Brooklands Fund Management Ltd Reduces Stock Position in SLB Limited $SLB

Key Points

• Brooklands Fund Management cut its SLB stake by 71.1% in the first quarter, leaving it with 16,000 shares worth about $839,000.
• Several SLB insiders sold shares recently, including EVP Steve Matthew Gassen, who sold 53,379 shares, and Director Patrick De La Chevardiere, who sold 2,000 shares.
• SLB reported Q1 earnings of $0.52 per share, slightly ahead of estimates, while analysts currently rate the stock a Moderate Buy with an average price target of $60.30.

Brooklands Fund Management Ltd lessened its stake in SLB Limited (NYSE:SLB - Free Report) by 71.1% in the first quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The firm owned 16,000 shares of the oil and gas company's stock after selling 39,381 shares during the period. SLB makes up approximately 0.9% of Brooklands Fund Management Ltd's holdings, making the stock its 26th largest position. Brooklands Fund Management Ltd's holdings in SLB were worth $839,000 at the end of the most recent reporting period.

A number of other hedge funds have also added to or reduced their stakes in the stock. Evergreen Advisors LLC purchased a new stake in SLB in the first quarter worth about $26,000. MV Capital Management Inc. purchased a new position in shares of SLB during the 4th quarter valued at about $28,000. Strategic Wealth Advisors LLC bought a new position in shares of SLB during the 4th quarter valued at approximately $30,000. Costello Asset Management INC increased its holdings in SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 280 shares in the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. purchased a new stake in SLB in the 4th quarter worth approximately $31,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Buying and Selling

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total value of $2,998,832.22. Following the completion of the transaction, the executive vice president directly owned 47,421 shares of the company's stock, valued at $2,664,111.78. This trade represents a 52.96% decrease in their position. The sale was disclosed in a filing with the SEC, which is available at this link. Also, Director La Chevardiere Patrick De sold 2,000 shares of the company'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 sale, the director owned 16,953 shares in the company, valued at $921,056.49. This represents a 10.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.16% of the stock is currently owned by corporate insiders.

SLB Trading Down 0.9%

Shares of SLB stock opened at $47.25 on Friday. 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 stock has a market capitalization of $70.65 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.93 and a beta of 0.72. SLB Limited has a 12-month low of $31.64 and a 12-month high of $58.82. The stock's 50-day moving average price is $51.22 and its 200-day moving average price is $50.54.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly 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 return on equity of 15.54% and a net margin of 9.26%.The company had revenue of $8.72 billion during the quarter, compared to analyst estimates of $8.76 billion. During the same period in the prior year, the company earned $0.72 earnings per share. The firm's revenue was up 2.7% on a year-over-year basis. Equities research analysts predict that SLB Limited will post 2.52 EPS for the current fiscal year.

Analysts Set New Price Targets

SLB has been the topic of several analyst reports. JPMorgan Chase & Co. lifted their price target on shares of SLB from $54.00 to $61.00 and gave the company an "overweight" rating in a report on Monday, April 27th. Piper Sandler raised their price objective on shares of SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Weiss Ratings cut shares of SLB from a "hold (c+)" rating to a "hold (c)" rating in a research note on Wednesday, May 6th. Wolfe Research started coverage on shares of SLB in a report on Wednesday, July 8th. They issued an "outperform" rating and a $62.00 target price for the company. Finally, Raymond James Financial decreased their price target on SLB from $62.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $60.30.

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.

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.