L2 Asset Management LLC Buys 20,067 Shares of SLB Limited $SLB

L2 Asset Management LLC boosted its holdings in SLB Limited (NYSE:SLB) by 24.7% during the 4th quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 101,428 shares of the oil and gas company’s stock after purchasing an additional 20,067 shares during the period. L2 Asset Management LLC’s holdings in SLB were worth $3,893,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also bought and sold shares of SLB. Vanguard Group Inc. boosted its position in SLB by 23.3% in the third quarter. Vanguard Group Inc. now owns 185,374,879 shares of the oil and gas company’s stock worth $6,371,335,000 after purchasing an additional 35,057,313 shares during the last quarter. Norges Bank purchased a new position in SLB in the fourth quarter worth $809,557,000. Bank of New York Mellon Corp boosted its position in SLB by 64.4% in the fourth quarter. Bank of New York Mellon Corp now owns 15,696,831 shares of the oil and gas company’s stock worth $602,444,000 after purchasing an additional 6,149,511 shares during the last quarter. State Street Corp boosted its position in SLB by 7.0% in the third quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after purchasing an additional 5,466,786 shares during the last quarter. Finally, Capital International Investors boosted its position in SLB by 86.9% in the fourth 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 during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Wall Street Analysts Forecast Growth

Several research analysts have weighed in on the company. Piper Sandler boosted their price objective on SLB from $53.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Sanford C. Bernstein increased their price objective on SLB from $56.10 to $71.00 and gave the company an “outperform” rating in a report on Monday, May 11th. Royal Bank Of Canada reissued an “outperform” rating and issued a $61.00 target price on shares of SLB in a research report on Monday, April 27th. Morgan Stanley set a $57.00 price target on SLB in a research report on Monday, April 27th. Finally, Stifel Nicolaus increased their price target on SLB from $56.00 to $61.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, SLB presently has a consensus rating of “Moderate Buy” and a consensus price target of $60.67.

SLB Stock Down 4.6%

SLB stock opened at $53.60 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. The company has a market capitalization of $80.13 billion, a price-to-earnings ratio of 23.40, a PEG ratio of 2.28 and a beta of 0.70. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The stock has a fifty day moving average of $54.72 and a 200-day moving average of $48.72.

SLB (NYSE:SLB) last posted its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 EPS. As a group, equities research analysts predict that SLB Limited will post 2.62 earnings per share for the current year.

SLB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. SLB’s dividend payout ratio is 51.53%.

Insider Transactions at SLB

In related news, EVP Steve Matthew Gassen sold 53,379 shares of the stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, Director La Chevardiere Patrick De sold 2,000 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $54.33, for a total value of $108,660.00. Following the sale, the director directly owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.16% of the company’s stock.

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.