Kornitzer Capital Management Inc. KS increased its position in Schlumberger Limited. (NYSE:SLB) by 14.8% in the 3rd quarter, according to the company in its most recent filing with the SEC. The fund owned 716,266 shares of the oil and gas company’s stock after acquiring an additional 92,154 shares during the quarter. Schlumberger comprises 0.7% of Kornitzer Capital Management Inc. KS’s investment portfolio, making the stock its 28th largest holding. Kornitzer Capital Management Inc. KS owned approximately 0.05% of Schlumberger worth $43,635,000 at the end of the most recent quarter.
A number of other institutional investors and hedge funds have also recently made changes to their positions in SLB. Mainstay Capital Management LLC ADV lifted its position in Schlumberger by 3,884.1% in the 2nd quarter. Mainstay Capital Management LLC ADV now owns 6,773 shares of the oil and gas company’s stock worth $105,000 after buying an additional 6,603 shares during the last quarter. Zions Bancorporation bought a new stake in Schlumberger in the 3rd quarter worth approximately $131,000. Truvestments Capital LLC bought a new stake in Schlumberger in the 3rd quarter worth approximately $132,000. Whitener Capital Management Inc. bought a new stake in Schlumberger in the 3rd quarter worth approximately $137,000. Finally, Moneta Group Investment Advisors LLC lifted its position in Schlumberger by 909.1% in the 2nd quarter. Moneta Group Investment Advisors LLC now owns 22,352 shares of the oil and gas company’s stock worth $138,000 after buying an additional 20,137 shares during the last quarter. 77.74% of the stock is owned by institutional investors.
In other Schlumberger news, Director Michael E. Marks purchased 8,000 shares of the stock in a transaction dated Thursday, September 6th. The shares were purchased at an average cost of $60.31 per share, with a total value of $482,480.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. Also, CFO Simon Ayat sold 60,000 shares of the company’s stock in a transaction on Tuesday, October 30th. The shares were sold at an average price of $56.60, for a total value of $3,396,000.00. Following the transaction, the chief financial officer now directly owns 234,008 shares in the company, valued at $13,244,852.80. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, October 19th. The oil and gas company reported $0.46 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.45 by $0.01. The firm had revenue of $8.50 billion for the quarter, compared to the consensus estimate of $8.57 billion. Schlumberger had a positive return on equity of 6.55% and a negative net margin of 2.00%. The company’s quarterly revenue was up 7.6% on a year-over-year basis. During the same period in the prior year, the company posted $0.42 earnings per share. On average, equities analysts predict that Schlumberger Limited. will post 1.69 EPS for the current year.
The firm also recently declared a quarterly dividend, which will be paid on Friday, January 11th. Stockholders of record on Wednesday, December 5th will be issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a dividend yield of 4.32%. The ex-dividend date is Tuesday, December 4th. Schlumberger’s payout ratio is currently 133.33%.
SLB has been the subject of a number of recent research reports. ValuEngine downgraded Schlumberger from a “hold” rating to a “sell” rating in a research report on Tuesday, September 4th. 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 for the company. Morgan Stanley initiated coverage on Schlumberger in a research report on Tuesday, September 18th. They issued an “equal weight” rating and a $72.00 target price for the company. Jefferies Financial Group dropped their target price on Schlumberger from $80.00 to $75.00 and set a “buy” rating for the company in a research report on Wednesday, September 26th. Finally, Tudor Pickering downgraded Schlumberger from a “buy” rating to a “hold” rating in a research report on Tuesday, October 2nd. Two research analysts have rated the stock with a sell rating, six have issued a hold rating and seventeen have given a buy rating to the company. Schlumberger has an average rating of “Buy” and an average price target of $75.67.
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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.
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