OFI Invest Asset Management Cuts Holdings in SLB Limited $SLB

OFI Invest Asset Management decreased its stake in SLB Limited (NYSE:SLB) by 28.5% during the second quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The fund owned 618,193 shares of the oil and gas company’s stock after selling 246,868 shares during the period. OFI Invest Asset Management’s holdings in SLB were worth $28,740,000 at the end of the most recent quarter.

Several other institutional investors and hedge funds have also recently made changes to their positions in SLB. Evergreen Advisors LLC purchased a new position in SLB in the first quarter worth $26,000. MV Capital Management Inc. bought a new position in SLB in the fourth quarter valued at $28,000. Strategic Wealth Advisors LLC purchased a new stake in SLB during the fourth quarter valued at about $30,000. Costello Asset Management INC raised its position in SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 280 shares in the last quarter. Finally, Lloyd Advisory Services LLC. bought a new stake in SLB during the fourth quarter worth about $31,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Analyst Ratings Changes

A number of equities analysts have recently issued reports on the company. Weiss Ratings reiterated a “hold (c)” rating on shares of SLB in a report on Monday, August 3rd. Wolfe Research started coverage on SLB in a report on Wednesday, July 8th. They set an “outperform” rating and a $62.00 price objective on the stock. Stifel Nicolaus boosted their target price on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Evercore reaffirmed an “outperform” rating and issued a $66.00 target price on shares of SLB in a research note on Monday, July 27th. Finally, Susquehanna increased their price target on shares of SLB from $55.00 to $62.00 and gave the company a “positive” rating 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 issued a Hold rating and two have issued a Sell rating to the company’s stock. According to MarketBeat.com, SLB presently has an average rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Stock Performance

NYSE SLB opened at $51.99 on Friday. The company has a 50-day simple moving average of $49.54 and a two-hundred day simple moving average of $51.07. SLB Limited has a 12-month low of $31.64 and a 12-month high of $58.82. The firm has a market cap of $77.16 billion, a price-to-earnings ratio of 25.12, a PEG ratio of 3.47 and a beta of 0.73. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41.

SLB (NYSE:SLB) last released its quarterly earnings data 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 return on equity of 14.05% and a net margin of 8.53%.The firm had revenue of $8.97 billion for the quarter, compared to the consensus estimate of $8.67 billion. During the same quarter in the previous year, the business earned $0.74 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. On average, equities analysts forecast that SLB Limited will post 2.5 EPS for the current year.

SLB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be paid a $0.295 dividend. 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 payout ratio is 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.