Canandaigua National Bank & Trust Co. Takes Position in SLB Limited $SLB

Canandaigua National Bank & Trust Co. bought a new stake in SLB Limited (NYSE:SLB) in the 2nd quarter, Holdings Channel.com reports. The fund bought 56,826 shares of the oil and gas company’s stock, valued at approximately $2,642,000.

Other large investors have also recently added to or reduced their stakes in the company. Abel Hall LLC boosted its stake in SLB by 2.7% in the 1st quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company’s stock worth $387,000 after buying an additional 198 shares during the last quarter. Private Wealth Asset Management LLC lifted its holdings in shares of SLB by 4.1% during the 4th quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company’s stock worth $193,000 after acquiring an additional 200 shares during the period. Capital Advisors Ltd. LLC lifted its holdings in shares of SLB by 9.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 2,503 shares of the oil and gas company’s stock worth $129,000 after acquiring an additional 214 shares during the period. Ballentine Partners LLC boosted its position in shares of SLB by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 10,288 shares of the oil and gas company’s stock worth $395,000 after acquiring an additional 218 shares during the last quarter. Finally, Davis Capital Management boosted its position in shares of SLB by 1.0% in the first quarter. Davis Capital Management now owns 21,968 shares of the oil and gas company’s stock worth $1,129,000 after acquiring an additional 220 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Wall Street Analyst Weigh In

A number of equities research analysts recently issued reports on SLB shares. TD Cowen boosted their target price on shares of SLB from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 27th. Morgan Stanley increased their price target on shares of SLB from $54.00 to $55.00 and gave the stock an “overweight” rating in a research note on Monday, July 27th. Wolfe Research started coverage on shares of SLB in a report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price target on the stock. JPMorgan Chase & Co. boosted 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. Finally, BMO Capital Markets upped their price objective on SLB from $59.00 to $63.00 and gave the stock an “outperform” rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. According to MarketBeat.com, SLB has an average rating of “Moderate Buy” and an average target price of $61.35.

SLB Stock Up 3.2%

Shares of NYSE:SLB opened at $50.87 on Wednesday. The stock has a 50-day simple moving average of $50.12 and a 200-day simple moving average of $50.85. The stock has a market capitalization of $75.49 billion, a P/E ratio of 24.57, a PEG ratio of 3.26 and a beta of 0.73. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44.

SLB (NYSE:SLB) last posted its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, beating 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 firm had revenue of $8.97 billion for the quarter, compared to analyst estimates of $8.67 billion. During the same quarter last year, the firm posted $0.74 earnings per share. SLB’s revenue for the quarter was up 5.0% compared to the same quarter last year. Equities analysts forecast that SLB Limited will post 2.5 earnings per share for the current year.

SLB Dividend Announcement

The firm also recently declared 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 dividend on an annualized basis and a yield of 2.3%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB’s dividend payout ratio is 57.00%.

Insider Transactions at SLB

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $54.33, for a total value of $108,660.00. Following the transaction, the director directly owned 16,953 shares of the company’s stock, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is available through this hyperlink. Corporate insiders own 0.16% of the company’s stock.

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.