SGL Investment Advisors Inc. bought a new position in shares of SLB Limited (NYSE:SLB – Free Report) in the second quarter, HoldingsChannel reports. The firm bought 57,503 shares of the oil and gas company’s stock, valued at approximately $2,673,000.
A number of other institutional investors have also recently modified their holdings of SLB. Vise Technologies Inc. raised its position in SLB by 48.7% in the second quarter. Vise Technologies Inc. now owns 53,996 shares of the oil and gas company’s stock worth $2,510,000 after acquiring an additional 17,695 shares in the last quarter. E Fund Management Co. Ltd. increased its holdings in shares of SLB by 3.6% in the 2nd quarter. E Fund Management Co. Ltd. now owns 5,712 shares of the oil and gas company’s stock valued at $266,000 after purchasing an additional 199 shares in the last quarter. Asahi Life Asset Management CO. LTD. acquired a new stake in shares of SLB in the second quarter valued at about $439,000. Kentucky Farm Bureau Mutual Insurance Co purchased a new stake in SLB during the second quarter worth about $930,000. Finally, NewEdge Wealth LLC grew its position in SLB by 10.7% during the second quarter. NewEdge Wealth LLC now owns 12,686 shares of the oil and gas company’s stock worth $590,000 after buying an additional 1,224 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.
Key SLB News
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 Stock Up 0.3%
SLB (NYSE:SLB – Get Free Report) last announced its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the company posted $0.74 EPS. As a group, equities research analysts forecast that SLB Limited will post 2.5 earnings per share for the current fiscal year.
SLB Dividend Announcement
The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a dividend yield of 2.2%. SLB’s dividend payout ratio is presently 57.00%.
Wall Street Analysts Forecast Growth
Several equities research analysts have recently commented on SLB shares. Evercore reissued an “outperform” rating and set a $66.00 price target on shares of SLB in a research note on Monday, July 27th. Stifel Nicolaus lifted their price objective on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Sanford C. Bernstein upped their target price on SLB from $56.10 to $71.00 and gave the company an “outperform” rating in a report on Monday, May 11th. JPMorgan Chase & Co. lifted their price target on SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Piper Sandler boosted their price objective on shares of SLB from $59.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has assigned a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.35.
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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