Chevy Chase Trust Holdings LLC Buys 106,800 Shares of SLB Limited $SLB

Key Points

• Chevy Chase Trust raised its stake in SLB by 4.6%, buying 106,800 shares to hold 2,406,054 shares (about 0.16% of the company) valued at roughly $82.7 million.
• Insider selling was notable: CFO Stephane Biguet and EVP Abdellah Merad sold 61,017 and 60,000 shares respectively on Jan. 26, and insiders have disposed of 156,902 shares (~$7.8M) over the past three months.
• SLB posted an earnings beat (Q EPS $0.78 vs. $0.74 est.) and raised its quarterly dividend to $0.295 (2.6% yield), while analysts hold a consensus "Moderate Buy" with an average price target of $53.16.

Chevy Chase Trust Holdings LLC raised its stake in SLB Limited (NYSE:SLB - Free Report) by 4.6% during the third quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 2,406,054 shares of the oil and gas company's stock after acquiring an additional 106,800 shares during the period. Chevy Chase Trust Holdings LLC owned approximately 0.16% of SLB worth $82,696,000 as of its most recent SEC filing.

Several other hedge funds have also bought and sold shares of SLB. Twin Peaks Wealth Advisors LLC purchased a new position in shares of SLB during the second quarter valued at about $25,000. Root Financial Partners LLC purchased a new stake in shares of SLB in the third quarter worth about $29,000. Corsicana & Co. purchased a new stake in shares of SLB in the third quarter worth about $31,000. Strengthening Families & Communities LLC bought a new position in SLB during the third quarter valued at approximately $31,000. Finally, SouthState Bank Corp boosted its stake in SLB by 57.4% during the third quarter. SouthState Bank Corp now owns 1,212 shares of the oil and gas company's stock valued at $42,000 after buying an additional 442 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company's stock.

Insider Buying and Selling at SLB

In related news, CFO Stephane Biguet sold 61,017 shares of SLB stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $49.70, for a total transaction of $3,032,544.90. Following the completion of the transaction, the chief financial officer directly owned 155,548 shares of the company's stock, valued at approximately $7,730,735.60. The trade was a 28.17% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Abdellah Merad sold 60,000 shares of the company's stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $49.70, for a total transaction of $2,982,000.00. Following the transaction, the executive vice president owned 140,602 shares in the company, valued at $6,987,919.40. The trade was a 29.91% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last three months, insiders have sold 156,902 shares of company stock valued at $7,796,666. Insiders own 0.16% of the company's stock.

Analyst Ratings Changes

A number of analysts have issued reports on SLB shares. Piper Sandler lifted their price objective on SLB from $42.00 to $45.00 and gave the stock an "overweight" rating in a research note on Thursday, December 18th. Royal Bank Of Canada increased their target price on SLB from $51.00 to $54.00 and gave the company an "outperform" rating in a research report on Monday, January 26th. Loop Capital set a $48.00 target price on shares of SLB in a report on Tuesday, January 27th. Argus upgraded shares of SLB to a "strong-buy" rating in a research report on Monday, January 26th. Finally, BMO Capital Markets upped their price target on shares of SLB from $53.00 to $55.00 and gave the company an "outperform" rating in a research note on Monday, January 26th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus price target of $53.16.

SLB Trading Up 0.4%

Shares of SLB stock opened at $44.72 on Friday. The company has a market cap of $67.19 billion, a PE ratio of 18.87, a price-to-earnings-growth ratio of 3.04 and a beta of 0.68. SLB Limited has a 1 year low of $31.11 and a 1 year high of $52.45. The stock's 50 day simple moving average is $48.52 and its two-hundred day simple moving average is $40.44. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.33 and a quick ratio of 0.98.

SLB (NYSE:SLB - Get Free Report) last released its earnings results on Friday, January 23rd. The oil and gas company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.04. The firm had revenue of $9.75 billion for the quarter, compared to the consensus estimate of $9.54 billion. SLB had a return on equity of 17.45% and a net margin of 9.45%.The company's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.92 EPS. Research analysts predict that SLB Limited will post 3.38 earnings per share for the current year.

SLB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Shareholders of record on Wednesday, February 11th will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, February 11th. This is a positive change from SLB's previous quarterly dividend of $0.29. This represents a $1.18 annualized dividend and a yield of 2.6%. SLB's payout ratio is presently 49.79%.

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.

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