Sequent Asset Management LLC Raises Stock Holdings in SLB Limited $SLB

Sequent Asset Management LLC increased its stake in SLB Limited (NYSE:SLB) by 36.0% during the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The fund owned 124,081 shares of the oil and gas company’s stock after purchasing an additional 32,824 shares during the period. SLB makes up approximately 2.0% of Sequent Asset Management LLC’s portfolio, making the stock its 12th biggest holding. Sequent Asset Management LLC’s holdings in SLB were worth $4,265,000 as of its most recent SEC filing.

Other hedge funds and other institutional investors have also bought and sold shares of the company. Vanguard Group Inc. lifted its holdings in shares of SLB by 14.2% during the 2nd quarter. Vanguard Group Inc. now owns 150,317,566 shares of the oil and gas company’s stock worth $5,080,734,000 after acquiring an additional 18,672,021 shares during the last quarter. Norges Bank bought a new position in shares of SLB during the 2nd quarter valued at about $618,697,000. Franklin Resources Inc. increased its position in shares of SLB by 30.4% during the 2nd quarter. Franklin Resources Inc. now owns 20,233,749 shares of the oil and gas company’s stock valued at $683,901,000 after purchasing an additional 4,719,852 shares during the last quarter. Lazard Asset Management LLC raised its holdings in shares of SLB by 80.7% during the 2nd quarter. Lazard Asset Management LLC now owns 6,788,978 shares of the oil and gas company’s stock valued at $229,466,000 after buying an additional 3,031,906 shares in the last quarter. Finally, Assenagon Asset Management S.A. lifted its position in SLB by 346.3% in the 3rd quarter. Assenagon Asset Management S.A. now owns 3,876,526 shares of the oil and gas company’s stock worth $133,236,000 after buying an additional 3,007,911 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Stock Performance

Shares of SLB opened at $38.55 on Wednesday. The company has a quick ratio of 1.01, a current ratio of 1.39 and a debt-to-equity ratio of 0.40. The stock has a market cap of $57.59 billion, a P/E ratio of 14.88 and a beta of 0.73. The business’s 50 day moving average price is $37.08 and its 200-day moving average price is $35.47. SLB Limited has a 52 week low of $31.11 and a 52 week high of $44.66.

SLB (NYSE:SLB) last announced its quarterly earnings data on Friday, October 17th. The oil and gas company reported $0.69 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.67 by $0.02. SLB had a return on equity of 18.97% and a net margin of 10.34%.The business had revenue of $8.93 billion during the quarter, compared to analysts’ expectations of $8.99 billion. During the same quarter in the previous year, the business earned $0.89 earnings per share. The firm’s quarterly revenue was down 2.5% compared to the same quarter last year. Equities research analysts anticipate that SLB Limited will post 3.38 earnings per share for the current fiscal year.

SLB Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Wednesday, December 3rd will be given a $0.285 dividend. This represents a $1.14 annualized dividend and a dividend yield of 3.0%. The ex-dividend date of this dividend is Wednesday, December 3rd. SLB’s payout ratio is currently 44.02%.

Insider Buying and Selling

In other news, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction that occurred on Tuesday, November 11th. The shares were sold at an average price of $37.69, for a total value of $2,261,400.00. Following the transaction, the executive vice president owned 159,371 shares in the company, valued at approximately $6,006,692.99. This represents a 27.35% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is accessible through this link. Also, Director Peter John Coleman sold 5,500 shares of the stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $35.82, for a total transaction of $197,010.00. Following the sale, the director owned 18,671 shares in the company, valued at approximately $668,795.22. The trade was a 22.75% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold a total of 103,947 shares of company stock worth $3,871,337 in the last quarter. Corporate insiders own 0.22% of the company’s stock.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently issued reports on the stock. Piper Sandler upped their price objective on shares of SLB from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Citigroup increased their price objective on SLB from $47.00 to $53.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. JPMorgan Chase & Co. decreased their price objective on shares of SLB from $44.00 to $43.00 and set an “overweight” rating on the stock in a research report on Monday, October 20th. TD Cowen upped their price target on SLB from $56.00 to $57.00 and gave the company a “buy” rating in a research report on Thursday, December 11th. Finally, Weiss Ratings reiterated a “hold (c-)” rating on shares of SLB in a report on Wednesday, October 8th. Two research analysts have rated the stock with a Strong Buy rating, fifteen have issued a Buy rating and five have given a Hold rating to the company. According to data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average target price of $52.42.

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.