Hartford Investment Management Co. Sells 2,218 Shares of Schlumberger Limited (NYSE:SLB)

Hartford Investment Management Co. lessened its holdings in Schlumberger Limited (NYSE:SLB) by 2.4% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 89,396 shares of the oil and gas company’s stock after selling 2,218 shares during the period. Hartford Investment Management Co.’s holdings in Schlumberger were worth $3,750,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also added to or reduced their stakes in the business. Bank Pictet & Cie Europe AG raised its position in shares of Schlumberger by 91.3% in the third quarter. Bank Pictet & Cie Europe AG now owns 91,305 shares of the oil and gas company’s stock valued at $3,830,000 after purchasing an additional 43,565 shares during the period. Community Trust & Investment Co. grew its stake in Schlumberger by 60.4% in the 3rd quarter. Community Trust & Investment Co. now owns 372,351 shares of the oil and gas company’s stock valued at $15,620,000 after buying an additional 140,167 shares during the last quarter. Narwhal Capital Management boosted its holdings in shares of Schlumberger by 4.8% during the third quarter. Narwhal Capital Management now owns 22,930 shares of the oil and gas company’s stock worth $962,000 after acquiring an additional 1,056 shares during the period. Private Advisor Group LLC grew its position in shares of Schlumberger by 2.3% in the third quarter. Private Advisor Group LLC now owns 144,422 shares of the oil and gas company’s stock valued at $6,059,000 after purchasing an additional 3,227 shares during the last quarter. Finally, Stanley Laman Group Ltd. increased its stake in shares of Schlumberger by 3.2% during the third quarter. Stanley Laman Group Ltd. now owns 74,887 shares of the oil and gas company’s stock worth $3,142,000 after purchasing an additional 2,342 shares during the period. Institutional investors and hedge funds own 81.99% of the company’s stock.

Schlumberger Stock Performance

Shares of Schlumberger stock opened at $42.13 on Thursday. The company’s 50 day moving average price is $43.00 and its two-hundred day moving average price is $45.75. The firm has a market capitalization of $59.82 billion, a P/E ratio of 13.55, a P/E/G ratio of 1.27 and a beta of 1.51. Schlumberger Limited has a fifty-two week low of $38.66 and a fifty-two week high of $59.05. 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 data on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. The company had revenue of $9.16 billion for the quarter, compared to the consensus estimate of $9.27 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. Schlumberger’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the business posted $0.78 EPS. On average, equities analysts forecast that Schlumberger Limited will post 3.44 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Stockholders of record on Wednesday, December 4th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.61%. The ex-dividend date of this dividend is Wednesday, December 4th. Schlumberger’s dividend payout ratio is currently 35.37%.

Wall Street Analysts Forecast Growth

A number of brokerages have commented on SLB. Dbs Bank started coverage on Schlumberger in a report on Wednesday, September 18th. They issued a “buy” rating and a $64.50 price objective on the stock. Bank of America dropped their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Barclays lowered their target price on shares of Schlumberger from $67.00 to $63.00 and set an “overweight” rating on the stock in a report on Wednesday, October 16th. BMO Capital Markets cut their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research note on Thursday, October 10th. Finally, Morgan Stanley lowered their price objective on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Two equities research analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. Based on data from MarketBeat, Schlumberger presently has a consensus rating of “Moderate Buy” and an average target price of $60.97.

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.