Connor Clark & Lunn Investment Management Ltd. Buys 1,552,104 Shares of SLB Limited $SLB

Key Points

• Connor Clark & Lunn Investment Management more than doubled its SLB position in the second quarter, buying 1.55 million additional shares and bringing its holdings to 3.03 million shares valued at approximately $141 million.
• SLB reported quarterly earnings of $0.55 per share and revenue of $8.97 billion, exceeding analyst estimates; revenue increased 5% year over year despite lower EPS than the prior-year quarter.
• SLB declared a quarterly dividend of $0.295 per share, equivalent to an annualized $1.18 payout and a 2.2% yield. Analysts maintain a generally positive view, with the stock receiving a “Moderate Buy” consensus rating and an average price target of $61.35.

Connor Clark & Lunn Investment Management Ltd. lifted its position in SLB Limited (NYSE:SLB - Free Report) by 104.8% in the second quarter, according to its most recent Form 13F filing with the SEC. The firm owned 3,033,651 shares of the oil and gas company's stock after purchasing an additional 1,552,104 shares during the period. Connor Clark & Lunn Investment Management Ltd. owned 0.20% of SLB worth $141,034,000 at the end of the most recent quarter.

Other institutional investors also recently bought and sold shares of the company. Brighton Jones LLC increased its stake in shares of SLB by 21.4% during the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock valued at $253,000 after buying an additional 1,166 shares during the period. Bison Wealth LLC purchased a new stake in SLB in the fourth quarter worth about $238,000. Marshall Wace LLP bought a new position in SLB during the 2nd quarter worth about $8,628,000. Nebula Research & Development LLC grew its holdings in SLB by 76.0% during the 2nd quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company's stock worth $824,000 after acquiring an additional 10,522 shares in the last quarter. Finally, Diversify Advisory Services LLC grew its holdings in SLB by 7.6% during the 2nd quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company's stock worth $373,000 after acquiring an additional 799 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

SLB Trading Up 0.1%

Shares of SLB stock opened at $53.90 on Monday. The firm's 50 day simple moving average is $49.30 and its two-hundred day simple moving average is $51.26. The firm has a market capitalization 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 Limited has a 12-month low of $31.64 and a 12-month high of $58.82. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. The business's revenue for the quarter was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.74 earnings per share. Analysts predict that SLB Limited will post 2.5 EPS for the current 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 given a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. SLB's payout ratio is currently 57.00%.

Analyst Ratings Changes

SLB has been the subject of several recent research reports. Weiss Ratings restated a "hold (c)" rating on shares of SLB in a report on Monday, August 3rd. Raymond James Financial cut their price objective on shares of SLB from $62.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. Jefferies Financial Group restated a "buy" rating and set a $66.00 target price on shares of SLB in a report on Sunday, July 26th. Wolfe Research initiated coverage on SLB in a report on Wednesday, July 8th. They set an "outperform" rating and a $62.00 target price for the company. Finally, Sanford C. Bernstein increased their target price on SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Two analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company. Based on data from MarketBeat, SLB presently has an average rating of "Moderate Buy" and an average target price 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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