DAVENPORT & Co LLC Increases Position in SLB Limited $SLB

DAVENPORT & Co LLC increased its holdings in SLB Limited (NYSE:SLB) by 20.1% during the 2nd quarter, according to the company in its most recent disclosure with the SEC. The institutional investor owned 2,376,295 shares of the oil and gas company’s stock after acquiring an additional 398,064 shares during the quarter. DAVENPORT & Co LLC’s holdings in SLB were worth $110,397,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently bought and sold shares of the company. Evergreen Advisors LLC acquired a new position in SLB during the 1st quarter worth $26,000. Costello Asset Management INC raised its stake in shares of SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 280 shares in the last quarter. Arlington Trust Co LLC raised its stake in shares of SLB by 66.5% in the 2nd quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 280 shares in the last quarter. MV Capital Management Inc. bought a new position in shares of SLB during the fourth quarter worth about $28,000. Finally, Sound Income Strategies LLC lifted its position 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 worth $39,000 after purchasing an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Analyst Upgrades and Downgrades

Several brokerages recently weighed in on SLB. Citigroup lowered their price objective on SLB from $68.00 to $63.00 and set a “buy” rating for the company in a report on Wednesday, July 1st. Stifel Nicolaus increased their target price on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Raymond James Financial decreased their target price on SLB from $62.00 to $61.00 and set an “outperform” rating for the company in a research report on Friday, July 10th. Morgan Stanley boosted their price target on SLB from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Finally, Piper Sandler upped their price target on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research report 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 assigned a Hold rating and two have given a Sell rating to the company’s stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $61.35.

SLB Stock Down 1.9%

SLB opened at $52.66 on Thursday. The stock’s 50 day moving average price is $49.67 and its 200 day moving average price is $51.04. 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 $78.15 billion, a P/E ratio of 25.44, a P/E/G ratio of 3.54 and a beta of 0.73. SLB Limited has a 12 month low of $31.64 and a 12 month high of $58.82.

SLB (NYSE:SLB) last announced its quarterly 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 return on equity of 14.05% and a net margin of 8.53%.The company had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. The firm’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, research analysts predict that SLB Limited will post 2.5 earnings per share for the current 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 paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB’s payout ratio is currently 57.00%.

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.