Schlumberger Hikes Dividend

The company also splits its stock 2-for-1.
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Oilfield-services company

Schlumberger

(SLB) - Get Report

said its board declared a 2-for-1 stock split and boosted the company's dividend on its common shares by 19%.

Each stockholder of record at the close of business on March 1 will receive one additional share for every share they have at the time. The payment date is April 7. The company last split its stock in 1997.

The increased quarterly dividend is the equivalent of 25 cents a share on a presplit basis, up from the old rate of 21 cents. The dividend is also payable on April 7 to shareholders of record March 1. Factoring in the split, the new dividend will be paid at 12.5 cents a quarter.

Shares of Schlumberger were getting a lift on the news, rising $6.62, or 6.1%, to $114.94 and trading through the 52-week high of $109.75. The low for the last year is $63.75.