Banque Pictet & Cie SA Buys 29,768 Shares of SLB Limited $SLB

Key Points

• Banque Pictet & Cie SA increased its SLB holdings by 5% in the third quarter, purchasing 29,768 shares and bringing its total position to 622,963 shares valued at approximately $30.35 million.
• SLB reported quarterly earnings of $0.55 per share on $8.97 billion in revenue, beating analyst estimates, while revenue rose 5% year over year. The company also maintains a quarterly dividend of $0.295 per share, representing a 2.4% yield.
• Analyst sentiment remains favorable, with 24 Buy ratings and an average “Moderate Buy” consensus target of $62.35, compared with the stock’s reported opening price of $49.48.

Banque Pictet & Cie SA raised its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 5.0% in the 3rd quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 622,963 shares of the oil and gas company's stock after purchasing an additional 29,768 shares during the period. Banque Pictet & Cie SA's holdings in SLB were worth $30,351,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds also recently modified their holdings of the business. Abel Hall LLC grew its holdings in SLB by 2.7% in the 1st quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company's stock worth $387,000 after buying an additional 198 shares in the last quarter. E Fund Management Co. Ltd. increased its stake in shares of SLB by 3.6% during the second quarter. E Fund Management Co. Ltd. now owns 5,712 shares of the oil and gas company's stock valued at $266,000 after acquiring an additional 199 shares during the period. Capital Advisors Ltd. LLC boosted 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 valued at $129,000 after purchasing an additional 214 shares in the last quarter. Davis Capital Management boosted its stake 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 valued at $1,129,000 after purchasing an additional 220 shares in the last quarter. Finally, Cypress Capital Group increased its position in shares of SLB by 1.9% during the 1st quarter. Cypress Capital Group now owns 12,308 shares of the oil and gas company's stock valued at $633,000 after purchasing an additional 234 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

SLB Stock Up 2.3%

SLB opened at $49.48 on Friday. The firm has a market cap of $73.44 billion, a P/E ratio of 19.04, a price-to-earnings-growth ratio of 2.66 and a beta of 0.83. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. The business has a 50 day moving average price of $52.81 and a 200 day moving average price of $52.15. SLB Limited has a twelve month low of $31.64 and a twelve month high of $60.46.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $8.97 billion during the quarter, compared to analysts' expectations of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%. The firm's revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 EPS. Research analysts forecast that SLB Limited will post 2.48 EPS for the current year.

SLB Dividend Announcement

The business also recently declared a quarterly dividend, which was paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd were issued a $0.2950 dividend. The ex-dividend date of this dividend was Wednesday, September 2nd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.4%. SLB's dividend payout ratio (DPR) is currently 57.00%.

Analyst Ratings Changes

SLB has been the topic of a number of recent analyst reports. Evercore boosted their target price on SLB from $63.00 to $66.00 in a research report on Thursday, October 8th. Capital One Financial reduced their target price on SLB from $64.00 to $63.00 and set an "overweight" rating for the company in a report on Tuesday, August 18th. BMO Capital Markets reiterated an "outperform" rating and issued a $62.00 price target (down from $63.00) on shares of SLB in a research report on Tuesday, September 1st. Weiss Ratings reissued a "hold (c)" rating on shares of SLB in a research note on Monday, August 3rd. Finally, Piper Sandler lifted their price target on SLB from $59.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Twenty-four investment analysts have rated the stock with a Buy rating, two have issued a Hold rating and one has given a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $62.35.

About SLB

SLB, formerly known as Schlumberger, is a global technology and services company serving the energy industry. The company provides equipment, technology, and technical expertise used to evaluate underground reservoirs, drill and complete wells, and optimize oil and natural gas production.

Its offerings include seismic and subsurface evaluation, well construction and drilling services, well completions, production systems, reservoir management, artificial lift, and related software and digital solutions.

Want to see what other hedge funds are holding SLB? Visit HoldingsChannel.com to get the latest 13F filings and insider trades for SLB Limited (NYSE:SLB - Free Report).

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.