Bank of New York Mellon Corp Acquires 8,918,412 Shares of SLB Limited $SLB

Key Points

• Bank of New York Mellon boosted its SLB stake by 56.8% in the first quarter, buying 8.9 million additional shares and ending with 24.6 million shares worth about $1.26 billion.
• Insiders have been selling stock, including EVP Steve Matthew Gassen and Director Patrick De La Chevardiere, while institutional ownership remains high at 81.99% of shares outstanding.
• SLB is drawing attention for new growth opportunities, especially its partnership with Liberty Energy to supply data center power infrastructure, even as analysts keep a moderate buy outlook with an average price target of $59.65.

Bank of New York Mellon Corp increased its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 56.8% in the first quarter, according to the company in its most recent filing with the SEC. The institutional investor owned 24,615,243 shares of the oil and gas company's stock after purchasing an additional 8,918,412 shares during the quarter. Bank of New York Mellon Corp owned 1.65% of SLB worth $1,264,977,000 as of its most recent filing with the SEC.

Several other hedge funds have also recently bought and sold shares of SLB. Abel Hall LLC raised its holdings in shares of SLB by 2.7% during the first quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company's stock worth $387,000 after acquiring an additional 198 shares during the period. Private Wealth Asset Management LLC boosted its stake in SLB by 4.1% in the 4th quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company's stock worth $193,000 after purchasing an additional 200 shares during the period. Capital Advisors Ltd. LLC increased its holdings in SLB by 9.3% during the 1st quarter. Capital Advisors Ltd. LLC now owns 2,503 shares of the oil and gas company's stock worth $129,000 after purchasing an additional 214 shares in the last quarter. Ballentine Partners LLC increased its holdings in SLB by 2.2% during the 4th quarter. Ballentine Partners LLC now owns 10,288 shares of the oil and gas company's stock worth $395,000 after purchasing an additional 218 shares in the last quarter. Finally, Davis Capital Management increased its holdings in SLB by 1.0% during the 1st quarter. Davis Capital Management now owns 21,968 shares of the oil and gas company's stock worth $1,129,000 after purchasing an additional 220 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Insiders Place Their Bets

In related news, EVP Steve Matthew Gassen sold 53,379 shares of the business's stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the transaction, the executive vice president directly owned 47,421 shares in the company, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The sale was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, Director La Chevardiere Patrick De sold 2,000 shares of the company's stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $54.33, for a total transaction of $108,660.00. Following the sale, the director directly owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

A number of analysts have recently commented on SLB shares. BMO Capital Markets boosted their price target on SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Raymond James Financial decreased their price objective on SLB from $62.00 to $61.00 and set an "outperform" rating for the company in a report on Friday, July 10th. Susquehanna dropped their target price on SLB from $65.00 to $55.00 and set a "positive" rating on the stock in a research report on Wednesday, July 8th. Sanford C. Bernstein boosted their target price on SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Finally, Jefferies Financial Group reaffirmed a "buy" rating and set a $65.00 price target on shares of SLB in a research report on Sunday, April 26th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $59.65.

SLB News Summary

Here are the key news stories impacting SLB this week:

• Positive Sentiment: The Liberty Energy partnership opens a potential new revenue stream for SLB in AI data center infrastructure and power, expanding the company beyond traditional oilfield services. SLB partners with Liberty Energy to supply modular parts, power to data centers
• Positive Sentiment: SLB said it has already shipped more than 1.3 gigawatts of data center infrastructure since April 2024, with cumulative deliveries expected to exceed 2 gigawatts by the end of 2026, suggesting growing traction in this business line. SLB, Liberty Energy to Form Strategic Alliance for Data Center Infrastructure and Power
• Neutral Sentiment: Recent commentary says SLB still looks undervalued on some fair-value and discounted cash flow measures, which may support the stock, but that view depends on execution and investor confidence in the new data-center strategy. SLB (SLB) Stock Still Trades At A Discount To Fair Value
• Neutral Sentiment: SLB also won a Baleine Phase 3 EPC contract, which adds to subsea backlog and reinforces offshore growth, but this is more of a steady operational win than a major near-term catalyst. SLB Wins Multi-Well EPC Contract for the Baleine Phase 3 Development

SLB Trading Up 0.1%

SLB stock opened at $47.56 on Thursday. The company has a market cap of $71.11 billion, a price-to-earnings ratio of 20.77, a P/E/G ratio of 1.93 and a beta of 0.72. The firm has a 50-day moving average of $52.14 and a 200-day moving average of $50.18. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.98. SLB Limited has a one year low of $31.64 and a one year high of $58.82.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm had revenue of $8.72 billion during the quarter, compared to analysts' expectations of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The business's quarterly revenue was up 2.7% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.72 earnings per share. On average, equities analysts expect that SLB Limited will post 2.58 earnings per share for the current fiscal year.

SLB Announces Dividend

The company also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd were paid a $0.295 dividend. The ex-dividend date of this dividend was Wednesday, June 3rd. This represents a $1.18 annualized dividend and a dividend yield of 2.5%. SLB's dividend payout ratio (DPR) is currently 51.53%.

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.

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