Cibc World Market Inc. Cuts Holdings in SLB Limited $SLB

Key Points

• CIBC World Market Inc. cut its SLB stake by 17.3% in the second quarter, selling 215,422 shares and retaining 1.03 million shares valued at approximately $48 million. Institutional investors collectively own about 82% of the company.
• SLB exceeded quarterly expectations, reporting EPS of $0.55 versus the $0.51 consensus and revenue of $8.97 billion, up 5% year over year. The company declared a quarterly dividend of $0.295 per share, equivalent to a 2.2% annual yield.
• Analysts remain broadly positive, with SLB carrying a consensus “Moderate Buy” rating and an average price target of $61.35, above its reported share price of $53.90.

Cibc World Market Inc. lowered its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 17.3% during the 2nd quarter, according to its most recent filing with the SEC. The firm owned 1,032,631 shares of the oil and gas company's stock after selling 215,422 shares during the period. Cibc World Market Inc. owned approximately 0.07% of SLB worth $48,007,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLB. Evergreen Advisors LLC bought a new position in SLB in the first quarter valued at about $26,000. MV Capital Management Inc. bought a new position in shares of SLB in the fourth quarter worth approximately $28,000. Strategic Wealth Advisors LLC purchased a new stake in SLB in the 4th quarter worth $30,000. Costello Asset Management INC grew its position in shares of SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock worth $30,000 after purchasing an additional 280 shares in the last quarter. Finally, Lloyd Advisory Services LLC. bought a new stake in SLB during the 4th quarter valued at approximately $31,000. 81.99% of the stock is owned by institutional investors.

SLB Price Performance

SLB stock opened at $53.90 on Monday. 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 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41. The firm's fifty day moving average is $49.30 and its 200 day moving average is $51.26. The company has a market cap of $80.00 billion, a price-to-earnings ratio of 26.04, a PEG ratio of 3.55 and a beta of 0.73.

SLB (NYSE:SLB - Get Free Report) last announced its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The business had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.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 business earned $0.74 earnings per share. Sell-side analysts forecast that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB's payout ratio is presently 57.00%.

Analyst Ratings Changes

A number of research analysts recently commented on the company. Susquehanna boosted their price target on SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a report on Monday, July 27th. Evercore reiterated an "outperform" rating and set a $66.00 price objective on shares of SLB in a research report on Monday, July 27th. Royal Bank Of Canada reissued an "outperform" rating and issued a $61.00 target price on shares of SLB in a report on Tuesday, June 16th. Weiss Ratings restated a "hold (c)" rating on shares of SLB in a research report on Monday, August 3rd. Finally, Piper Sandler raised their target price on shares of SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and two have given a Sell rating to the company. Based on data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $61.35.

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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