Patten & Patten Inc. TN Reduces Stock Position in SLB Limited $SLB

Patten & Patten Inc. TN lessened its stake in SLB Limited (NYSE:SLB) by 13.1% in the 2nd quarter, HoldingsChannel.com reports. The institutional investor owned 7,532 shares of the oil and gas company’s stock after selling 1,140 shares during the period. Patten & Patten Inc. TN’s holdings in SLB were worth $255,000 as of its most recent filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds have also modified their holdings of the company. Generali Asset Management SPA SGR raised its holdings in SLB by 23.0% in the 2nd quarter. Generali Asset Management SPA SGR now owns 222,984 shares of the oil and gas company’s stock worth $7,537,000 after purchasing an additional 41,703 shares during the period. Ritholtz Wealth Management grew its position in SLB by 27.2% in the second quarter. Ritholtz Wealth Management now owns 36,350 shares of the oil and gas company’s stock worth $1,229,000 after acquiring an additional 7,766 shares during the period. Mitchell Mcleod Pugh & Williams Inc. grew its position in SLB by 2.3% in the second quarter. Mitchell Mcleod Pugh & Williams Inc. now owns 16,062 shares of the oil and gas company’s stock worth $543,000 after acquiring an additional 365 shares during the period. AEGON ASSET MANAGEMENT UK Plc grew its position in SLB by 47.8% in the second quarter. AEGON ASSET MANAGEMENT UK Plc now owns 1,063,633 shares of the oil and gas company’s stock worth $35,919,000 after acquiring an additional 343,906 shares during the period. Finally, Boston Trust Walden Corp lifted its stake in SLB by 47.4% during the second quarter. Boston Trust Walden Corp now owns 582,751 shares of the oil and gas company’s stock worth $19,697,000 after purchasing an additional 187,490 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

A number of research firms have weighed in on SLB. Atb Cap Markets upgraded SLB from a “hold” rating to a “strong-buy” rating in a research note on Tuesday, July 1st. Barclays decreased their price objective on shares of SLB from $47.00 to $46.00 and set an “overweight” rating on the stock in a report on Monday, July 21st. JPMorgan Chase & Co. lowered their target price on SLB from $46.00 to $44.00 and set an “overweight” rating on the stock in a report on Monday, June 30th. Piper Sandler lowered their target price on SLB from $42.00 to $41.00 and set a “neutral” rating on the stock in a report on Thursday. Finally, Stifel Nicolaus dropped their target price on shares of SLB from $54.00 to $52.00 and set a “buy” rating for the company in a report on Wednesday, July 16th. Two analysts have rated the stock with a Strong Buy rating, twelve have issued a Buy rating and six have issued a Hold rating to the stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and a consensus price target of $52.00.

Insiders Place Their Bets

In related news, insider Dianne B. Ralston sold 39,727 shares of the company’s stock in a transaction on Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the completion of the sale, the insider directly owned 202,201 shares of the company’s stock, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Company insiders own 0.22% of the company’s stock.

SLB Trading Up 1.0%

Shares of SLB stock opened at $32.88 on Friday. The company has a debt-to-equity ratio of 0.51, a current ratio of 1.31 and a quick ratio of 0.98. SLB Limited has a 1 year low of $31.11 and a 1 year high of $44.97. The company has a market capitalization of $49.11 billion, a P/E ratio of 11.26, a P/E/G ratio of 9.10 and a beta of 0.97. The business has a 50 day moving average price of $34.50 and a 200 day moving average price of $34.65.

SLB (NYSE:SLB) last issued its quarterly earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share for the quarter, topping analysts’ consensus estimates of $0.73 by $0.01. SLB had a return on equity of 20.99% and a net margin of 11.53%.The company had revenue of $8.55 billion for the quarter, compared to analyst estimates of $8.51 billion. During the same quarter in the prior year, the company posted $0.85 EPS. The business’s revenue for the quarter was down 6.5% compared to the same quarter last year. Sell-side analysts anticipate that SLB Limited will post 3.38 EPS for the current fiscal year.

SLB Company Profile

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.