Primecap Management Co. CA Cuts Stock Position in SLB Limited $SLB

Primecap Management Co. CA trimmed its position in shares of SLB Limited (NYSE:SLB) by 17.4% in the third quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The firm owned 329,280 shares of the oil and gas company’s stock after selling 69,590 shares during the quarter. Primecap Management Co. CA’s holdings in SLB were worth $11,317,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently bought and sold shares of the business. Synergy Asset Management LLC boosted its holdings in shares of SLB by 100.0% in the 3rd quarter. Synergy Asset Management LLC now owns 80,830 shares of the oil and gas company’s stock valued at $2,732,000 after buying an additional 40,415 shares in the last quarter. Americana Partners LLC raised its stake in SLB by 10.1% during the 3rd quarter. Americana Partners LLC now owns 248,057 shares of the oil and gas company’s stock worth $8,526,000 after acquiring an additional 22,706 shares in the last quarter. Sumitomo Mitsui DS Asset Management Company Ltd lifted its position in SLB by 13.8% in the third quarter. Sumitomo Mitsui DS Asset Management Company Ltd now owns 210,056 shares of the oil and gas company’s stock valued at $7,220,000 after acquiring an additional 25,417 shares during the last quarter. Nordea Investment Management AB boosted its stake in SLB by 4.9% in the third quarter. Nordea Investment Management AB now owns 2,157,885 shares of the oil and gas company’s stock valued at $72,354,000 after acquiring an additional 100,918 shares in the last quarter. Finally, Bank Pictet & Cie Europe AG grew its holdings in shares of SLB by 1,937.4% during the third quarter. Bank Pictet & Cie Europe AG now owns 996,948 shares of the oil and gas company’s stock worth $34,265,000 after purchasing an additional 948,015 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

SLB Stock Performance

NYSE:SLB opened at $51.34 on Friday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.33 and a quick ratio of 0.98. The firm has a market cap of $76.76 billion, a price-to-earnings ratio of 21.66, a price-to-earnings-growth ratio of 3.50 and a beta of 0.73. The firm’s fifty day moving average price is $46.70 and its 200 day moving average price is $39.45. SLB Limited has a 1-year low of $31.11 and a 1-year high of $52.40.

SLB (NYSE:SLB) last announced its quarterly earnings data on Friday, January 23rd. The oil and gas company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The company had revenue of $9.75 billion during the quarter, compared to the consensus estimate of $9.54 billion. SLB had a net margin of 9.45% and a return on equity of 17.45%. SLB’s quarterly revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm earned $0.92 EPS. On average, sell-side analysts expect that SLB Limited will post 3.38 EPS for the current year.

SLB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Wednesday, February 11th will be given a $0.295 dividend. The ex-dividend date is Wednesday, February 11th. This is an increase from SLB’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a yield of 2.3%. SLB’s payout ratio is 49.79%.

Analyst Upgrades and Downgrades

Several research firms have recently weighed in on SLB. Loop Capital set a $48.00 target price on SLB in a report on Tuesday, January 27th. Rothschild & Co Redburn set a $48.00 price objective on SLB in a research note on Monday, November 3rd. Piper Sandler increased their price objective on SLB from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Wall Street Zen raised shares of SLB from a “hold” rating to a “buy” rating in a report on Saturday. Finally, Morgan Stanley reiterated an “overweight” rating and set a $50.00 price target on shares of SLB in a research note on Wednesday, January 21st. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average price target of $52.38.

Insider Buying and Selling

In other SLB news, CFO Stephane Biguet sold 61,017 shares of the business’s stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $49.70, for a total transaction of $3,032,544.90. Following the transaction, the chief financial officer owned 155,548 shares in the company, valued at approximately $7,730,735.60. The trade was a 28.17% decrease in their position. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $49.70, for a total value of $2,982,000.00. Following the completion of the sale, the executive vice president directly owned 140,602 shares of the company’s stock, valued at $6,987,919.40. This represents a 29.91% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 156,902 shares of company stock worth $7,796,666 in the last three months. Company insiders own 0.22% of the company’s stock.

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.