California State Teachers Retirement System Has $6.75 Billion Stock Holdings in SLB Limited $SLB

Key Points

• California State Teachers Retirement System dramatically increased its SLB stake by 2,891.7% in the second quarter, holding 145.2 million shares worth approximately $6.75 billion, or 9.78% of the company.
• SLB exceeded quarterly expectations, reporting $0.55 in adjusted EPS versus the $0.51 consensus estimate and $8.97 billion in revenue, up 5% year over year.
• Analysts maintain a generally positive view, with SLB carrying a “Moderate Buy” consensus rating and an average price target of $61.65; the company also announced a $0.295 quarterly dividend, yielding about 2.1%.

California State Teachers Retirement System boosted its stake in SLB Limited (NYSE:SLB - Free Report) by 2,891.7% in the 2nd quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 145,176,833 shares of the oil and gas company's stock after purchasing an additional 140,324,172 shares during the period. California State Teachers Retirement System owned about 9.78% of SLB worth $6,749,271,000 at the end of the most recent quarter.

Other hedge funds have also recently added to or reduced their stakes in the company. Bank of New York Mellon Corp bought a new position in shares of SLB in the 2nd quarter valued at $1,339,567,000. Norges Bank bought a new stake in SLB during the 4th quarter worth $809,557,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in SLB by 6,358.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,134,731 shares of the oil and gas company's stock worth $471,164,000 after acquiring an additional 9,977,804 shares during the last quarter. Wellington Management Group LLP raised its position in SLB by 50.6% in the fourth quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company's stock valued at $638,473,000 after purchasing an additional 5,589,585 shares during the last quarter. Finally, State Street Corp raised its position in SLB by 7.0% in the third quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company's stock valued at $2,898,037,000 after purchasing an additional 5,466,786 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

SLB Stock Performance

Shares of SLB stock opened at $57.08 on Thursday. The stock has a market capitalization of $84.71 billion, a PE ratio of 27.57, a PEG ratio of 3.25 and a beta of 0.76. The business's 50 day simple moving average is $51.45 and its 200 day simple moving average is $51.81. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. SLB Limited has a one year low of $31.64 and a one year high of $60.46.

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

SLB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be issued a $0.295 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.1%. SLB's payout ratio is presently 57.00%.

Analysts Set New Price Targets

SLB has been the topic of several research reports. Raymond James Financial reduced 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. UBS Group raised their price objective on shares of SLB from $66.00 to $72.00 and gave the company a "buy" rating in a report on Wednesday. BMO Capital Markets reiterated an "outperform" rating on shares of SLB in a research report on Tuesday, September 1st. Wolfe Research assumed coverage on shares of SLB in a report on Wednesday, July 8th. They set an "outperform" rating and a $62.00 target price on the stock. Finally, Susquehanna upped their price target on shares of SLB from $55.00 to $62.00 and gave the company a "positive" rating in a research report on Monday, July 27th. 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 stock. Based on data from MarketBeat.com, the company presently has an average rating of "Moderate Buy" and an average target price of $61.65.

SLB Company Profile

SLB, formerly known as Schlumberger Limited, is a global technology and services company serving the energy industry. The company provides equipment, technology and technical expertise that help oil and gas producers locate, drill, complete and operate wells, as well as manage reservoirs and production assets.

Its offerings include seismic and subsurface evaluation, drilling and well-construction services, well completion and stimulation, artificial lift, production optimization, intervention services, subsea production systems and digital solutions.

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