Pinnacle Associates Ltd. Sells 9,498 Shares of SLB Limited $SLB

Pinnacle Associates Ltd. reduced its position in shares of SLB Limited (NYSE:SLB) by 10.4% in the fourth quarter, HoldingsChannel reports. The firm owned 82,151 shares of the oil and gas company’s stock after selling 9,498 shares during the quarter. Pinnacle Associates Ltd.’s holdings in SLB were worth $3,153,000 as of its most recent filing with the Securities & Exchange Commission.

Other large investors have also made changes to their positions in the company. Americana Partners LLC grew its stake in shares of SLB by 10.1% during the 3rd quarter. Americana Partners LLC now owns 248,057 shares of the oil and gas company’s stock valued at $8,526,000 after purchasing an additional 22,706 shares during the period. Principal Financial Group Inc. grew its stake in shares of SLB by 9.6% during the 3rd quarter. Principal Financial Group Inc. now owns 1,677,257 shares of the oil and gas company’s stock valued at $57,647,000 after purchasing an additional 147,175 shares during the period. Evergreen Capital Management LLC grew its stake in shares of SLB by 512.6% during the 3rd quarter. Evergreen Capital Management LLC now owns 610,611 shares of the oil and gas company’s stock valued at $21,157,000 after purchasing an additional 510,929 shares during the period. Meritage Portfolio Management bought a new stake in shares of SLB during the 3rd quarter valued at about $2,530,000. Finally, New York State Common Retirement Fund grew its stake in shares of SLB by 3.0% during the 3rd quarter. New York State Common Retirement Fund now owns 1,879,137 shares of the oil and gas company’s stock valued at $64,586,000 after purchasing an additional 54,600 shares during the period. 81.99% of the stock is currently owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of equities research analysts have issued reports on the company. Evercore restated an “outperform” rating and set a $64.00 price target on shares of SLB in a research note on Monday, April 27th. Weiss Ratings downgraded SLB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Citigroup boosted their price objective on SLB from $59.00 to $68.00 and gave the company a “buy” rating in a research note on Thursday, April 30th. Stifel Nicolaus boosted their price objective on SLB from $56.00 to $61.00 and gave the company a “buy” rating in a research note on Monday, April 27th. Finally, Wall Street Zen downgraded SLB from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat, SLB has an average rating of “Moderate Buy” and a consensus target price of $59.74.

Insider Buying and Selling

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the business’s stock in a transaction that occurred on 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 of the company’s stock, valued at approximately $921,056.49. The trade was 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. Also, EVP Steve Matthew Gassen sold 53,379 shares of the business’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total value of $2,998,832.22. Following the completion of the transaction, the executive vice president directly owned 47,421 shares in the company, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is currently owned by insiders.

SLB Stock Down 0.8%

NYSE SLB opened at $55.33 on Friday. The stock’s 50 day moving average is $51.44 and its 200 day moving average is $45.70. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. SLB Limited has a 12 month low of $31.64 and a 12 month high of $57.20. The stock has a market cap of $82.72 billion, a PE ratio of 24.16, a P/E/G ratio of 3.92 and a beta of 0.72.

SLB (NYSE:SLB) last posted its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.76 billion. During the same period in the previous year, the firm earned $0.72 EPS. The firm’s revenue was up 2.7% compared to the same quarter last year. Research analysts predict that SLB Limited will post 2.61 EPS for the current fiscal year.

SLB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be issued a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.1%. SLB’s payout ratio is currently 51.53%.

About SLB

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.