Morse Asset Management Inc Buys 7,400 Shares of Schlumberger Limited. (SLB)
Morse Asset Management Inc boosted its stake in shares of Schlumberger Limited. (NYSE:SLB) by 231.3% during the second quarter, according to its most recent Form 13F filing with the SEC. The fund owned 10,600 shares of the oil and gas company’s stock after buying an additional 7,400 shares during the period. Morse Asset Management Inc’s holdings in Schlumberger were worth $711,000 at the end of the most recent quarter.
A number of other hedge funds and other institutional investors also recently added to or reduced their stakes in the business. Advisors Asset Management Inc. boosted its stake in Schlumberger by 171.9% during the second quarter. Advisors Asset Management Inc. now owns 244,227 shares of the oil and gas company’s stock worth $6,440,000 after buying an additional 154,416 shares during the last quarter. BTC Capital Management Inc. boosted its stake in Schlumberger by 11.9% during the second quarter. BTC Capital Management Inc. now owns 76,357 shares of the oil and gas company’s stock worth $5,122,000 after buying an additional 8,098 shares during the last quarter. Argent Trust Co boosted its stake in Schlumberger by 707.6% during the second quarter. Argent Trust Co now owns 80,690 shares of the oil and gas company’s stock worth $5,409,000 after buying an additional 70,699 shares during the last quarter. Cypress Capital Group raised its position in Schlumberger by 11.7% in the second quarter. Cypress Capital Group now owns 40,781 shares of the oil and gas company’s stock valued at $2,734,000 after purchasing an additional 4,274 shares during the period. Finally, Griffin Asset Management Inc. raised its position in Schlumberger by 18.8% in the second quarter. Griffin Asset Management Inc. now owns 113,374 shares of the oil and gas company’s stock valued at $7,599,000 after purchasing an additional 17,904 shares during the period. 78.39% of the stock is currently owned by institutional investors.
SLB stock opened at $60.97 on Tuesday. The company has a current ratio of 1.12, a quick ratio of 0.85 and a debt-to-equity ratio of 0.38. The firm has a market capitalization of $84.75 billion, a P/E ratio of 40.65, a PEG ratio of 5.60 and a beta of 0.96. Schlumberger Limited. has a 12-month low of $59.25 and a 12-month high of $80.35.
The company also recently disclosed a quarterly dividend, which will be paid on Friday, October 12th. Investors of record on Wednesday, September 5th will be issued a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 4th. This represents a $2.00 annualized dividend and a dividend yield of 3.28%. Schlumberger’s dividend payout ratio is presently 133.33%.
SLB has been the topic of a number of research analyst reports. Citigroup reduced their target price on Schlumberger from $79.00 to $78.00 and set a “buy” rating on the stock in a research report on Monday, June 25th. Credit Suisse Group lifted their target price on Schlumberger from $80.00 to $82.00 and gave the company a “buy” rating in a research report on Monday, July 23rd. ValuEngine downgraded Schlumberger from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. Jefferies Financial Group set a $80.00 target price on Schlumberger and gave the company a “buy” rating in a research report on Monday, July 23rd. Finally, Stifel Nicolaus initiated coverage on Schlumberger in a research report on Monday, September 10th. They issued a “hold” rating and a $69.00 target price on the stock. One analyst has rated the stock with a sell rating, four have issued a hold rating and twenty-one have assigned a buy rating to the company. The company presently has an average rating of “Buy” and a consensus target price of $79.57.
In other news, Director Michael E. Marks acquired 8,000 shares of the business’s stock in a transaction that occurred on Thursday, September 6th. The shares were purchased at an average price of $60.31 per share, for a total transaction of $482,480.00. The transaction was disclosed in a legal filing with the SEC, which is available at the SEC website. 0.48% of the stock is currently owned by insiders.
Schlumberger Company Profile
Schlumberger Limited supplies technology products and services to the oil and gas exploration and production industry worldwide. The company's Reservoir Characterization Group segment provides reservoir interpretation and data processing services; open and cased-hole services; slickline services; exploration and production pressure and flow-rate measurement services at the surface and downhole; software integrated solutions, such as software, consulting, information management, and IT infrastructure services; consulting services for reservoir characterization, field development planning, and production enhancement; and petrotechnical data services and training solutions, as well as integrated management services.
Further Reading: Outstanding Shares
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