Ceredex Value Advisors LLC bought a new stake in SLB Limited (NYSE:SLB – Free Report) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor bought 890,200 shares of the oil and gas company’s stock, valued at approximately $41,385,000. SLB comprises about 1.2% of Ceredex Value Advisors LLC’s portfolio, making the stock its 16th biggest position. Ceredex Value Advisors LLC owned 0.06% of SLB as of its most recent filing with the Securities and Exchange Commission (SEC).
A number of other large investors have also added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new stake in SLB during the second quarter worth about $1,339,567,000. Norges Bank bought a new position in shares of SLB during the 4th quarter valued at about $809,557,000. Wellington Management Group LLP raised its holdings in shares of SLB by 50.6% during the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock valued at $638,473,000 after buying an additional 5,589,585 shares in the last quarter. State Street Corp lifted its position in SLB by 7.0% in the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after buying an additional 5,466,786 shares during the last quarter. Finally, Capital International Investors lifted its position in SLB by 86.9% in the 4th quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock worth $446,247,000 after buying an additional 5,404,948 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.
Analysts Set New Price Targets
Several analysts have issued reports on the company. Wolfe Research started coverage on SLB in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 target price for the company. Morgan Stanley lifted their price target on shares of SLB from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Zacks Research lowered shares of SLB from a “hold” rating to a “strong sell” rating in a report on Monday, July 27th. Jefferies Financial Group reaffirmed a “buy” rating and issued a $66.00 price objective on shares of SLB in a research note on Sunday, July 26th. Finally, Piper Sandler increased their target price on shares of SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of “Moderate Buy” and a consensus target price of $61.35.
SLB Price Performance
SLB opened at $53.71 on Friday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The stock’s 50 day simple moving average is $49.34 and its 200 day simple moving average is $51.22. The firm has a market cap of $79.71 billion, a price-to-earnings ratio of 25.95, a PEG ratio of 3.53 and a beta of 0.73. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82.
SLB (NYSE:SLB – Get Free Report) last released its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. SLB had a return on equity of 14.05% and a net margin of 8.53%.The firm had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The business’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, analysts predict that SLB Limited will post 2.5 earnings per share for the current year.
SLB Announces Dividend
The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB’s dividend payout ratio is currently 57.00%.
Trending Headlines about SLB
Here are the key news stories impacting SLB this week:
- Positive Sentiment: Venezuela expansion could add meaningful work. SLB is preparing to restart as many as 15 oil rigs in Venezuela and is working with Formentera Partners to reactivate existing equipment or bring in additional rigs. Venezuela also signed agreements with SLB and other companies aimed at increasing oil production, potentially creating new drilling and well-services revenue. SLB Prepares to Restart 15 Oil Rigs in Venezuela SLB, Formentera working to activate drilling rigs in Venezuela Venezuela Signs Deals With SLB and Hunt
- Positive Sentiment: New offshore work in Brunei adds backlog visibility. Shell selected SLB for a production-restoration project offshore Brunei, providing another international contract and reinforcing demand for SLB’s technical services. Shell Taps SLB for Production Restarts offshore Brunei
- Positive Sentiment: Industry spending trends remain supportive. Commentary on rising upstream capital spending and SLB’s EnerCom presentation highlights the potential for increased customer activity, particularly in international and offshore markets. This supports the company’s longer-term revenue outlook. What Could Rising Upstream Spending Mean for SLB SLB Presents at the EnerCom Energy Investment Conference
- Neutral Sentiment: Risks temper the bullish impact. Venezuela projects may face sanctions, operational, payment and political risks, while higher long-term Treasury yields could pressure income-oriented stocks and raise financing costs across the energy sector. Dividend Stocks and Rising Treasury Yields
SLB Profile
SLB (NYSE: SLB), historically known as Schlumberger, is a leading global provider of technology, integrated project management and information solutions for the energy industry. Founded by Conrad and Marcel Schlumberger in 1926, the company develops and supplies products and services used across the exploration, drilling, completion and production phases of oil and gas development. Its offerings are intended to help operators characterize reservoirs, drill and complete wells, optimize production and manage field operations throughout the asset lifecycle.
SLB’s product and service portfolio spans reservoir characterization and well testing, wireline and logging services, directional drilling and drilling tools, well construction and completion technologies, production systems, and subsea equipment.
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