Pinnacle Associates Ltd. Sells 31,887 Shares of SLB Limited $SLB

Pinnacle Associates Ltd. trimmed its position in SLB Limited (NYSE:SLB) by 18.9% during the second quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 136,482 shares of the oil and gas company’s stock after selling 31,887 shares during the period. Pinnacle Associates Ltd.’s holdings in SLB were worth $4,613,000 at the end of the most recent quarter.

A number of other hedge funds have also modified their holdings of the company. Nuveen LLC bought a new position in shares of SLB in the first quarter valued at $169,232,000. Alan B Lancz & Associates Inc. bought a new position in shares of SLB in the first quarter valued at $308,000. Shell Asset Management Co. grew its stake in shares of SLB by 48.1% in the second quarter. Shell Asset Management Co. now owns 62,737 shares of the oil and gas company’s stock valued at $2,121,000 after buying an additional 20,387 shares in the last quarter. Godsey & Gibb Inc. grew its stake in shares of SLB by 9.6% in the second quarter. Godsey & Gibb Inc. now owns 493,092 shares of the oil and gas company’s stock valued at $16,667,000 after buying an additional 43,135 shares in the last quarter. Finally, Stratos Investment Management LLC grew its stake in shares of SLB by 236.0% in the first quarter. Stratos Investment Management LLC now owns 146,908 shares of the oil and gas company’s stock valued at $6,141,000 after buying an additional 103,182 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLB has been the subject of a number of research analyst reports. Piper Sandler set a $42.00 price objective on shares of SLB and gave the stock an “overweight” rating in a research report on Monday, October 20th. Wells Fargo & Company cut shares of SLB from a “strong-buy” rating to a “hold” rating in a research report on Sunday, July 20th. Zacks Research raised shares of SLB from a “strong sell” rating to a “hold” rating in a research report on Monday, September 15th. Melius initiated coverage on shares of SLB in a research report on Wednesday, August 20th. They set a “buy” rating and a $82.00 price objective for the company. Finally, Stifel Nicolaus reduced their price objective on shares of SLB from $54.00 to $52.00 and set a “buy” rating for the company in a research report on Wednesday, July 16th. Two investment analysts have rated the stock with a Strong Buy rating, thirteen have assigned a Buy rating and five have given a Hold rating to the company’s stock. According to data from MarketBeat.com, SLB currently has a consensus rating of “Moderate Buy” and an average target price of $51.69.

SLB Stock Down 0.7%

Shares of NYSE SLB opened at $36.06 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.40. The company has a market cap of $53.87 billion, a price-to-earnings ratio of 13.92, a PEG ratio of 10.19 and a beta of 0.97. SLB Limited has a 12 month low of $31.11 and a 12 month high of $44.97. The stock has a 50-day moving average price of $34.90 and a two-hundred day moving average price of $34.62.

SLB (NYSE:SLB) last issued its earnings results on Friday, October 17th. The oil and gas company reported $0.69 EPS for the quarter, topping the consensus estimate of $0.67 by $0.02. The firm had revenue of $8.93 billion during the quarter, compared to the consensus estimate of $8.99 billion. SLB had a return on equity of 18.97% and a net margin of 10.34%.The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.89 earnings per share. As a group, analysts forecast that SLB Limited will post 3.38 earnings per share for the current fiscal year.

SLB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 3rd. SLB’s payout ratio is 44.02%.

Insider Buying and Selling at SLB

In other news, insider Dianne B. Ralston sold 39,727 shares of the business’s stock in a transaction dated Friday, September 12th. The stock was sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the sale, the insider directly owned 202,201 shares in the company, valued at approximately $7,295,412.08. The trade was a 16.42% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Company insiders own 0.22% of the company’s stock.

SLB Company Profile

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.