schlumberger Limited. will post 1.47 earnings per share for the current year.
A number of analysts recently issued reports on SLB shares. JPMorgan Chase & Co. lowered their target price on Schlumberger from $41.00 to $34.00 and set a “neutral” rating for the company in a research note on Monday, September 9th. ValuEngine raised Schlumberger from a “sell” rating to a “hold” rating in a research note on Wednesday, October 2nd. Piper Jaffray Companies set a $40.00 target price on Schlumberger and gave the stock a “buy” rating in a research note on Monday, July 1st. Barclays raised Schlumberger from an “equal weight” rating to an “overweight” rating and increased their target price for the stock from $45.00 to $50.00 in a research note on Monday, September 16th. Finally, Morgan Stanley lowered their target price on Schlumberger from $51.00 to $50.00 and set an “overweight” rating for the company in a research note on Tuesday, October 8th. One research analyst has rated the stock with a sell rating, seven have given a hold rating and fifteen have assigned a buy rating to the company’s stock. The stock has a consensus rating of “Buy” and a consensus target price of $49.28.
Schlumberger Company Profile
Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company's Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.
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