Kentucky Farm Bureau Mutual Insurance Co Acquires New Shares in SLB Limited $SLB

Kentucky Farm Bureau Mutual Insurance Co acquired a new position in shares of SLB Limited (NYSE:SLB) during the second quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor acquired 20,000 shares of the oil and gas company’s stock, valued at approximately $930,000.

Several other large investors have also added to or reduced their stakes in SLB. Bank of New York Mellon Corp purchased a new stake in shares of SLB in the second quarter worth about $1,339,567,000. Norges Bank purchased a new position in SLB during the fourth quarter valued at approximately $809,557,000. Wellington Management Group LLP increased its holdings in SLB by 50.6% during the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after acquiring an additional 5,589,585 shares during the period. State Street Corp increased its holdings in SLB by 7.0% during the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after acquiring an additional 5,466,786 shares during the period. Finally, Capital International Investors lifted its stake 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 worth $446,247,000 after purchasing an additional 5,404,948 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have commented on SLB shares. Jefferies Financial Group reissued a “buy” rating and issued a $66.00 price target on shares of SLB in a report on Sunday, July 26th. Sanford C. Bernstein increased their price objective on SLB from $56.10 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Piper Sandler lifted their price objective on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Royal Bank Of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of SLB in a research note on Tuesday, June 16th. Finally, JPMorgan Chase & Co. upped their target price on SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. 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 issued a Sell rating to the company’s stock. Based on data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Price Performance

Shares of NYSE:SLB opened at $53.62 on Thursday. The company’s fifty day moving average price is $49.38 and its 200-day moving average price is $51.18. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The firm has a market capitalization of $79.58 billion, a price-to-earnings ratio of 25.90, a PEG ratio of 3.51 and a beta of 0.73. SLB Limited has a one year low of $31.64 and a one year high of $58.82.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The company 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 was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 EPS. On average, equities research analysts anticipate 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. Stockholders of record on Wednesday, September 2nd will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB’s dividend payout ratio is presently 57.00%.

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

About SLB

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.