Meiji Yasuda Life Insurance Co significantly increased its stake in Schlumberger Limited (NYSE:SLB) by 28.3% during the fourth quarter, as revealed in its recent SEC filing. The insurance company now holds 47,729 shares of the oil and gas services provider, valued at $1.83 million. This move comes as other institutional investors have also adjusted their positions in Schlumberger.
Other notable changes in Schlumberger’s institutional holdings include:
- CX Institutional boosting its stake by 2.4% to 10,370 shares worth $398,000
- TCW Group Inc. increasing its position by 1.3% to 19,797 shares valued at $759,000
- Tokio Marine Asset Management Co. Ltd. lifting its holdings by 0.5% to 56,714 shares worth $2.174 million
- Cromwell Holdings LLC growing its stake by 7.0% to 4,350 shares valued at $167,000
- Mitchell Mcleod Pugh & Williams Inc. raising its position by 2.0% to 14,775 shares worth $566,000
As of the latest filing, 81.99% of Schlumberger’s stock is owned by institutional investors. The company’s stock performance has been notable, with SLB opening at $33.76 on Friday. Schlumberger’s financial metrics include a fifty-day simple moving average of $37.95 and a 200-day simple moving average of $40.12. The stock has a 52-week low of $31.11 and a 52-week high of $50.94.
Financial Performance and Analyst Ratings
Schlumberger recently announced its quarterly earnings, reporting $0.72 earnings per share, slightly missing analysts’ consensus estimates of $0.73. The company’s revenue was $8.49 billion, compared to expectations of $8.64 billion. Despite this, Schlumberger maintains a strong financial position with a net margin of 12.29% and a return on equity of 21.90%.
The company also declared a quarterly dividend of $0.285 per share, payable on July 10th to stockholders of record on June 4th. This represents an annualized dividend of $1.14 and a dividend yield of 3.38%.
Several equities analysts have recently weighed in on Schlumberger, with ratings ranging from ‘hold’ to ‘strong buy’. Barclays adjusted their price target from $53.00 to $48.00, maintaining an ‘overweight’ rating. Jefferies Financial Group revised their target price from $60.00 to $59.00, keeping a ‘buy’ rating. The average analyst rating for Schlumberger is ‘Moderate Buy’ with an average price target of $53.32.
Insider Transactions
In related news, insiders Gavin Rennick and Aparna Raman have sold significant portions of their Schlumberger stock. Gavin Rennick sold 26,990 shares at an average price of $40.92, reducing his stake by 33.50%. Aparna Raman sold 25,133 shares at $42.28, decreasing her ownership by 44.75%. Corporate insiders currently own 0.26% of the company’s stock.
Schlumberger Limited provides technology for the energy industry worldwide, operating through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company’s services include field development, hydrocarbon production, and reservoir interpretation.
