Foster Group Inc. Makes New Investment in SLB Limited $SLB

Foster Group Inc. bought a new position in shares of SLB Limited (NYSE:SLB) in the second quarter, HoldingsChannel reports. The firm bought 11,703 shares of the oil and gas company’s stock, valued at approximately $544,000.

Several other hedge funds have also modified their holdings of SLB. Norges Bank acquired a new position in SLB during the fourth quarter worth $809,557,000. Bank of New York Mellon Corp boosted its position in shares of SLB by 56.8% during the 1st quarter. Bank of New York Mellon Corp now owns 24,615,243 shares of the oil and gas company’s stock worth $1,264,977,000 after purchasing an additional 8,918,412 shares in the last quarter. Wellington Management Group LLP boosted its position in shares of SLB by 50.6% during the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after purchasing an additional 5,589,585 shares in the last quarter. State Street Corp grew its stake in shares of SLB by 7.0% during the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after purchasing an additional 5,466,786 shares during the period. Finally, Capital International Investors grew its stake in shares of SLB by 86.9% during the 4th quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock worth $446,247,000 after purchasing an additional 5,404,948 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLB has been the subject of several recent analyst reports. JPMorgan Chase & Co. raised their price objective on shares of SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. UBS Group lowered their target price on shares of SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. Citigroup dropped their target price on shares of SLB from $68.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Royal Bank Of Canada reiterated an “outperform” rating and set a $61.00 price target on shares of SLB in a research report on Tuesday, June 16th. Finally, Zacks Research lowered SLB from a “hold” rating to a “strong sell” rating in a research note on Monday, July 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to data from MarketBeat, the stock presently has an average rating of “Moderate Buy” and a consensus price target of $61.35.

SLB Price Performance

Shares of NYSE SLB opened at $51.52 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. The company’s 50-day moving average price is $49.92 and its 200 day moving average price is $50.91. SLB Limited has a 52 week low of $31.64 and a 52 week high of $58.82. The stock has a market cap of $76.46 billion, a price-to-earnings ratio of 24.89, a PEG ratio of 3.30 and a beta of 0.73.

SLB (NYSE:SLB) last announced its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company had revenue of $8.97 billion during the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter in the previous year, the business posted $0.74 earnings per share. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. As a group, research analysts forecast that SLB Limited will post 2.5 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, October 8th. Investors of record on Wednesday, September 2nd will be given a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 2nd. SLB’s payout ratio is currently 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.