Kornitzer Capital Management Inc. KS Sells 183,611 Shares of SLB Limited $SLB

Kornitzer Capital Management Inc. KS lessened its stake in SLB Limited (NYSE:SLB) by 13.2% in the 1st quarter, Holdings Channel reports. The institutional investor owned 1,204,204 shares of the oil and gas company’s stock after selling 183,611 shares during the quarter. SLB accounts for 1.3% of Kornitzer Capital Management Inc. KS’s holdings, making the stock its 16th biggest position. Kornitzer Capital Management Inc. KS’s holdings in SLB were worth $61,884,000 at the end of the most recent quarter.

Several other large investors also recently made changes to their positions in SLB. MV Capital Management Inc. acquired a new stake in shares of SLB during the fourth quarter worth $28,000. Strategic Wealth Advisors LLC acquired a new position in SLB in the 4th quarter worth $30,000. Costello Asset Management INC boosted its stake in SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock worth $30,000 after purchasing an additional 280 shares during the period. Thurston Springer Miller Herd & Titak Inc. bought a new position in SLB during the 4th quarter worth about $31,000. Finally, Steph & Co. increased its holdings in SLB by 97.5% during 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. Institutional investors own 81.99% of the company’s stock.

Wall Street Analyst Weigh In

Several analysts have issued reports on SLB shares. Weiss Ratings downgraded SLB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. Stifel Nicolaus increased their price objective on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. JPMorgan Chase & Co. lifted their target price on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Wolfe Research started coverage on SLB in a research report on Wednesday. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, Wall Street Zen cut SLB from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat, SLB has an average rating of “Moderate Buy” and an average price target of $59.80.

Insider Activity at SLB

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the business’s stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $54.33, for a total transaction of $108,660.00. Following the transaction, the director owned 16,953 shares of the company’s stock, valued at $921,056.49. The trade was a 10.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steve Matthew Gassen sold 53,379 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total value of $2,998,832.22. Following the sale, the executive vice president owned 47,421 shares in the company, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their position. The disclosure for this sale is available in the SEC filing. Corporate insiders own 0.16% of the company’s stock.

SLB Stock Up 1.1%

SLB stock traded up $0.52 during midday trading on Friday, hitting $47.76. The company’s stock had a trading volume of 7,573,217 shares, compared to its average volume of 16,109,240. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.98. SLB Limited has a twelve month low of $31.64 and a twelve month high of $58.82. The company’s fifty day moving average price is $52.65 and its 200 day moving average price is $49.90. The stock has a market capitalization of $71.40 billion, a P/E ratio of 20.85, a PEG ratio of 1.91 and a beta of 0.72.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The company had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The company’s quarterly revenue was up 2.7% on a year-over-year basis. During the same period in the prior year, the business posted $0.72 EPS. As a group, equities research analysts predict that SLB Limited will post 2.6 EPS for the current year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd were issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.5%. The ex-dividend date was Wednesday, June 3rd. SLB’s dividend payout ratio is presently 51.53%.

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.