NewEdge Advisors LLC Reduces Position in SLB Limited $SLB

NewEdge Advisors LLC lessened its holdings in shares of SLB Limited (NYSE:SLB) by 28.1% in the first quarter, according to its most recent disclosure with the Securities & Exchange Commission. The firm owned 73,013 shares of the oil and gas company’s stock after selling 28,496 shares during the quarter. NewEdge Advisors LLC’s holdings in SLB were worth $3,752,000 at the end of the most recent reporting period.

Several other large investors have also recently modified their holdings of the business. Evergreen Advisors LLC purchased a new stake in shares of SLB during the 1st quarter valued at approximately $26,000. Costello Asset Management INC boosted its holdings in SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock worth $30,000 after buying an additional 280 shares during the period. MV Capital Management Inc. purchased a new position in SLB in the 4th quarter valued at approximately $28,000. Sound Income Strategies LLC grew its stake in SLB by 71.1% in the 1st quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 324 shares in the last quarter. Finally, Steph & Co. raised its holdings in SLB by 97.5% during the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company’s stock valued at $31,000 after acquiring an additional 394 shares during the period. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Stock Up 1.4%

SLB opened at $49.58 on Friday. The company has a fifty day moving average price of $50.43 and a 200-day moving average price of $50.76. The firm has a market capitalization of $73.59 billion, a P/E ratio of 23.95, a price-to-earnings-growth ratio of 3.24 and a beta of 0.72. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. SLB Limited has a one year low of $31.64 and a one year 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 the consensus estimate of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The firm 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 earnings per share. The business’s quarterly revenue was up 5.0% on a year-over-year basis. Equities research analysts expect that SLB Limited will post 2.49 earnings per share for the current fiscal year.

SLB Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be paid a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 2.4%. The ex-dividend date is Wednesday, September 2nd. SLB’s dividend payout ratio is currently 57.00%.

Wall Street Analyst Weigh In

SLB has been the topic of several recent research reports. Sanford C. Bernstein increased their target price on SLB from $56.10 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Piper Sandler lifted their price target on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday. UBS Group decreased their price objective on SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Raymond James Financial dropped their price objective on SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a report on Friday, July 10th. Finally, Zacks Research downgraded SLB from a “hold” rating to a “strong sell” 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 given a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $61.35.

Insiders Place Their Bets

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the company’s 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 transaction, the director directly owned 16,953 shares in the company, valued at $921,056.49. This represents a 10.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.16% of the stock is owned by corporate insiders.

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.