Caisse de depot et placement du Quebec Raises Position in SLB Limited $SLB

Key Points

• Caisse de dépôt et placement du Québec increased its SLB stake by 62.3% in the second quarter, acquiring 321,526 additional shares and bringing its total holdings to 837,768 shares valued at approximately $38.9 million. Institutional investors collectively own nearly 82% of SLB.
• Analysts remain broadly positive, with SLB carrying a “Moderate Buy” consensus rating and an average price target of $61.35. Several firms recently raised their targets, including Bernstein to $71 and Piper Sandler to $64.
• SLB shares opened at $57.40, near their 12-month high, after the company exceeded quarterly earnings and revenue estimates. SLB also announced a quarterly dividend of $0.295 per share, equivalent to a 2.1% annualized yield.

Caisse de depot et placement du Quebec grew its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 62.3% in the second quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The firm owned 837,768 shares of the oil and gas company's stock after acquiring an additional 321,526 shares during the period. Caisse de depot et placement du Quebec owned about 0.06% of SLB worth $38,948,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds and other institutional investors have also recently modified their holdings of the company. Brighton Jones LLC increased its position in SLB by 21.4% in the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock worth $253,000 after buying an additional 1,166 shares in the last quarter. Bison Wealth LLC purchased a new position in shares of SLB during the 4th quarter valued at about $238,000. Marshall Wace LLP bought a new position in shares of SLB during the 2nd quarter valued at approximately $8,628,000. Nebula Research & Development LLC grew its stake in shares of SLB by 76.0% during the 2nd quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company's stock valued at $824,000 after acquiring an additional 10,522 shares during the period. Finally, Diversify Advisory Services LLC increased its holdings in SLB by 7.6% in the 2nd quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company's stock worth $373,000 after acquiring an additional 799 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

A number of equities research analysts have commented on SLB shares. BMO Capital Markets raised their target price on shares of SLB from $59.00 to $63.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Piper Sandler upped their price target on shares of SLB from $59.00 to $64.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Sanford C. Bernstein increased their price objective on shares of SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Raymond James Financial decreased their price objective on shares of SLB from $62.00 to $61.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Finally, Zacks Research upgraded shares of SLB from a "strong sell" rating to a "hold" rating in a research note on Tuesday. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.35.

SLB Stock Up 4.3%

Shares of SLB opened at $57.40 on Friday. The business's 50 day moving average is $49.70 and its 200 day moving average is $51.41. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. SLB Limited has a 12-month low of $31.64 and a 12-month high of $58.82. The company has a market capitalization of $85.19 billion, a PE ratio of 27.73, a price-to-earnings-growth ratio of 3.63 and a beta of 0.73.

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 for the quarter, topping 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 business had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the prior year, the company posted $0.74 EPS. The firm's revenue for the quarter was up 5.0% compared to the same quarter last year. Research analysts expect that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be issued a $0.295 dividend. This represents a $1.18 annualized dividend and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB's payout ratio is 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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