BI Asset Management Fondsmaeglerselskab A S Decreases Holdings in SLB Limited $SLB

Key Points

• BI Asset Management Fondsmaeglerselskab A S cut its SLB stake by 53.3% in the first quarter, selling 86,955 shares and ending with 76,296 shares worth about $3.92 million.
• SLB reported mixed quarterly results, with earnings of $0.52 per share topping expectations by a penny, while revenue of $8.72 billion slightly missed estimates; revenue still rose 2.7% year over year.
• The company remains supported by dividend payments and bullish analyst sentiment, including a quarterly dividend of $0.295 per share and a consensus “Moderate Buy” rating with an average price target of $60.83.

BI Asset Management Fondsmaeglerselskab A S trimmed its holdings in SLB Limited (NYSE:SLB - Free Report) by 53.3% in the first quarter, according to the company in its most recent filing with the SEC. The fund owned 76,296 shares of the oil and gas company's stock after selling 86,955 shares during the quarter. BI Asset Management Fondsmaeglerselskab A S's holdings in SLB were worth $3,921,000 at the end of the most recent quarter.

Other institutional investors and hedge funds also recently made changes to their positions in the company. Diversified Trust Co bought a new position in shares of SLB during the first quarter valued at about $203,000. Nations Financial Group Inc. IA ADV bought a new stake in shares of SLB in the 1st quarter valued at about $309,000. Rockefeller Capital Management L.P. boosted its holdings in SLB by 180.1% during the 4th quarter. Rockefeller Capital Management L.P. now owns 1,393,578 shares of the oil and gas company's stock valued at $53,486,000 after acquiring an additional 895,987 shares during the period. World Investment Advisors boosted its holdings in SLB by 97.8% during the 4th quarter. World Investment Advisors now owns 14,991 shares of the oil and gas company's stock valued at $575,000 after acquiring an additional 7,412 shares during the period. Finally, Larry Mathis Financial Planning LLC purchased a new stake in SLB during the 4th quarter valued at about $254,000. Institutional investors own 81.99% of the company's stock.

SLB Trading Down 0.3%

Shares of SLB opened at $47.95 on Tuesday. SLB Limited has a 1-year low of $31.64 and a 1-year high of $58.82. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. The firm's 50-day moving average price is $54.60 and its 200-day moving average price is $49.19. The firm has a market capitalization of $71.69 billion, a price-to-earnings ratio of 20.94, a PEG ratio of 1.93 and a beta of 0.70.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, topping the consensus estimate 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 analyst estimates of $8.76 billion. During the same period last year, the business posted $0.72 earnings per share. SLB's quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts anticipate that SLB Limited will post 2.62 EPS for the current year.

SLB Announces Dividend

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

Insiders Place Their Bets

In other news, Director La Chevardiere Patrick De sold 2,000 shares of the business's stock in a transaction on Thursday, May 7th. The shares were sold at an average price of $54.33, for a total transaction of $108,660.00. Following the sale, the director owned 16,953 shares in the company, valued at approximately $921,056.49. The trade was a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which is accessible through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the company'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 completion of the sale, the executive vice president directly owned 47,421 shares in the company, valued at $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.16% of the company's stock.

Wall Street Analysts Forecast Growth

SLB has been the topic of a number of analyst reports. BMO Capital Markets lifted their price target on SLB from $55.00 to $63.00 and gave the stock an "outperform" rating in a research note on Monday, April 27th. Sanford C. Bernstein increased their price objective on SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. Royal Bank Of Canada restated an "outperform" rating and issued a $61.00 target price on shares of SLB in a report on Tuesday, June 16th. Piper Sandler lifted their target price on shares of SLB from $53.00 to $59.00 and gave the stock an "overweight" rating in a research note on Wednesday, April 15th. Finally, The Goldman Sachs Group increased their price target on shares of SLB from $53.00 to $60.00 and gave the company a "buy" rating in a research report on Wednesday, March 4th. Three 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 issued a Sell rating to the company's stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $60.83.

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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