81,856 Shares in SLB Limited $SLB Purchased by Kensington Investment Counsel LLC

Kensington Investment Counsel LLC purchased a new position in shares of SLB Limited (NYSE:SLB) during the first quarter, HoldingsChannel reports. The institutional investor purchased 81,856 shares of the oil and gas company’s stock, valued at approximately $4,207,000. SLB accounts for 2.0% of Kensington Investment Counsel LLC’s investment portfolio, making the stock its 20th biggest position.

A number of other hedge funds and other institutional investors have also made changes to their positions in the business. Norges Bank purchased a new stake in SLB in the 4th quarter valued at about $809,557,000. Bank of New York Mellon Corp increased its position in SLB by 56.8% during the first quarter. Bank of New York Mellon Corp now owns 24,615,243 shares of the oil and gas company’s stock worth $1,264,977,000 after purchasing an additional 8,918,412 shares during the last quarter. Wellington Management Group LLP raised its stake in SLB by 50.6% during the fourth quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after purchasing an additional 5,589,585 shares during the period. State Street Corp boosted its holdings in shares of 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 during the last quarter. Finally, Capital International Investors boosted its holdings in shares of 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 during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Steve Matthew Gassen sold 53,379 shares of the business’s stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the completion of the transaction, the executive vice president owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which can be accessed through the SEC website. Also, Director La Chevardiere Patrick De sold 2,000 shares of SLB stock in a transaction dated Thursday, May 7th. The shares were 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 approximately $921,056.49. This represents a 10.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have issued reports on SLB. Citigroup lowered their price target on SLB from $68.00 to $63.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. JPMorgan Chase & Co. lifted their price objective on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Evercore reissued an “outperform” rating and set a $66.00 target price on shares of SLB in a research report on Monday. TD Cowen raised their price target on shares of SLB from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday. Finally, BMO Capital Markets boosted their price objective on shares of SLB from $59.00 to $63.00 and gave the stock an “outperform” rating in a research note on Monday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat.com, SLB presently has a consensus rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Stock Down 1.8%

NYSE:SLB opened at $49.07 on Thursday. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. The company has a market capitalization of $73.36 billion, a price-to-earnings ratio of 23.70, a price-to-earnings-growth ratio of 3.32 and a beta of 0.72. SLB Limited has a one year low of $31.64 and a one year high of $58.82. The stock has a 50-day simple moving average of $50.75 and a 200 day simple moving average of $50.74.

SLB (NYSE:SLB) last announced its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $8.97 billion for the quarter, compared to analysts’ expectations of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.SLB’s revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the firm posted $0.74 earnings per share. Sell-side analysts predict that SLB Limited will post 2.49 EPS for the current fiscal year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be given a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.4%. SLB’s dividend payout ratio (DPR) is currently 57.00%.

Key Stories Impacting SLB

Here are the key news stories impacting SLB this week:

• Positive Sentiment: SLB beat second-quarter expectations, reporting $0.55 in earnings per share versus the $0.51 consensus estimate and $8.97 billion in revenue versus $8.67 billion expected. Revenue increased 5% year over year, supporting the view that international oilfield-services activity remains resilient. The results also increased attention on energy ETFs with significant SLB exposure, including IEZ, OIH and XLE. Here’s How SLB’s Q2 Earnings Impact Energy ETFs
• Positive Sentiment: BMO Capital Markets raised its SLB price target to $63, while Morgan Stanley said the stock is expected to rise. Goldman Sachs reiterated a Buy rating with a $62 target, citing an international recovery, data-center expansion opportunities and potential for above-peer earnings and returns. These targets imply meaningful upside from recent trading levels. BMO Capital Markets Increases SLB Price Target to $63.00 SLB Stock Price Expected to Rise, Morgan Stanley Analyst Says
• Positive Sentiment: Longer-term valuation analysis described SLB as reasonably priced, with potential upside based on discounted cash-flow estimates. Offshore scale, digital services, production gains from ChampionX and data-center infrastructure initiatives are cited as growth drivers. SLB Stock Looks Reasonable Despite Its Five Year Run
• Neutral Sentiment: SLB has attracted unusually high investor and Zacks.com user interest following its earnings report, but the attention itself does not establish a clear change in fundamentals or valuation. SLB Is Attracting Investor Attention
• Negative Sentiment: Zacks Research downgraded SLB from “hold” to “strong sell,” likely weighing on sentiment and helping explain why the stock has decreased despite the earnings beat and bullish broker targets. Zacks Downgrades SLB
• Negative Sentiment: Near-term risks include Middle East disruptions, uncertainty around oil prices, elevated net debt and the possibility that earnings growth will take longer to materialize. SLB’s $0.55 quarterly EPS also remained below the $0.74 reported in the prior-year period. SLB Growth Outlook Hinges on Offshore, Digital and Production Gains

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.