Edmond DE Rothschild Holding S.A. trimmed its holdings in shares of SLB Limited (NYSE:SLB – Free Report) by 7.5% during the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 3,382,340 shares of the oil and gas company’s stock after selling 274,931 shares during the period. SLB makes up about 2.1% of Edmond DE Rothschild Holding S.A.’s holdings, making the stock its 10th biggest position. Edmond DE Rothschild Holding S.A.’s holdings in SLB were worth $157,245,000 at the end of the most recent quarter.
Several other hedge funds have also recently bought and sold shares of the business. Evergreen Advisors LLC purchased a new position in SLB during the 1st quarter valued at about $26,000. Costello Asset Management INC lifted its position in shares of SLB by 93.3% in the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 280 shares in the last quarter. Arlington Trust Co LLC lifted its position in shares of SLB by 66.5% in the second quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company’s stock worth $33,000 after purchasing an additional 280 shares in the last quarter. MV Capital Management Inc. acquired a new stake in shares of SLB during the fourth quarter worth approximately $28,000. Finally, Maryland Capital Advisors Inc. acquired a new stake in shares of SLB during the second quarter worth approximately $35,000. 81.99% of the stock is owned by hedge funds and other institutional investors.
Key Headlines Impacting SLB
Here are the key news stories impacting SLB this week:
- Positive Sentiment: Venezuela expansion opportunity: SLB and Formentera Partners are working to reactivate drilling rigs in Venezuela or bring additional rigs into the country in the coming months. Separately, Venezuela signed agreements with SLB aimed at increasing oil production, potentially creating demand for drilling, well-construction and production services. The opportunity could be meaningful if operations proceed, but its timing depends on regulatory, political and logistical conditions. Reuters article on SLB and Formentera in Venezuela
- Positive Sentiment: Brunei Shell Petroleum contract: SLB won a contract to restore production from shut-in wells across multiple offshore fields. The scope includes subsurface evaluation, well selection, engineering, intervention services, monitoring, metering and offshore execution, providing a broad, integrated services opportunity with Shell-affiliated customer Brunei Shell Petroleum. SLB Brunei Shell Petroleum contract
- Positive Sentiment: Potential upstream spending support: Industry commentary suggests rising upstream investment could benefit SLB through stronger demand for drilling, production and oilfield technology services. This supports the company’s longer-term growth outlook if energy companies continue increasing capital budgets. Upstream spending outlook for SLB
SLB Price Performance
SLB (NYSE:SLB – Get Free Report) last posted its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, research analysts expect that SLB Limited will post 2.5 EPS for the current fiscal year.
SLB Announces Dividend
The firm 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 $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 2.2%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB’s payout ratio is presently 57.00%.
Analysts Set New Price Targets
SLB has been the topic of several research reports. Barclays upped their price objective on shares of SLB from $64.00 to $67.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. TD Cowen lifted their target price on shares of SLB from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, July 27th. UBS Group lowered their price target on shares of SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Citigroup dropped their price target on shares of SLB from $68.00 to $63.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Finally, Raymond James Financial cut their price objective on SLB from $62.00 to $61.00 and set an “outperform” rating for the company in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and an average price target of $61.35.
Check Out Our Latest Research Report on SLB
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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