Truist Financial Corp Buys 13,753 Shares of Schlumberger Limited (NYSE:SLB)

Truist Financial Corp increased its stake in Schlumberger Limited (NYSE:SLB) by 8.1% in the fourth quarter, HoldingsChannel reports. The fund owned 182,865 shares of the oil and gas company’s stock after purchasing an additional 13,753 shares during the period. Truist Financial Corp’s holdings in Schlumberger were worth $7,011,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors also recently modified their holdings of SLB. Teachers Retirement System of The State of Kentucky increased its holdings in Schlumberger by 25.9% during the 3rd quarter. Teachers Retirement System of The State of Kentucky now owns 761,875 shares of the oil and gas company’s stock valued at $31,961,000 after purchasing an additional 156,698 shares during the period. Wilmington Savings Fund Society FSB increased its holdings in Schlumberger by 27.0% during the 3rd quarter. Wilmington Savings Fund Society FSB now owns 76,838 shares of the oil and gas company’s stock valued at $3,223,000 after purchasing an additional 16,350 shares during the period. Victory Capital Management Inc. increased its holdings in Schlumberger by 8.7% during the 3rd quarter. Victory Capital Management Inc. now owns 817,771 shares of the oil and gas company’s stock valued at $34,305,000 after purchasing an additional 65,318 shares during the period. Concurrent Investment Advisors LLC increased its holdings in Schlumberger by 269.1% during the 3rd quarter. Concurrent Investment Advisors LLC now owns 19,718 shares of the oil and gas company’s stock valued at $827,000 after purchasing an additional 14,376 shares during the period. Finally, Los Angeles Capital Management LLC increased its holdings in Schlumberger by 26.0% during the 3rd quarter. Los Angeles Capital Management LLC now owns 307,040 shares of the oil and gas company’s stock valued at $12,880,000 after purchasing an additional 63,413 shares during the period. Institutional investors own 81.99% of the company’s stock.

Schlumberger Stock Performance

SLB stock opened at $41.73 on Friday. The stock has a market capitalization of $58.45 billion, a PE ratio of 13.42, a price-to-earnings-growth ratio of 10.10 and a beta of 1.51. Schlumberger Limited has a 12-month low of $36.52 and a 12-month high of $55.69. The company has a current ratio of 1.45, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49. The stock’s 50 day simple moving average is $40.20 and its 200 day simple moving average is $41.90.

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, January 17th. The oil and gas company reported $0.92 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.90 by $0.02. The business had revenue of $9.28 billion for the quarter, compared to analysts’ expectations of $9.24 billion. Schlumberger had a return on equity of 21.90% and a net margin of 12.29%. The firm’s quarterly revenue was up 3.3% on a year-over-year basis. During the same period in the prior year, the firm posted $0.86 EPS. As a group, research analysts forecast that Schlumberger Limited will post 3.38 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 3rd. Stockholders of record on Wednesday, February 5th will be given a dividend of $0.285 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.28. The ex-dividend date of this dividend is Wednesday, February 5th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 2.73%. Schlumberger’s dividend payout ratio (DPR) is presently 36.66%.

Insider Activity

In related news, EVP Mogharbel Khaled Al sold 123,097 shares of the stock in a transaction dated Tuesday, January 21st. The shares were sold at an average price of $44.09, for a total value of $5,427,346.73. Following the completion of the transaction, the executive vice president now owns 184,626 shares of the company’s stock, valued at approximately $8,140,160.34. This trade represents a 40.00 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director Vijay Kasibhatla sold 25,000 shares of the firm’s stock in a transaction dated Tuesday, January 21st. The stock was sold at an average price of $43.94, for a total transaction of $1,098,500.00. Following the completion of the sale, the director now directly owns 49,595 shares of the company’s stock, valued at approximately $2,179,204.30. The trade was a 33.51 % decrease in their position. The disclosure for this sale can be found here. Insiders sold a total of 263,782 shares of company stock worth $11,442,229 over the last 90 days. Corporate insiders own 0.26% of the company’s stock.

Wall Street Analyst Weigh In

SLB has been the topic of a number of research analyst reports. Jefferies Financial Group reduced their price target on Schlumberger from $64.00 to $61.00 and set a “buy” rating on the stock in a report on Friday, January 3rd. Atb Cap Markets downgraded Schlumberger from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Piper Sandler started coverage on Schlumberger in a report on Thursday, December 19th. They set a “neutral” rating and a $47.00 target price on the stock. BMO Capital Markets reduced their target price on Schlumberger from $53.00 to $48.00 in a report on Thursday, January 16th. Finally, Stifel Nicolaus reduced their target price on Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a report on Monday, December 23rd. Six investment 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 company’s stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $55.81.

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.