Cibc World Market Inc. Purchases 447,667 Shares of SLB Limited $SLB

Key Points

• Cibc World Market Inc. increased its SLB holdings by 48.7% in the fourth quarter, buying 447,667 additional shares and bringing its total position to 1,367,063 shares worth about $52.5 million.
• Several other institutional investors also raised their stakes in SLB, including major moves by Vanguard Group, Bank of New York Mellon, and State Street, with institutional ownership now at 81.99% of the stock.
• Analysts remain broadly positive on SLB, with multiple firms raising price targets and the consensus rating at Moderate Buy with an average target of $60.67. The company also reported quarterly EPS of $0.52, slightly ahead of estimates, and announced a quarterly dividend of $0.295 per share.

Cibc World Market Inc. lifted its holdings in SLB Limited (NYSE:SLB - Free Report) by 48.7% in the fourth quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The firm owned 1,367,063 shares of the oil and gas company's stock after acquiring an additional 447,667 shares during the period. Cibc World Market Inc. owned 0.09% of SLB worth $52,468,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. Vanguard Group Inc. lifted its position in SLB by 23.3% during the third quarter. Vanguard Group Inc. now owns 185,374,879 shares of the oil and gas company's stock valued at $6,371,335,000 after purchasing an additional 35,057,313 shares during the last quarter. Norges Bank bought a new position in shares of SLB during the fourth quarter valued at approximately $809,557,000. Bank of New York Mellon Corp increased its stake in SLB by 64.4% in the fourth quarter. Bank of New York Mellon Corp now owns 15,696,831 shares of the oil and gas company's stock worth $602,444,000 after purchasing an additional 6,149,511 shares during the period. State Street Corp increased its stake in SLB by 7.0% in the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company's stock worth $2,898,037,000 after buying an additional 5,466,786 shares during the period. Finally, Greenhaven Associates Inc. purchased a new position in shares of SLB during the fourth quarter worth approximately $178,883,000. Institutional investors own 81.99% of the company's stock.

Insider Buying and Selling at SLB

In other news, Director La Chevardiere Patrick De sold 2,000 shares of SLB stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $54.33, for a total value of $108,660.00. Following the sale, the director owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, EVP Steve Matthew Gassen sold 53,379 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president directly owned 47,421 shares of the company's stock, valued at $2,664,111.78. This represents a 52.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company's stock.

Analysts Set New Price Targets

Several equities analysts have recently commented on the company. UBS Group raised their price target on SLB from $61.00 to $69.00 and gave the company a "buy" rating in a research note on Wednesday, April 29th. BMO Capital Markets increased their price target on shares of SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Jefferies Financial Group reissued a "buy" rating and issued a $65.00 price objective on shares of SLB in a research report on Sunday, April 26th. Citigroup lifted their target price on shares of SLB from $59.00 to $68.00 and gave the stock a "buy" rating in a research note on Thursday, April 30th. Finally, Piper Sandler boosted their price target on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and a consensus price target of $60.67.

SLB Price Performance

NYSE:SLB opened at $58.10 on Friday. The stock has a market capitalization of $86.86 billion, a PE ratio of 25.37, a price-to-earnings-growth ratio of 2.30 and a beta of 0.70. 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 stock's 50-day moving average price is $54.16 and its 200-day moving average price is $47.75.

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

SLB Dividend Announcement

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

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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