Envestnet Asset Management Inc. Cuts Stock Holdings in SLB Limited $SLB

Envestnet Asset Management Inc. reduced its position in SLB Limited (NYSE:SLB) by 6.1% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 1,316,871 shares of the oil and gas company’s stock after selling 85,362 shares during the period. Envestnet Asset Management Inc.’s holdings in SLB were worth $44,506,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other hedge funds have also recently added to or reduced their stakes in SLB. Charles Schwab Investment Management Inc. increased its holdings in SLB by 478.8% in the first quarter. Charles Schwab Investment Management Inc. now owns 47,719,476 shares of the oil and gas company’s stock valued at $1,994,674,000 after buying an additional 39,474,501 shares in the last quarter. Boston Partners grew its position in shares of SLB by 27.7% during the 1st quarter. Boston Partners now owns 19,829,381 shares of the oil and gas company’s stock valued at $824,160,000 after acquiring an additional 4,300,222 shares during the period. Hotchkis & Wiley Capital Management LLC increased its stake in shares of SLB by 211.1% in the 1st quarter. Hotchkis & Wiley Capital Management LLC now owns 5,992,997 shares of the oil and gas company’s stock valued at $250,507,000 after purchasing an additional 4,066,500 shares in the last quarter. Nuveen LLC acquired a new position in SLB in the 1st quarter worth about $169,232,000. Finally, Banque Transatlantique SA boosted its position in SLB by 21,737.8% during the first quarter. Banque Transatlantique SA now owns 1,859,274 shares of the oil and gas company’s stock worth $71,821,000 after purchasing an additional 1,850,760 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

SLB Stock Performance

NYSE:SLB opened at $36.06 on Friday. The company has a market cap of $53.87 billion, a P/E ratio of 13.92, a P/E/G ratio of 10.19 and a beta of 0.97. SLB Limited has a twelve month low of $31.11 and a twelve month high of $44.97. The company’s 50-day moving average price is $34.90 and its 200-day moving average price is $34.61. 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 announced its quarterly earnings data on Friday, October 17th. The oil and gas company reported $0.69 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.67 by $0.02. SLB had a net margin of 10.34% and a return on equity of 18.97%. The company had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.99 billion. During the same quarter in the prior year, the company earned $0.89 EPS. SLB’s revenue was down 2.5% compared to the same quarter last year. On average, sell-side analysts forecast that SLB Limited will post 3.38 earnings per share for the current fiscal year.

SLB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Wednesday, December 3rd will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 3.2%. The ex-dividend date of this dividend is Wednesday, December 3rd. SLB’s dividend payout ratio (DPR) is currently 44.02%.

Analyst Upgrades and Downgrades

SLB has been the topic of several research analyst reports. Citigroup raised their price objective on SLB from $46.00 to $47.00 and gave the company a “buy” rating in a report on Tuesday, October 21st. Stifel Nicolaus dropped their price target on shares of SLB from $54.00 to $52.00 and set a “buy” rating on the stock in a research note on Wednesday, July 16th. JPMorgan Chase & Co. cut their price target on shares of SLB from $44.00 to $43.00 and set an “overweight” rating for the company in a report on Monday, October 20th. Melius Research began coverage on shares of SLB in a report on Wednesday, August 20th. They set a “buy” rating and a $82.00 price objective on the stock. Finally, Susquehanna cut their target price on shares of SLB from $44.00 to $42.00 and set a “positive” rating for the company in a research note on Monday, July 21st. Two analysts have rated the stock with a Strong Buy rating, thirteen have issued a Buy rating and five have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.69.

Insider Buying and Selling

In related news, insider Dianne B. Ralston sold 39,727 shares of SLB stock in a transaction that occurred on Friday, September 12th. The stock was sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the transaction, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. This trade represents a 16.42% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Insiders own 0.22% of the company’s stock.

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.