Oslo Asset Management AS Buys New Stake in Schlumberger Limited (NYSE:SLB)

Oslo Asset Management AS acquired a new position in Schlumberger Limited (NYSE:SLB) during the second quarter, according to the company in its most recent filing with the SEC. The fund acquired 156,800 shares of the oil and gas company’s stock, valued at approximately $7,398,000. Schlumberger makes up 8.6% of Oslo Asset Management AS’s holdings, making the stock its 7th biggest holding.

Other institutional investors have also recently added to or reduced their stakes in the company. Register Financial Advisors LLC bought a new stake in shares of Schlumberger during the 1st quarter valued at about $27,000. Bruce G. Allen Investments LLC lifted its stake 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 during the last quarter. Unique Wealth Strategies LLC purchased a new stake in shares of Schlumberger in the 2nd quarter valued at approximately $30,000. Manchester Capital Management LLC lifted its position in shares of Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 426 shares in the last quarter. Finally, Riverview Trust Co lifted its position in shares of Schlumberger by 90.6% in the 2nd quarter. Riverview Trust Co now owns 648 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 308 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the stock. Barclays dropped their price objective on shares of Schlumberger from $70.00 to $67.00 and set an “overweight” rating on the stock in a research note on Tuesday, July 23rd. UBS Group dropped their price objective on shares of Schlumberger from $67.00 to $63.00 and set a “buy” rating on the stock in a research note on Tuesday, August 20th. Piper Sandler dropped their price objective on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research note on Monday, July 15th. TD Cowen increased their price target on shares of Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a research note on Monday, July 22nd. Finally, Morgan Stanley dropped their price target on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $66.72.

Schlumberger Stock Up 2.7 %

Shares of NYSE SLB opened at $41.50 on Wednesday. The company has a 50 day simple moving average of $44.71 and a 200 day simple moving average of $47.52. The firm has a market cap of $59.32 billion, a PE ratio of 13.79, a price-to-earnings-growth ratio of 0.85 and a beta of 1.52. Schlumberger Limited has a 1 year low of $38.66 and a 1 year high of $61.78. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13.

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

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.65%. Schlumberger’s dividend payout ratio is currently 36.54%.

Insider Activity

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the sale, the executive vice president now owns 247,699 shares in the company, valued at approximately $12,432,012.81. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this hyperlink. In other Schlumberger news, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction on 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 of the company’s stock, valued at approximately $3,073,428.66. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the business’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now directly owns 247,699 shares in the company, valued at $12,432,012.81. The disclosure for this sale can be found here. Insiders sold 180,716 shares of company stock worth $9,048,624 in the last quarter. 0.26% of the stock is owned by corporate insiders.

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.