Boothe Investment Group Inc. Sells 35,682 Shares of SLB Limited $SLB

Boothe Investment Group Inc. lessened its stake in SLB Limited (NYSE:SLB) by 22.5% in the 2nd quarter, HoldingsChannel reports. The institutional investor owned 123,068 shares of the oil and gas company’s stock after selling 35,682 shares during the quarter. SLB makes up approximately 1.8% of Boothe Investment Group Inc.’s investment portfolio, making the stock its 21st largest position. Boothe Investment Group Inc.’s holdings in SLB were worth $5,721,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also made changes to their positions in SLB. Evergreen Advisors LLC bought a new stake in SLB during the first quarter worth $26,000. MV Capital Management Inc. acquired a new stake in SLB in the fourth quarter valued at $28,000. Strategic Wealth Advisors LLC bought a new position in shares of SLB in the 4th quarter valued at about $30,000. Costello Asset Management INC grew its position in shares of SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock valued at $30,000 after acquiring an additional 280 shares during the period. Finally, Steph & Co. increased its stake in shares of 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 during the last quarter. 81.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of equities research analysts have recently issued reports on the stock. BMO Capital Markets upped their target price on shares of SLB from $59.00 to $63.00 and gave the company an “outperform” rating in a report on Monday, July 27th. Raymond James Financial lowered their price target on SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Wolfe Research initiated coverage on SLB in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price objective on the stock. UBS Group cut their price objective on SLB from $69.00 to $66.00 and set a “buy” rating for the company in a research report on Wednesday, July 1st. Finally, JPMorgan Chase & Co. raised their price objective on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have given a Sell rating to the company’s stock. According to MarketBeat, the company currently has an average rating of “Moderate Buy” and a consensus price target of $61.35.

SLB Price Performance

Shares of SLB opened at $52.66 on Thursday. The company’s 50-day moving average is $49.67 and its 200-day moving average is $51.04. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The firm has a market capitalization of $78.15 billion, a PE ratio of 25.44, a PEG ratio of 3.54 and a beta of 0.73. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82.

SLB (NYSE:SLB) last announced its 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 the consensus estimate of $8.67 billion. During the same quarter in the previous year, the firm posted $0.74 EPS. SLB’s revenue was up 5.0% compared to the same quarter last year. Equities analysts forecast that SLB Limited will post 2.5 EPS for the current year.

SLB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB’s payout ratio is currently 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.