Great Lakes Advisors LLC Decreases Stake in SLB Limited $SLB

Great Lakes Advisors LLC cut its holdings in shares of SLB Limited (NYSE:SLB) by 12.7% in the 2nd quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 1,451,300 shares of the oil and gas company’s stock after selling 212,048 shares during the period. Great Lakes Advisors LLC owned about 0.10% of SLB worth $67,471,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the business. Brighton Jones LLC boosted its holdings in SLB by 21.4% in the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company’s stock valued at $253,000 after purchasing an additional 1,166 shares during the last quarter. Bison Wealth LLC purchased a new stake in SLB during the 4th quarter worth approximately $238,000. Marshall Wace LLP acquired a new position in shares of SLB in the 2nd quarter valued at approximately $8,628,000. Nebula Research & Development LLC boosted its stake in shares of SLB by 76.0% during the 2nd quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company’s stock valued at $824,000 after buying an additional 10,522 shares during the last quarter. Finally, Diversify Advisory Services LLC boosted its stake in shares of SLB by 7.6% during the 2nd quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company’s stock valued at $373,000 after buying an additional 799 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

A number of brokerages recently issued reports on SLB. Wolfe Research initiated coverage on shares of SLB in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price target for the company. Evercore reissued an “outperform” rating and set a $66.00 price objective on shares of SLB in a report on Monday, July 27th. Susquehanna boosted their target price on shares of SLB from $55.00 to $62.00 and gave the stock a “positive” rating in a research report on Monday, July 27th. Piper Sandler increased their price target on shares of SLB from $59.00 to $64.00 and gave the stock an “overweight” rating in a research report on Monday, July 27th. Finally, UBS Group decreased their price target on SLB from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.35.

SLB Stock Performance

SLB stock opened at $53.30 on Wednesday. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82. The stock has a market capitalization of $79.10 billion, a price-to-earnings ratio of 25.75, a PEG ratio of 3.55 and a beta of 0.73. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. The stock’s fifty day moving average is $49.42 and its two-hundred day moving average is $51.15.

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

SLB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be given a $0.295 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.2%. SLB’s dividend payout ratio is 57.00%.

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.