Canandaigua National Bank & Trust Co. Takes Position in SLB Limited $SLB

Canandaigua National Bank & Trust Co. acquired a new stake in SLB Limited (NYSE:SLB) in the 2nd quarter, according to the company in its most recent filing with the Securities and Exchange Commission (SEC). The firm acquired 56,826 shares of the oil and gas company’s stock, valued at approximately $2,642,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Evergreen Advisors LLC acquired a new stake in shares of SLB during the 1st quarter valued at approximately $26,000. MV Capital Management Inc. acquired a new stake in shares of SLB in the 4th quarter worth approximately $28,000. Strategic Wealth Advisors LLC acquired a new stake in shares of SLB in the 4th quarter worth approximately $30,000. Costello Asset Management INC increased its stake 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 valued at $30,000 after purchasing an additional 280 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new position in SLB in the 4th quarter valued at approximately $31,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insider Transactions at SLB

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $54.33, for a total transaction of $108,660.00. Following the sale, the director directly owned 16,953 shares of the company’s stock, valued at $921,056.49. This trade represents a 10.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Company insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

A number of analysts have commented on the company. UBS Group decreased their target price on SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Wolfe Research initiated coverage on SLB in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price target for the company. JPMorgan Chase & Co. lifted their price target on SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Evercore reiterated an “outperform” rating and issued a $66.00 price objective on shares of SLB in a research report on Monday, July 27th. Finally, Stifel Nicolaus increased their price objective on shares of SLB from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company’s stock. According to data from MarketBeat, SLB has an average rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Price Performance

SLB stock opened at $50.87 on Wednesday. The stock’s 50 day moving average price is $50.12 and its 200 day moving average price is $50.85. The firm has a market cap of $75.49 billion, a P/E ratio of 24.57, a PEG ratio of 3.26 and a beta of 0.73. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. SLB Limited has a 1 year low of $31.64 and a 1 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 return on equity of 14.05% and a net margin of 8.53%.The company had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter last year, the business posted $0.74 earnings per share. SLB’s revenue was up 5.0% compared to the same quarter last year. On average, sell-side analysts expect that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be paid 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 payout ratio is presently 57.00%.

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.