VCI Wealth Management LLC acquired a new position in shares of SLB Limited (NYSE:SLB – Free Report) in the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor acquired 19,833 shares of the oil and gas company’s stock, valued at approximately $1,019,000.
Several other hedge funds also recently made changes to their positions in SLB. Norges Bank acquired a new position in shares of SLB during the fourth quarter worth about $809,557,000. Bank of New York Mellon Corp lifted its position in SLB by 64.4% in the fourth quarter. Bank of New York Mellon Corp now owns 15,696,831 shares of the oil and gas company’s stock valued at $602,444,000 after purchasing an additional 6,149,511 shares during the period. Wellington Management Group LLP lifted its position in SLB by 50.6% in the fourth 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 purchasing an additional 5,589,585 shares during the period. State Street Corp boosted its holdings 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 valued at $2,898,037,000 after purchasing an additional 5,466,786 shares in the last quarter. Finally, Capital International Investors boosted its holdings 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 valued at $446,247,000 after purchasing an additional 5,404,948 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.
Insider Activity at SLB
In other news, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $54.33, for a total transaction of $108,660.00. Following the sale, the director owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total value of $2,998,832.22. Following the completion of the sale, the executive vice president directly owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is currently owned by insiders.
SLB Price Performance
SLB (NYSE:SLB – Get Free Report) last released its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same period last year, the company earned $0.72 EPS. Research analysts expect that SLB Limited will post 2.62 EPS for the current year.
SLB Announces Dividend
The company also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.5%. SLB’s dividend payout ratio (DPR) is 51.53%.
Analysts Set New Price Targets
Several equities analysts have issued reports on SLB shares. Morgan Stanley set a $57.00 target price on SLB in a research report on Monday, April 27th. JPMorgan Chase & Co. upped their target price on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Susquehanna increased their price target on shares of SLB from $60.00 to $65.00 and gave the company a “positive” rating in a research report on Monday, April 27th. Barclays raised their price objective on shares of SLB from $49.00 to $51.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and issued a $65.00 target price on shares of SLB in a research note on Sunday, April 26th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and a consensus target price of $60.83.
SLB Company 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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