PNC Financial Services Group Inc. Decreases Stake in SLB Limited $SLB

PNC Financial Services Group Inc. cut its stake in shares of SLB Limited (NYSE:SLB) by 12.3% during the fourth quarter, HoldingsChannel reports. The firm owned 668,294 shares of the oil and gas company’s stock after selling 93,567 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SLB were worth $25,649,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also added to or reduced their stakes in SLB. Vanguard Group Inc. raised its position in SLB by 23.3% during the third quarter. Vanguard Group Inc. now owns 185,374,879 shares of the oil and gas company’s stock valued at $6,371,335,000 after purchasing an additional 35,057,313 shares during the period. State Street Corp raised its position in SLB by 7.0% during the third 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 period. Greenhaven Associates Inc. purchased a new stake in SLB during the fourth quarter valued at approximately $178,883,000. Caisse de depot et placement du Quebec raised its position in SLB by 10,422.1% during the third quarter. Caisse de depot et placement du Quebec now owns 3,165,581 shares of the oil and gas company’s stock valued at $108,801,000 after purchasing an additional 3,135,496 shares during the period. Finally, Dimensional Fund Advisors LP raised its position in SLB by 25.2% during the third quarter. Dimensional Fund Advisors LP now owns 15,366,347 shares of the oil and gas company’s stock valued at $528,217,000 after purchasing an additional 3,094,764 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

SLB Stock Up 0.0%

Shares of NYSE:SLB opened at $57.27 on Friday. SLB Limited has a 52-week low of $31.64 and a 52-week high of $57.88. The stock has a market cap of $85.63 billion, a P/E ratio of 25.01, a price-to-earnings-growth ratio of 2.32 and a beta of 0.72. The business’s 50 day moving average is $52.40 and its 200 day moving average is $46.43. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.

SLB (NYSE:SLB) last announced its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. The business had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The business’s revenue for the quarter was up 2.7% on a year-over-year basis. During the same quarter last year, the firm earned $0.72 EPS. Sell-side analysts predict that SLB Limited will post 2.61 EPS for the current year.

SLB Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, June 3rd. SLB’s dividend payout ratio (DPR) is 51.53%.

Analysts Set New Price Targets

A number of equities research analysts have issued reports on SLB shares. TD Cowen upped their price objective on SLB from $55.00 to $66.00 and gave the company a “buy” rating in a research report on Monday, April 27th. The Goldman Sachs Group upped their target price on SLB from $53.00 to $60.00 and gave the company a “buy” rating in a research note on Wednesday, March 4th. JPMorgan Chase & Co. upped their target price on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Sanford C. Bernstein upped their target price on SLB from $56.10 to $71.00 and gave the company an “outperform” rating in a research note on Monday, May 11th. Finally, Barclays upped their target price on SLB from $49.00 to $51.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has given a Sell rating to the stock. Based on data from MarketBeat.com, SLB presently has a consensus rating of “Moderate Buy” and an average target price of $59.74.

Insider Buying and Selling at SLB

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

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.