Glenmede Trust Co. NA Lowers Position in SLB Limited $SLB

Glenmede Trust Co. NA lowered its position in SLB Limited (NYSE:SLB) by 23.5% in the 1st quarter, according to its most recent 13F filing with the SEC. The institutional investor owned 51,796 shares of the oil and gas company’s stock after selling 15,917 shares during the period. Glenmede Trust Co. NA’s holdings in SLB were worth $2,662,000 as of its most recent SEC filing.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Evergreen Advisors LLC purchased a new position in SLB during the first quarter valued at $26,000. Costello Asset Management INC boosted its stake in SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock worth $30,000 after acquiring an additional 280 shares in the last quarter. MV Capital Management Inc. bought a new position in shares of SLB during the fourth quarter valued at approximately $28,000. Sound Income Strategies LLC lifted its holdings in shares of SLB by 71.1% during the first quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company’s stock valued at $39,000 after purchasing an additional 324 shares during the last quarter. Finally, Steph & Co. boosted its position in shares of SLB by 97.5% in the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company’s stock worth $31,000 after purchasing an additional 394 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insider Buying and Selling

In other news, Director La Chevardiere Patrick De sold 2,000 shares of the stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $54.33, for a total transaction of $108,660.00. Following the transaction, the director directly owned 16,953 shares in the company, valued at approximately $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. 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.

SLB Price Performance

SLB stock opened at $50.87 on Wednesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The stock has a market cap of $75.49 billion, a price-to-earnings ratio of 24.57, a price-to-earnings-growth ratio of 3.26 and a beta of 0.73. The firm has a 50-day moving average of $50.12 and a two-hundred day moving average of $50.85. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82.

SLB (NYSE:SLB) last posted its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company’s revenue was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.74 earnings per share. On average, research analysts forecast that SLB Limited will post 2.5 earnings per share for the current year.

SLB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, September 2nd. SLB’s dividend payout ratio is presently 57.00%.

Wall Street Analyst Weigh In

SLB has been the subject of a number of analyst reports. Stifel Nicolaus lifted their price objective on SLB from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Piper Sandler increased their price objective on shares of SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Susquehanna upped their target price on shares of SLB from $55.00 to $62.00 and gave the stock a “positive” rating in a research note on Monday, July 27th. Morgan Stanley raised their price target on shares of SLB from $54.00 to $55.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Finally, Zacks Research lowered SLB from a “hold” rating to a “strong sell” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and a consensus price target of $61.35.

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.