CIBC Asset Management Inc Increases Holdings in SLB Limited $SLB

Key Points

• CIBC Asset Management increased its SLB stake by 60.3% in the fourth quarter, adding 149,062 shares to bring its total holding to 396,174 shares valued at about $15.2 million.
• SLB reported Q1 earnings of $0.52 per share, topping estimates by a penny, while revenue came in at $8.72 billion, slightly below forecasts but still up 2.7% year over year.
• The company announced a quarterly dividend of $0.295 per share and has drawn mostly positive analyst sentiment, with an average rating of “Moderate Buy” and a consensus price target of $60.67.

CIBC Asset Management Inc boosted its position in SLB Limited (NYSE:SLB - Free Report) by 60.3% during the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The fund owned 396,174 shares of the oil and gas company's stock after buying an additional 149,062 shares during the period. CIBC Asset Management Inc's holdings in SLB were worth $15,205,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors also recently bought and sold shares of the business. Ballentine Partners LLC boosted its holdings in shares of SLB by 2.2% in the 4th quarter. Ballentine Partners LLC now owns 10,288 shares of the oil and gas company's stock valued at $395,000 after acquiring an additional 218 shares during the last quarter. Bruce G. Allen Investments LLC raised its holdings in shares of SLB by 37.0% during the fourth quarter. Bruce G. Allen Investments LLC now owns 841 shares of the oil and gas company's stock worth $32,000 after purchasing an additional 227 shares during the last quarter. Rothschild Investment LLC lifted its position in SLB by 4.4% during the fourth quarter. Rothschild Investment LLC now owns 5,540 shares of the oil and gas company's stock valued at $213,000 after purchasing an additional 236 shares during the period. Foster Victor Wealth Advisors LLC lifted its position in SLB by 3.0% during the fourth quarter. Foster Victor Wealth Advisors LLC now owns 8,281 shares of the oil and gas company's stock valued at $318,000 after purchasing an additional 238 shares during the period. Finally, Cary Street Partners Investment Advisory LLC boosted its holdings in SLB by 10.0% in the fourth quarter. Cary Street Partners Investment Advisory LLC now owns 2,641 shares of the oil and gas company's stock valued at $101,000 after purchasing an additional 240 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

SLB Trading Up 2.2%

SLB stock opened at $58.10 on Friday. SLB Limited has a 52-week low of $31.64 and a 52-week high of $58.82. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. The firm has a market cap of $86.86 billion, a P/E ratio of 25.37, a PEG ratio of 2.30 and a beta of 0.70. The company's 50-day simple moving average is $54.16 and its 200-day simple moving average is $47.75.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm had revenue of $8.72 billion during the quarter, compared to analyst estimates of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.SLB's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.72 EPS. As a group, equities analysts forecast that SLB Limited will post 2.62 EPS for the current fiscal year.

SLB Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.0%. SLB's dividend payout ratio (DPR) is 51.53%.

Analysts Set New Price Targets

A number of research firms have weighed in on SLB. Citigroup lifted their price objective on SLB from $59.00 to $68.00 and gave the company a "buy" rating in a research note on Thursday, April 30th. Sanford C. Bernstein upped their target price on SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Wall Street Zen lowered SLB from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. BMO Capital Markets boosted their price target on SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Finally, Weiss Ratings lowered SLB from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Three research 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 issued a Sell rating to the stock. Based on data from MarketBeat.com, SLB currently has an average rating of "Moderate Buy" and an average price target of $60.67.

Insiders Place Their Bets

In related 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 value of $108,660.00. Following the completion of the sale, the director owned 16,953 shares of the company's stock, valued at approximately $921,056.49. The trade was a 10.55% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, EVP Steve Matthew Gassen sold 53,379 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the transaction, the executive vice president directly owned 47,421 shares in the company, valued at approximately $2,664,111.78. The trade was a 52.96% 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 company insiders.

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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