Bank of Nova Scotia Sells 369,012 Shares of SLB Limited $SLB

Bank of Nova Scotia lowered its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 68.1% in the 2nd quarter, according to the company in its most recent disclosure with the SEC. The firm owned 172,707 shares of the oil and gas company's stock after selling 369,012 shares during the quarter. Bank of Nova Scotia's holdings in SLB were worth $8,029,000 as of its most recent SEC filing.

A number of other institutional investors also recently modified their holdings of SLB. Evergreen Advisors LLC bought a new stake in shares of SLB during the first quarter valued at about $26,000. Costello Asset Management INC grew its stake in SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 280 shares in the last quarter. Arlington Trust Co LLC grew its stake in SLB by 66.5% during the second quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company's stock valued at $33,000 after acquiring an additional 280 shares in the last quarter. MV Capital Management Inc. bought a new stake in SLB during the 4th quarter worth approximately $28,000. Finally, Maryland Capital Advisors Inc. purchased a new stake in SLB in the 2nd quarter worth approximately $35,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several research analysts have recently weighed in on SLB shares. Citigroup decreased their price target on shares of SLB from $68.00 to $63.00 and set a "buy" rating on the stock in a report on Wednesday, July 1st. TD Cowen lifted their price target on SLB from $62.00 to $64.00 and gave the company a "buy" rating in a research report on Monday, July 27th. JPMorgan Chase & Co. boosted their price objective on SLB from $54.00 to $61.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Wolfe Research began coverage on shares of SLB in a research note on Wednesday, July 8th. They issued an "outperform" rating and a $62.00 target price on the stock. Finally, Sanford C. Bernstein raised their price objective 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. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $61.35.

SLB Price Performance

Shares of SLB stock opened at $53.99 on Tuesday. 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 52-week low of $31.64 and a 52-week high of $58.82. The company has a fifty day moving average of $49.30 and a 200-day moving average of $51.29. The stock has a market capitalization of $80.14 billion, a price-to-earnings ratio of 26.08, a price-to-earnings-growth ratio of 3.55 and a beta of 0.73.

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

SLB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be given a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.2%. SLB's dividend payout ratio is presently 57.00%.

SLB Company 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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