383,301 SLB Limited $SLB Shares Purchased by Allspring Global Investments Holdings LLC

Key Points

• Allspring Global Investments increased its SLB stake by 33.1% in the third quarter, buying 383,301 shares to bring its holding to 1.54 million shares, valued at about $75 million.
• SLB beat quarterly estimates, reporting EPS of $0.64 versus $0.62 expected and revenue of $9.45 billion versus $9.27 billion; revenue rose 5.8% year over year.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $61.63. SLB also announced a quarterly dividend of $0.295 per share, or $1.18 annualized.

Allspring Global Investments Holdings LLC boosted its position in shares of SLB Limited (NYSE:SLB - Free Report) by 33.1% during the third quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The firm owned 1,542,043 shares of the oil and gas company's stock after acquiring an additional 383,301 shares during the period. Allspring Global Investments Holdings LLC owned 0.10% of SLB worth $75,036,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in the company. State Street Corp grew its stake in SLB by 0.8% during the second quarter. State Street Corp now owns 91,222,641 shares of the oil and gas company's stock valued at $4,267,269,000 after acquiring an additional 722,060 shares in the last quarter. First Eagle Investment Management LLC lifted its stake in SLB by 1.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company's stock worth $1,344,199,000 after purchasing an additional 537,566 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in SLB in the 2nd quarter worth $1,339,567,000. Amundi boosted its holdings in shares of SLB by 15.8% during the 2nd quarter. Amundi now owns 19,815,245 shares of the oil and gas company's stock valued at $921,211,000 after purchasing an additional 2,698,766 shares during the last quarter. Finally, Dimensional Fund Advisors LP boosted its holdings in shares of SLB by 1.1% during the 1st quarter. Dimensional Fund Advisors LP now owns 15,901,998 shares of the oil and gas company's stock valued at $817,246,000 after purchasing an additional 169,468 shares during the last quarter. Institutional investors own 81.99% of the company's stock.

Wall Street Analyst Weigh In

A number of equities analysts recently commented on SLB shares. UBS Group dropped their price target on SLB from $75.00 to $70.00 and set a "buy" rating for the company in a research note on Monday, October 26th. Zacks Research raised SLB from a "strong sell" rating to a "hold" rating in a research note on Tuesday, August 25th. Morgan Stanley lifted their price objective on SLB from $54.00 to $55.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Capital One Financial decreased their price objective on SLB from $64.00 to $63.00 and set an "overweight" rating on the stock in a report on Tuesday, August 18th. Finally, Sanford C. Bernstein reiterated an "outperform" rating on shares of SLB in a research report on Tuesday, September 1st. Twenty-three investment analysts have rated the stock with a Buy rating, four have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $61.63.

Insider Buying and Selling at SLB

In other SLB news, CAO Howard Guild sold 10,047 shares of the company's stock in a transaction on Thursday, October 29th. The stock was sold at an average price of $53.65, for a total value of $539,021.55. Following the completion of the sale, the chief accounting officer directly owned 12,845 shares in the company, valued at approximately $689,134.25. This represents a 43.89% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, insider Dianne B. Ralston sold 20,986 shares of the stock in a transaction on Friday, October 30th. The stock was sold at an average price of $53.57, for a total value of $1,124,220.02. Following the transaction, the insider directly owned 205,053 shares in the company, valued at $10,984,689.21. The trade was a 9.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company's stock.

SLB Trading Up 0.9%

Shares of SLB opened at $50.36 on Tuesday. The company's fifty day simple moving average is $52.07 and its 200-day simple moving average is $51.49. The company has a market cap of $74.34 billion, a P/E ratio of 20.71, a P/E/G ratio of 2.86 and a beta of 0.80. The company has a current ratio of 1.39, a quick ratio of 1.02 and a debt-to-equity ratio of 0.41. SLB Limited has a twelve month low of $34.65 and a twelve month high of $60.46.

SLB (NYSE:SLB - Get Free Report) last issued its earnings results on Friday, October 23rd. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.62 by $0.02. The firm had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.27 billion. SLB had a net margin of 8.40% and a return on equity of 13.77%. The business's revenue was up 5.8% on a year-over-year basis. During the same period in the previous year, the firm earned $0.69 earnings per share. As a group, analysts expect that SLB Limited will post 2.46 EPS for the current year.

SLB Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Wednesday, December 2nd will be paid a $0.2950 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.18 annualized dividend and a yield of 2.3%. SLB's dividend payout ratio is 57.28%.

SLB Profile

SLB NYSE: SLB, formerly known as Schlumberger, is a global technology company serving the energy industry. Founded in 1926, the company adopted the SLB name in 2022 and provides technologies and services across the energy value chain.

Its offerings include subsurface evaluation, drilling and well-construction services, production systems, and digital tools that help customers plan and manage energy projects. SLB also develops solutions for areas such as carbon capture and storage, geothermal energy, and lithium production.

Headquartered in Houston, Texas, SLB serves customers in energy-producing regions around the world.

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