Bank of New York Mellon Corp Grows Stock Holdings in SLB Limited $SLB

Key Points

• Bank of New York Mellon boosted its SLB stake by 64.4% in the fourth quarter, ending with 15.7 million shares valued at about $602.4 million. Institutional ownership remains high, with hedge funds and other investors holding 81.99% of the stock.
• SLB reported better-than-expected quarterly EPS of $0.52, though revenue of $8.72 billion came in slightly below estimates. The company also posted 2.7% year-over-year revenue growth and has full-year EPS expectations of 2.62.
• The company declared a quarterly dividend of $0.295 per share, implying an annualized yield of about 2.1%. Meanwhile, analysts remain generally bullish, with a consensus rating of Moderate Buy and an average price target of $59.74.

Bank of New York Mellon Corp lifted its position in shares of SLB Limited (NYSE:SLB - Free Report) by 64.4% in the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The fund owned 15,696,831 shares of the oil and gas company's stock after purchasing an additional 6,149,511 shares during the period. Bank of New York Mellon Corp owned about 1.05% of SLB worth $602,444,000 at the end of the most recent reporting period.

Other institutional investors have also modified their holdings of the company. Strategic Wealth Advisors LLC purchased a new stake in shares of SLB during the 4th quarter worth $30,000. Strengthening Families & Communities LLC purchased a new stake in shares of SLB during the 3rd quarter worth $31,000. Thurston Springer Miller Herd & Titak Inc. purchased a new stake in shares of SLB during the 4th quarter worth $31,000. Steph & Co. lifted its position in shares of SLB by 97.5% during the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 394 shares during the last quarter. Finally, Lloyd Advisory Services LLC. purchased a new stake in shares of SLB during the 4th quarter worth $31,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Insider Transactions at SLB

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

SLB Price Performance

Shares of NYSE:SLB opened at $56.94 on Thursday. The company has a 50-day simple moving average of $54.01 and a 200-day simple moving average of $47.61. SLB Limited has a one year low of $31.64 and a one year high of $58.82. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. The stock has a market capitalization of $85.12 billion, a price-to-earnings ratio of 24.86, a PEG ratio of 2.29 and a beta of 0.70.

SLB (NYSE:SLB - Get Free Report) last announced its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. SLB had a net margin of 9.26% and a return on equity of 15.54%. The business had revenue of $8.72 billion during the quarter, compared to analysts' expectations of $8.76 billion. During the same period in the prior year, the company earned $0.72 earnings per share. The business's revenue was up 2.7% compared to the same quarter last year. On average, analysts predict that SLB Limited will post 2.62 EPS for the current year.

SLB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Wednesday, June 3rd will be paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date is Wednesday, June 3rd. SLB's payout ratio is 51.53%.

Wall Street Analyst Weigh In

A number of brokerages recently weighed in on SLB. Morgan Stanley set a $57.00 price target on shares of SLB in a research report on Monday, April 27th. BMO Capital Markets boosted their price target on shares of SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. UBS Group boosted their price target on shares of SLB from $61.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Sanford C. Bernstein boosted their price target on shares of SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Finally, TD Cowen boosted their price target on shares of SLB from $55.00 to $66.00 and gave the company a "buy" rating in a research report on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company presently has a consensus rating of "Moderate Buy" and an average price target of $59.74.

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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