PNC Financial Services Group Inc. Sells 255,941 Shares of SLB Limited $SLB

PNC Financial Services Group Inc. lowered its holdings in shares of SLB Limited (NYSE:SLB) by 23.6% during the 2nd quarter, HoldingsChannel reports. The fund owned 829,618 shares of the oil and gas company’s stock after selling 255,941 shares during the period. PNC Financial Services Group Inc.’s holdings in SLB were worth $28,041,000 as of its most recent SEC filing.

Other institutional investors and hedge funds have also made changes to their positions in the company. Charles Schwab Investment Management Inc. grew its stake in shares of SLB by 478.8% in the 1st quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company’s stock worth $1,994,674,000 after buying an additional 39,474,501 shares during the last quarter. Boston Partners grew its holdings in shares of SLB by 27.7% during the first quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company’s stock valued at $824,160,000 after buying an additional 4,300,222 shares during the last quarter. Northern Trust Corp raised its holdings in SLB by 4.4% in the 1st quarter. Northern Trust Corp now owns 14,422,499 shares of the oil and gas company’s stock worth $602,860,000 after acquiring an additional 604,832 shares during the last quarter. Dimensional Fund Advisors LP lifted its position in SLB by 22.8% in the 1st quarter. Dimensional Fund Advisors LP now owns 8,989,115 shares of the oil and gas company’s stock valued at $375,738,000 after acquiring an additional 1,667,203 shares in the last quarter. Finally, Invesco Ltd. increased its holdings in shares of SLB by 3.8% in the 1st quarter. Invesco Ltd. now owns 7,659,177 shares of the oil and gas company’s stock worth $320,154,000 after purchasing an additional 281,937 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

SLB Price Performance

NYSE SLB opened at $36.95 on Friday. The stock has a market cap of $55.20 billion, a price-to-earnings ratio of 14.27, 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 company’s 50 day moving average is $35.03 and its two-hundred day moving average is $34.76. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.40.

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

SLB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Wednesday, December 3rd will be paid a dividend of $0.285 per share. This represents a $1.14 annualized dividend and a yield of 3.1%. The ex-dividend date of this dividend is Wednesday, December 3rd. SLB’s dividend payout ratio (DPR) is 44.02%.

Analyst Ratings Changes

SLB has been the topic of a number of research analyst reports. Rothschild & Co Redburn started coverage on SLB in a report on Monday, November 3rd. They set a “buy” rating and a $48.00 price target on the stock. Zacks Research raised shares of SLB from a “strong sell” rating to a “hold” rating in a report on Monday, September 15th. Weiss Ratings reaffirmed a “hold (c-)” rating on shares of SLB in a research report on Wednesday, October 8th. Barclays increased their price target on SLB from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Finally, Wells Fargo & Company cut SLB from a “strong-buy” rating to a “hold” rating in a research report on Sunday, July 20th. Two investment analysts have rated the stock with a Strong Buy rating, fourteen have assigned a Buy rating and five have given a Hold rating to the stock. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average price target of $51.28.

Insiders Place Their Bets

In related news, insider Dianne B. Ralston sold 39,727 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the transaction, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Abdellah Merad sold 60,000 shares of SLB stock in a transaction on Tuesday, November 11th. The shares were sold at an average price of $37.69, for a total transaction of $2,261,400.00. Following the completion of the sale, the executive vice president owned 159,371 shares in the company, valued at approximately $6,006,692.99. This represents a 27.35% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold 138,174 shares of company stock worth $5,107,677 in the last three months. 0.22% of the stock is owned by company insiders.

About SLB

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.