Bank of New York Mellon Corp Takes Position in SLB Limited $SLB

Bank of New York Mellon Corp bought a new stake in SLB Limited (NYSE:SLB - Free Report) during the second quarter, according to its most recent disclosure with the SEC. The firm bought 28,814,091 shares of the oil and gas company's stock, valued at approximately $1,339,567,000. Bank of New York Mellon Corp owned about 1.94% of SLB at the end of the most recent reporting period.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SLB. Abel Hall LLC increased its position 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 purchasing an additional 198 shares in the last quarter. Private Wealth Asset Management LLC boosted its position in shares of 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 valued at $193,000 after purchasing an additional 200 shares during the period. Capital Advisors Ltd. LLC grew its stake 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 buying an additional 214 shares during the last quarter. Ballentine Partners LLC grew its stake 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 buying an additional 218 shares during the last quarter. Finally, Davis Capital Management increased its position in SLB by 1.0% during the first quarter. Davis Capital Management now owns 21,968 shares of the oil and gas company's stock worth $1,129,000 after buying an additional 220 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

More SLB News

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

Wall Street Analyst Weigh In

Several equities research analysts have recently weighed in on the company. 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. UBS Group reduced their price target on shares of SLB from $69.00 to $66.00 and set a "buy" rating for the company in a research report on Wednesday, July 1st. Evercore reissued 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 lifted their price objective on shares of SLB from $59.00 to $63.00 and gave the company an "outperform" rating in a research note on Monday, July 27th. Finally, Sanford C. Bernstein upped their target price on shares of SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. Based on data from MarketBeat.com, SLB presently has an average rating of "Moderate Buy" and an average price target of $61.35.

SLB Stock Up 0.3%

SLB stock opened at $53.71 on Friday. The stock has a market capitalization of $79.71 billion, a PE ratio of 25.95, a price-to-earnings-growth ratio of 3.53 and a beta of 0.73. The company has a fifty day moving average of $49.34 and a 200-day moving average of $51.22. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. 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 posted its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, topping the consensus estimate 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%. The firm's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the prior year, the company posted $0.74 earnings per share. As a group, analysts expect that SLB Limited will post 2.5 EPS for the current year.

SLB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd 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 2.2%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB's dividend payout ratio is 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.

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