State Street Corp Acquires 722,060 Shares of SLB Limited $SLB

State Street Corp increased its stake in shares of SLB Limited (NYSE:SLB) by 0.8% during the 2nd quarter, HoldingsChannel.com reports. The firm owned 91,222,641 shares of the oil and gas company’s stock after purchasing an additional 722,060 shares during the quarter. State Street Corp owned approximately 0.06% of SLB worth $4,267,269,000 at the end of the most recent quarter.

Other institutional investors have also recently made changes to their positions in the company. Abel Hall LLC raised its holdings in shares of SLB by 2.7% in the first quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company’s stock worth $387,000 after buying an additional 198 shares during the last quarter. E Fund Management Co. Ltd. grew its holdings in SLB by 3.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 5,712 shares of the oil and gas company’s stock worth $266,000 after acquiring an additional 199 shares in the last quarter. Private Wealth Asset Management LLC lifted its position in shares of SLB by 4.1% during the 4th quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company’s stock worth $193,000 after buying an additional 200 shares during the last quarter. Capital Advisors Ltd. LLC increased its holdings in shares of SLB by 9.3% in the 1st quarter. Capital Advisors Ltd. LLC now owns 2,503 shares of the oil and gas company’s stock valued at $129,000 after acquiring an additional 214 shares during the period. Finally, Davis Capital Management grew its stake in shares of SLB by 1.0% in the 1st quarter. Davis Capital Management now owns 21,968 shares of the oil and gas company’s stock valued at $1,129,000 after purchasing an additional 220 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Trading Up 1.1%

SLB stock traded up $0.58 during trading hours on Tuesday, hitting $52.34. The stock had a trading volume of 6,141,409 shares, compared to its average volume of 16,260,939. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41. SLB Limited has a one year low of $31.64 and a one year high of $60.46. The business’s 50 day simple moving average is $52.54 and its 200-day simple moving average is $51.94. The stock has a market cap of $77.69 billion, a price-to-earnings ratio of 25.29, a P/E/G ratio of 2.91 and a beta of 0.76.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company had revenue of $8.97 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the firm posted $0.74 EPS. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts predict that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Dividend Announcement

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

Analyst Upgrades and Downgrades

A number of research analysts have recently weighed in on the stock. Evercore reissued an “outperform” rating and set a $66.00 price objective on shares of SLB in a research note on Monday, July 27th. Susquehanna raised their target price on shares of SLB from $55.00 to $62.00 and gave the stock a “positive” rating in a report on Monday, July 27th. BMO Capital Markets reaffirmed an “outperform” rating on shares of SLB in a report on Tuesday, September 1st. Wolfe Research initiated coverage on shares of SLB in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 target price for the company. Finally, UBS Group increased their target price on SLB from $72.00 to $75.00 and gave the stock a “buy” rating in a report on Monday, September 14th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and a consensus price target of $61.80.

About SLB

SLB, formerly known as Schlumberger Limited, is a global technology and services company serving the energy industry. The company provides equipment, technology and technical expertise that help oil and gas producers locate, drill, complete and operate wells, as well as manage reservoirs and production assets.

Its offerings include seismic and subsurface evaluation, drilling and well-construction services, well completion and stimulation, artificial lift, production optimization, intervention services, subsea production systems and digital solutions.