Forza Wealth Management LLC Purchases New Stake in Schlumberger Limited (NYSE:SLB)

Forza Wealth Management LLC acquired a new position in shares of Schlumberger Limited (NYSE:SLB) in the first quarter, HoldingsChannel.com reports. The firm acquired 3,776 shares of the oil and gas company’s stock, valued at approximately $207,000.

Several other institutional investors and hedge funds have also recently modified their holdings of SLB. BluePath Capital Management LLC bought a new stake in shares of Schlumberger during the 3rd quarter worth about $25,000. Turtle Creek Wealth Advisors LLC bought a new stake in shares of Schlumberger during the fourth quarter worth approximately $26,000. Register Financial Advisors LLC bought a new stake in shares of Schlumberger during the first quarter worth approximately $27,000. MCF Advisors LLC grew its position in shares of Schlumberger by 1,355.9% in the third quarter. MCF Advisors LLC now owns 495 shares of the oil and gas company’s stock valued at $29,000 after purchasing an additional 461 shares during the last quarter. Finally, Transcendent Capital Group LLC bought a new position in shares of Schlumberger during the fourth quarter worth approximately $32,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

Several analysts recently issued reports on the company. Susquehanna restated a “positive” rating and issued a $77.00 price target on shares of Schlumberger in a research note on Monday, April 22nd. Wells Fargo & Company cut shares of Schlumberger from an “overweight” rating to an “equal weight” rating and reduced their target price for the company from $68.00 to $53.00 in a research report on Monday. TD Cowen lowered their price target on shares of Schlumberger from $64.00 to $63.00 and set a “buy” rating on the stock in a research report on Monday, April 22nd. BMO Capital Markets cut their price objective on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating for the company in a report on Monday, April 22nd. Finally, Bank of America lowered their target price on shares of Schlumberger from $63.00 to $62.00 and set a “buy” rating on the stock in a report on Monday, April 22nd. Two research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the company. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $68.72.

Insider Buying and Selling

In other news, insider Gavin Rennick sold 20,045 shares of the company’s stock in a transaction on Thursday, February 1st. The shares were sold at an average price of $48.77, for a total transaction of $977,594.65. Following the completion of the transaction, the insider now directly owns 77,563 shares in the company, valued at $3,782,747.51. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. In other Schlumberger news, insider Gavin Rennick sold 20,045 shares of the stock in a transaction dated Thursday, February 1st. The stock was sold at an average price of $48.77, for a total value of $977,594.65. Following the completion of the transaction, the insider now directly owns 77,563 shares in the company, valued at $3,782,747.51. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Abdellah Merad sold 50,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the sale, the executive vice president now owns 261,507 shares in the company, valued at $12,688,319.64. The disclosure for this sale can be found here. Insiders sold a total of 76,295 shares of company stock worth $3,707,595 in the last three months. 0.26% of the stock is owned by corporate insiders.

Schlumberger Price Performance

Shares of SLB traded up $0.01 during midday trading on Monday, hitting $49.21. The company’s stock had a trading volume of 9,211,325 shares, compared to its average volume of 11,160,987. The company has a quick ratio of 1.02, a current ratio of 1.37 and a debt-to-equity ratio of 0.49. Schlumberger Limited has a one year low of $42.73 and a one year high of $62.12. The stock has a market capitalization of $70.34 billion, a price-to-earnings ratio of 16.35, a price-to-earnings-growth ratio of 0.95 and a beta of 1.60. The company’s fifty day simple moving average is $51.75 and its two-hundred day simple moving average is $52.02.

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, April 19th. The oil and gas company reported $0.75 earnings per share for the quarter, meeting the consensus estimate of $0.75. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. Schlumberger’s revenue was up 12.6% compared to the same quarter last year. During the same period last year, the firm posted $0.63 earnings per share. As a group, equities analysts expect that Schlumberger Limited will post 3.51 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be issued a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 2.24%. Schlumberger’s payout ratio is 36.54%.

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.