Westpac Banking Corp Sells 13,254 Shares of SLB Limited $SLB

Westpac Banking Corp trimmed its holdings in SLB Limited (NYSE:SLB) by 68.4% in the second quarter, HoldingsChannel.com reports. The institutional investor owned 6,137 shares of the oil and gas company’s stock after selling 13,254 shares during the period. Westpac Banking Corp’s holdings in SLB were worth $207,000 as of its most recent filing with the Securities & Exchange Commission.

A number of other institutional investors have also made changes to their positions in SLB. Nuveen LLC acquired a new position in SLB in the first quarter valued at about $169,232,000. Assetmark Inc. grew its stake in SLB by 19.5% during the second quarter. Assetmark Inc. now owns 56,561 shares of the oil and gas company’s stock worth $1,912,000 after buying an additional 9,210 shares in the last quarter. Shell Asset Management Co. grew its stake in SLB by 48.1% during the second quarter. Shell Asset Management Co. now owns 62,737 shares of the oil and gas company’s stock worth $2,121,000 after buying an additional 20,387 shares in the last quarter. Godsey & Gibb Inc. increased its holdings in SLB by 9.6% in the 2nd quarter. Godsey & Gibb Inc. now owns 493,092 shares of the oil and gas company’s stock valued at $16,667,000 after buying an additional 43,135 shares during the period. Finally, Emerald Advisors LLC acquired a new position in shares of SLB in the 2nd quarter valued at approximately $352,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Insiders Place Their Bets

In other SLB news, CFO Stephane Biguet sold 38,447 shares of the company’s stock in a transaction that occurred on Thursday, November 13th. The shares were sold at an average price of $36.75, for a total value of $1,412,927.25. Following the completion of the transaction, the chief financial officer directly owned 175,690 shares in the company, valued at approximately $6,456,607.50. This represents a 17.95% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, EVP Abdellah Merad sold 60,000 shares of the firm’s 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 transaction, the executive vice president directly owned 159,371 shares of the company’s stock, valued at $6,006,692.99. The trade was a 27.35% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders have sold 138,174 shares of company stock valued at $5,107,677 in the last ninety days. 0.22% of the stock is currently owned by insiders.

Wall Street Analyst Weigh In

Several analysts recently issued reports on SLB shares. Zacks Research upgraded shares of SLB from a “strong sell” rating to a “hold” rating in a research report on Monday, September 15th. Barclays raised their target price on SLB from $46.00 to $48.00 and gave the company an “overweight” rating in a report on Tuesday, October 21st. Piper Sandler set a $42.00 price target on SLB and gave the company an “overweight” rating in a research note on Monday, October 20th. UBS Group restated a “buy” rating and set a $44.00 price objective on shares of SLB in a research report on Tuesday, October 21st. Finally, Rothschild Redb raised SLB to a “strong-buy” rating in a research note on Monday, November 3rd. Two equities research analysts have rated the stock with a Strong Buy rating, fourteen have given a Buy rating and five have assigned a Hold rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $51.28.

SLB Trading Down 3.0%

NYSE SLB opened at $35.83 on Tuesday. The company has a quick ratio of 1.01, a current ratio of 1.39 and a debt-to-equity ratio of 0.40. SLB Limited has a twelve month low of $31.11 and a twelve month high of $44.97. The company has a market cap of $53.53 billion, a price-to-earnings ratio of 13.83, a price-to-earnings-growth ratio of 10.19 and a beta of 0.97. The business’s fifty day moving average is $35.03 and its 200 day moving average is $34.79.

SLB (NYSE:SLB) last issued its earnings results on Friday, October 17th. The oil and gas company reported $0.69 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.67 by $0.02. SLB had a return on equity of 18.97% and a net margin of 10.34%.The business 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 firm earned $0.89 EPS. The business’s revenue for the quarter was down 2.5% compared to the same quarter last year. As a group, sell-side analysts expect that SLB Limited will post 3.38 EPS for the current fiscal 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 given a dividend of $0.285 per share. The ex-dividend date is Wednesday, December 3rd. This represents a $1.14 annualized dividend and a yield of 3.2%. SLB’s dividend payout ratio (DPR) is currently 44.02%.

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.