Reliant Investment Management LLC Raises Position in SLB Limited $SLB

Reliant Investment Management LLC lifted its position in shares of SLB Limited (NYSE:SLB) by 1,436.2% during the second quarter, HoldingsChannel reports. The fund owned 104,861 shares of the oil and gas company’s stock after acquiring an additional 98,035 shares during the quarter. Reliant Investment Management LLC’s holdings in SLB were worth $4,875,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in SLB in the 4th quarter valued at approximately $809,557,000. Bank of New York Mellon Corp increased its position in SLB by 56.8% during the 1st quarter. Bank of New York Mellon Corp now owns 24,615,243 shares of the oil and gas company’s stock worth $1,264,977,000 after purchasing an additional 8,918,412 shares during the period. Wellington Management Group LLP raised its stake in shares of SLB by 50.6% during the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after buying an additional 5,589,585 shares in the last quarter. State Street Corp raised its stake in shares of SLB by 7.0% during the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after buying an additional 5,466,786 shares in the last quarter. Finally, Capital International Investors lifted its holdings in shares of SLB by 86.9% in the 4th quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock valued at $446,247,000 after buying an additional 5,404,948 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of analysts recently weighed in on the company. Piper Sandler lifted their price target on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Morgan Stanley increased their price objective on SLB from $54.00 to $55.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Weiss Ratings reissued a “hold (c)” rating on shares of SLB in a report on Monday, August 3rd. Royal Bank Of Canada restated an “outperform” rating and set a $61.00 target price on shares of SLB in a research report on Tuesday, June 16th. Finally, Susquehanna upped their price target on shares of SLB from $55.00 to $62.00 and gave the stock a “positive” rating in a research note on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. Based on data from MarketBeat.com, the company currently has a consensus rating of “Moderate Buy” and an average price target of $61.35.

SLB Price Performance

SLB stock opened at $51.99 on Friday. The firm has a 50 day moving average of $49.54 and a 200-day moving average of $51.07. The company has a market cap of $77.16 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 3.47 and a beta of 0.73. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. SLB Limited has a 12-month low of $31.64 and a 12-month high of $58.82.

SLB (NYSE:SLB) last released its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. SLB had a return on equity of 14.05% and a net margin of 8.53%.The business had revenue of $8.97 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the prior year, the firm posted $0.74 EPS. The company’s revenue was up 5.0% compared to the same quarter last year. As a group, equities analysts expect that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be issued a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.3%. SLB’s dividend payout ratio is 57.00%.

SLB Company 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.