Kornitzer Capital Management Inc. KS Has $61.88 Million Holdings in SLB Limited $SLB

Kornitzer Capital Management Inc. KS lowered its stake in shares of SLB Limited (NYSE:SLB) by 13.2% during the first quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 1,204,204 shares of the oil and gas company’s stock after selling 183,611 shares during the quarter. SLB comprises approximately 1.3% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 16th largest holding. Kornitzer Capital Management Inc. KS owned 0.08% of SLB worth $61,884,000 as of its most recent SEC filing.

Several other large investors have also recently bought and sold shares of SLB. Costello Asset Management INC lifted its position in SLB by 93.3% in the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 280 shares during the period. MV Capital Management Inc. bought a new stake in SLB in the 4th quarter valued at $28,000. Sound Income Strategies LLC increased its holdings in SLB by 71.1% in the 1st quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company’s stock valued at $39,000 after buying an additional 324 shares during the period. Steph & Co. increased its holdings in SLB by 97.5% in the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 394 shares during the period. Finally, Strategic Wealth Advisors LLC acquired a new position in shares of SLB in the 4th quarter valued at $30,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several brokerages have recently weighed in on SLB. Morgan Stanley set a $57.00 target price on shares of SLB in a research report on Monday, April 27th. Weiss Ratings lowered shares of SLB from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. JPMorgan Chase & Co. raised their price target on shares of SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Susquehanna decreased their price objective on SLB from $65.00 to $55.00 and set a “positive” rating on the stock in a report on Wednesday. Finally, Raymond James Financial lowered their price objective on SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the stock. According to MarketBeat, the stock currently has a consensus rating of “Moderate Buy” and an average target price of $59.80.

SLB Price Performance

Shares of SLB traded up $0.52 during mid-day trading on Friday, hitting $47.76. 7,573,217 shares of the company traded hands, compared to its average volume of 16,109,240. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $71.40 billion, a price-to-earnings ratio of 20.85, a PEG ratio of 1.91 and a beta of 0.72. The business has a 50-day moving average of $52.65 and a 200 day moving average of $49.90. SLB Limited has a one year low of $31.64 and a one year high of $58.82.

SLB (NYSE:SLB) last issued its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The business had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.76 billion. During the same quarter in the prior year, the firm posted $0.72 earnings per share. The firm’s revenue for the quarter was up 2.7% compared to the same quarter last year. As a group, equities analysts expect that SLB Limited will post 2.6 earnings per share for the current fiscal year.

SLB Dividend Announcement

The company also recently declared a quarterly dividend, which was paid on Thursday, July 9th. Stockholders of record on Wednesday, June 3rd were given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend was Wednesday, June 3rd. SLB’s dividend payout ratio (DPR) is currently 51.53%.

Insiders Place Their Bets

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s stock in a transaction 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 owned 16,953 shares of the company’s stock, valued at approximately $921,056.49. This trade represents a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through this link. Also, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction dated 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 transaction, the executive vice president 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. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% 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.