Daiichi Life Insurance Co. Ltd. Reduces Holdings in SLB Limited $SLB

Daiichi Life Insurance Co. Ltd. decreased its position in shares of SLB Limited (NYSE:SLB) by 28.8% during the second quarter, HoldingsChannel reports. The fund owned 49,345 shares of the oil and gas company’s stock after selling 20,000 shares during the quarter. Daiichi Life Insurance Co. Ltd.’s holdings in SLB were worth $2,294,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also made changes to their positions in the company. Bank of New York Mellon Corp purchased a new position in shares of SLB during the 2nd quarter worth about $1,339,567,000. Norges Bank bought a new position in SLB during the 4th quarter valued at about $809,557,000. Wellington Management Group LLP raised its position in SLB by 50.6% in the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after purchasing an additional 5,589,585 shares during the period. State Street Corp raised its position in SLB by 7.0% in the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after purchasing an additional 5,466,786 shares during the period. Finally, Capital International Investors lifted its stake in SLB by 86.9% in the fourth quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock worth $446,247,000 after purchasing an additional 5,404,948 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Price Performance

NYSE SLB opened at $53.90 on Monday. 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 company has a market cap of $80.00 billion, a PE ratio of 26.04, a P/E/G ratio of 3.55 and a beta of 0.73. The firm’s 50 day moving average price is $49.30 and its 200-day moving average price is $51.26. SLB Limited has a 52-week low of $31.64 and a 52-week high of $58.82.

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, 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 business had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the firm posted $0.74 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. Sell-side analysts forecast that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Announces Dividend

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

Wall Street Analyst Weigh In

SLB has been the subject of several recent analyst reports. Piper Sandler boosted their target price on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. Zacks Research downgraded SLB from a “hold” rating to a “strong sell” rating in a report on Monday, July 27th. Morgan Stanley boosted their price objective on SLB from $54.00 to $55.00 and gave the company an “overweight” rating in a report on Monday, July 27th. TD Cowen upped their price objective on SLB from $62.00 to $64.00 and gave the company a “buy” rating in a research report on Monday, July 27th. Finally, Evercore reaffirmed an “outperform” rating and issued a $66.00 price objective on shares of SLB in a research report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat.com, SLB presently has an average rating of “Moderate Buy” and a consensus price target of $61.35.

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.