Canoe Financial LP Buys 3,103,468 Shares of SLB Limited $SLB

Canoe Financial LP boosted its stake in shares of SLB Limited (NYSE:SLB) by 272.7% in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm owned 4,241,622 shares of the oil and gas company’s stock after buying an additional 3,103,468 shares during the quarter. SLB accounts for about 3.0% of Canoe Financial LP’s holdings, making the stock its 5th biggest holding. Canoe Financial LP’s holdings in SLB were worth $220,401,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors have also made changes to their positions in the stock. MV Capital Management Inc. purchased a new position in shares of SLB during the 4th quarter worth approximately $28,000. Strategic Wealth Advisors LLC acquired a new stake in SLB in the 4th quarter valued at approximately $30,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in SLB in the fourth quarter valued at approximately $31,000. Steph & Co. raised its position in SLB by 97.5% in the fourth quarter. Steph & Co. now owns 798 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 394 shares during the period. Finally, Lloyd Advisory Services LLC. acquired a new position in SLB during the fourth quarter worth $31,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

SLB Price Performance

SLB stock opened at $46.95 on Monday. 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 Limited has a 52-week low of $31.64 and a 52-week high of $58.82. The firm has a market cap of $70.19 billion, a PE ratio of 20.50, a price-to-earnings-growth ratio of 1.89 and a beta of 0.70. The company’s 50 day moving average is $54.22 and its two-hundred day moving average is $49.45.

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

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be issued a $0.295 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.5%. SLB’s dividend payout ratio (DPR) is 51.53%.

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 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 owned 16,953 shares of the company’s stock, valued at $921,056.49. This trade represents a 10.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction dated 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 completion of the transaction, the executive vice president owned 47,421 shares of the company’s stock, valued at $2,664,111.78. The trade was a 52.96% decrease in their position. The SEC filing for this sale provides additional information. Insiders own 0.16% of the company’s stock.

Wall Street Analyst Weigh In

SLB has been the subject of several research analyst reports. Stifel Nicolaus raised their price target on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. BMO Capital Markets increased their target price on SLB from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Weiss Ratings lowered SLB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Piper Sandler raised their target price on SLB from $53.00 to $59.00 and gave the company an “overweight” rating in a report on Wednesday, April 15th. Finally, JPMorgan Chase & Co. lifted their target price on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research report 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 assigned a Sell rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus target price of $60.83.

SLB Profile

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.