Advisors Capital Management LLC Sells 22,787 Shares of SLB Limited $SLB

Advisors Capital Management LLC decreased its position in shares of SLB Limited (NYSE:SLB - Free Report) by 17.4% during the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 108,453 shares of the oil and gas company's stock after selling 22,787 shares during the quarter. Advisors Capital Management LLC's holdings in SLB were worth $5,042,000 as of its most recent filing with the Securities & Exchange Commission.

Several other institutional investors and hedge funds also recently made changes to their positions in SLB. Evergreen Advisors LLC bought a new stake in SLB in the 1st quarter worth about $26,000. MV Capital Management Inc. purchased a new stake in shares of SLB during the 4th quarter valued at about $28,000. Strategic Wealth Advisors LLC purchased a new stake in shares of SLB during the 4th quarter valued at about $30,000. Costello Asset Management INC grew its stake in shares of SLB by 93.3% in the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 280 shares during the period. Finally, Lloyd Advisory Services LLC. purchased a new position in shares of SLB during the fourth quarter valued at approximately $31,000. Institutional investors own 81.99% of the company's stock.

SLB Stock Up 0.3%

NYSE SLB opened at $53.71 on Friday. SLB Limited has a 52 week low of $31.64 and a 52 week high of $58.82. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41. The company has a market capitalization of $79.71 billion, a P/E ratio of 25.95, a price-to-earnings-growth ratio of 3.53 and a beta of 0.73. The stock's 50-day moving average price is $49.34 and its 200-day moving average price is $51.22.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.04. The firm had revenue of $8.97 billion during the quarter, compared to analysts' expectations of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. During the same period in the prior year, the company posted $0.74 earnings per share. The company's revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities research analysts predict that SLB Limited will post 2.5 earnings per share for the current year.

SLB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be issued a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. SLB's payout ratio is currently 57.00%.

SLB News Roundup

Here are the key news stories impacting SLB this week:

• Positive Sentiment: Venezuela expansion could add meaningful work. SLB is preparing to restart as many as 15 oil rigs in Venezuela and is working with Formentera Partners to reactivate existing equipment or bring in additional rigs. Venezuela also signed agreements with SLB and other companies aimed at increasing oil production, potentially creating new drilling and well-services revenue. SLB Prepares to Restart 15 Oil Rigs in Venezuela SLB, Formentera working to activate drilling rigs in Venezuela Venezuela Signs Deals With SLB and Hunt
• Positive Sentiment: New offshore work in Brunei adds backlog visibility. Shell selected SLB for a production-restoration project offshore Brunei, providing another international contract and reinforcing demand for SLB’s technical services. Shell Taps SLB for Production Restarts offshore Brunei
• Positive Sentiment: Industry spending trends remain supportive. Commentary on rising upstream capital spending and SLB’s EnerCom presentation highlights the potential for increased customer activity, particularly in international and offshore markets. This supports the company’s longer-term revenue outlook. What Could Rising Upstream Spending Mean for SLB SLB Presents at the EnerCom Energy Investment Conference
• Neutral Sentiment: Risks temper the bullish impact. Venezuela projects may face sanctions, operational, payment and political risks, while higher long-term Treasury yields could pressure income-oriented stocks and raise financing costs across the energy sector. Dividend Stocks and Rising Treasury Yields

Analyst Ratings Changes

A number of research firms recently commented on SLB. Evercore reiterated an "outperform" rating and set a $66.00 price objective on shares of SLB in a research report on Monday, July 27th. BMO Capital Markets raised their target price on SLB from $59.00 to $63.00 and gave the stock an "outperform" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. boosted their price target on SLB from $54.00 to $61.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Piper Sandler upped their price target on shares of SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Finally, Citigroup lowered their price objective on shares of SLB from $68.00 to $63.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the stock. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Profile

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.

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