Storgate LLC Acquires New Position in SLB Limited $SLB

Storgate LLC acquired a new stake in SLB Limited (NYSE:SLB) in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 15,956 shares of the oil and gas company’s stock, valued at approximately $612,000.

Other hedge funds have also recently modified their holdings of the company. Mitsubishi UFJ Asset Management Co. Ltd. grew its holdings in shares of SLB by 4.3% in the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,141,868 shares of the oil and gas company’s stock valued at $126,303,000 after purchasing an additional 128,660 shares during the period. Alberta Investment Management Corp purchased a new position in SLB during the third quarter worth about $3,334,000. Cibc World Market Inc. boosted its stake in SLB by 48.7% during the fourth quarter. Cibc World Market Inc. now owns 1,367,063 shares of the oil and gas company’s stock worth $52,468,000 after buying an additional 447,667 shares during the period. Oppenheimer & Co. Inc. boosted its stake in SLB by 65.0% during the fourth quarter. Oppenheimer & Co. Inc. now owns 205,796 shares of the oil and gas company’s stock worth $7,898,000 after buying an additional 81,045 shares during the period. Finally, Principal Financial Group Inc. boosted its stake in SLB by 2.5% during the fourth quarter. Principal Financial Group Inc. now owns 1,719,469 shares of the oil and gas company’s stock worth $65,993,000 after buying an additional 42,212 shares during the period. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Analysts Set New Price Targets

Several brokerages have weighed in on SLB. TD Cowen increased their target price on shares of SLB from $55.00 to $66.00 and gave the stock a “buy” rating in a research note on Monday, April 27th. Wall Street Zen lowered shares of SLB from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. BMO Capital Markets increased their target price on shares of SLB from $55.00 to $63.00 and gave the stock an “outperform” rating in a research note on Monday, April 27th. Evercore reaffirmed an “outperform” rating and set a $64.00 target price on shares of SLB in a research note on Monday, April 27th. Finally, Royal Bank Of Canada reaffirmed an “outperform” rating and set a $61.00 target price on shares of SLB in a research note on Monday, April 27th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, the company presently has an average rating of “Moderate Buy” and an average target price of $60.67.

Insider Buying and Selling

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of the firm’s stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director La Chevardiere Patrick De sold 2,000 shares of the firm’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 transaction of $108,660.00. Following the sale, the director directly owned 16,953 shares in the company, valued at approximately $921,056.49. The trade was a 10.55% decrease in their position. The SEC filing for this sale provides additional information. 0.16% of the stock is currently owned by company insiders.

SLB Stock Up 0.0%

SLB stock opened at $56.03 on Friday. 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 twelve month low of $31.64 and a twelve month high of $58.82. The company’s 50 day moving average is $54.64 and its two-hundred day moving average is $48.51. The stock has a market cap of $83.76 billion, a P/E ratio of 24.47, a PEG ratio of 2.27 and a beta of 0.70.

SLB (NYSE:SLB) last released its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. SLB had a net margin of 9.26% and a return on equity of 15.54%. The company had revenue of $8.72 billion for the quarter, compared to analysts’ expectations of $8.76 billion. During the same quarter last year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was up 2.7% on a year-over-year basis. Research analysts expect that SLB Limited will post 2.62 earnings per share for the current fiscal year.

SLB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be issued a dividend of $0.295 per share. 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 dividend payout ratio (DPR) is presently 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.