Wellington Management Group LLP Cuts Stake in SLB Limited $SLB

Wellington Management Group LLP lessened its position in SLB Limited (NYSE:SLB) by 5.9% in the 2nd quarter, according to its most recent filing with the SEC. The firm owned 12,351,512 shares of the oil and gas company’s stock after selling 779,552 shares during the period. Wellington Management Group LLP owned approximately 0.83% of SLB worth $574,222,000 at the end of the most recent reporting period.

Other institutional investors and hedge funds have also made changes to their positions in the company. State Street Corp lifted its position in SLB by 1.0% in the fourth quarter. State Street Corp now owns 84,417,217 shares of the oil and gas company’s stock valued at $3,263,998,000 after purchasing an additional 799,218 shares during the period. Charles Schwab Investment Management Inc. increased its position in SLB by 2.8% during the 4th quarter. Charles Schwab Investment Management Inc. now owns 54,006,438 shares of the oil and gas company’s stock worth $2,072,844,000 after purchasing an additional 1,458,650 shares during the period. Morgan Stanley raised its stake in shares of SLB by 1.3% during the 4th quarter. Morgan Stanley now owns 37,095,243 shares of the oil and gas company’s stock worth $1,423,716,000 after buying an additional 482,533 shares in the last quarter. Geode Capital Management LLC raised its stake in shares of SLB by 1.5% during the 4th quarter. Geode Capital Management LLC now owns 33,840,883 shares of the oil and gas company’s stock worth $1,292,993,000 after buying an additional 510,747 shares in the last quarter. Finally, Bank of New York Mellon Corp acquired a new stake in shares of SLB in the 2nd quarter valued at approximately $1,339,567,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Analysts Set New Price Targets

A number of research analysts recently weighed in on SLB shares. Wolfe Research initiated coverage on SLB in a report on Wednesday, July 8th. They set an “outperform” rating and a $62.00 price objective on the stock. TD Cowen raised their target price on SLB from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 27th. UBS Group lowered their price target on shares of SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a research note on Wednesday, July 1st. Zacks Research upgraded shares of SLB from a “strong sell” rating to a “hold” rating in a research note on Tuesday, August 25th. Finally, Morgan Stanley boosted their price objective on shares of SLB from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Stock Performance

NYSE:SLB opened at $57.40 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $85.19 billion, a P/E ratio of 27.73, a price-to-earnings-growth ratio of 3.78 and a beta of 0.73. The firm has a 50-day moving average price of $49.70 and a two-hundred day moving average price of $51.41. SLB Limited has a twelve month low of $31.64 and a twelve month 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 for the quarter, compared to analyst estimates of $8.67 billion. During the same period in the prior year, the business earned $0.74 earnings per share. The company’s quarterly revenue was up 5.0% on a year-over-year basis. As a group, research analysts expect that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

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 given a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.1%. SLB’s dividend payout ratio (DPR) is presently 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.