Principal Financial Group Inc. lifted its holdings in shares of Schlumberger Limited (NYSE:SLB) by 1.6% in the second quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 1,956,708 shares of the oil and gas company’s stock after buying an additional 29,922 shares during the period. Principal Financial Group Inc. owned about 0.14% of Schlumberger worth $62,634,000 as of its most recent filing with the SEC.
Several other institutional investors have also bought and sold shares of SLB. Corsicana & Co. acquired a new position in shares of Schlumberger during the 2nd quarter worth $26,000. Sierra Capital LLC acquired a new position in Schlumberger in the 1st quarter worth about $26,000. Eagle Bay Advisors LLC acquired a new position in Schlumberger in the 2nd quarter worth about $27,000. Cowen Prime Advisors LLC acquired a new position in Schlumberger in the 2nd quarter worth about $27,000. Finally, Harvest Fund Management Co. Ltd acquired a new position in Schlumberger in the 1st quarter worth about $28,000. 76.26% of the stock is owned by institutional investors.
SLB has been the subject of a number of recent research reports. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $37.00 target price on shares of Schlumberger in a report on Thursday, September 9th. TheStreet raised Schlumberger from a “d+” rating to a “c-” rating in a report on Thursday, June 10th. Cowen reaffirmed an “outperform” rating and issued a $29.03 target price (down previously from $32.00) on shares of Schlumberger in a report on Monday, July 26th. Morgan Stanley upped their price target on Schlumberger from $32.00 to $40.00 and gave the company an “overweight” rating in a research report on Friday, July 9th. Finally, HSBC upgraded Schlumberger from a “reduce” rating to a “hold” rating and upped their price target for the company from $18.10 to $25.00 in a research report on Wednesday, August 4th. Six investment analysts have rated the stock with a hold rating and thirteen have assigned a buy rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Buy” and a consensus target price of $29.84.
Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Thursday, July 22nd. The oil and gas company reported $0.30 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.26 by $0.04. The business had revenue of $5.63 billion for the quarter, compared to analyst estimates of $5.52 billion. Schlumberger had a return on equity of 9.96% and a net margin of 4.72%. The company’s quarterly revenue was up 5.6% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.05 earnings per share. On average, sell-side analysts expect that Schlumberger Limited will post 1.25 EPS for the current fiscal year.
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 7th. Shareholders of record on Wednesday, September 1st will be issued a $0.125 dividend. The ex-dividend date of this dividend is Tuesday, August 31st. This represents a $0.50 annualized dividend and a yield of 1.77%. Schlumberger’s payout ratio is currently 73.53%.
Schlumberger NV engages in the provision of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. It operates through the following business segments: Digital and Integration; Reservoir Performance; Well Construction; and Production Systems. The Digital and Integration segment combines the company’s software and seismic businesses with its integrated offering of asset performance solutions.
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