Danske Bank A S Increases Stock Position in SLB Limited $SLB

Key Points

• Danske Bank increased its SLB stake by 2,928.3% in the second quarter, acquiring 2.73 million additional shares for a total holding of 2.83 million shares valued at approximately $131.4 million.
• Wall Street sentiment remains positive, with SLB receiving a “Moderate Buy” consensus rating and an average price target of $61.35, above its reported $53.30 share price.
• SLB exceeded quarterly earnings and revenue expectations, reporting EPS of $0.55 and revenue of $8.97 billion, while declaring a quarterly dividend of $0.295 per share, equivalent to a 2.2% annual yield.

Danske Bank A S raised its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 2,928.3% in the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission (SEC). The fund owned 2,825,743 shares of the oil and gas company's stock after acquiring an additional 2,732,433 shares during the period. Danske Bank A S owned approximately 0.19% of SLB worth $131,369,000 as of its most recent SEC filing.

A number of other institutional investors and hedge funds have also made changes to their positions in the stock. Brighton Jones LLC boosted its position in shares of SLB by 21.4% during the 4th quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock worth $253,000 after purchasing an additional 1,166 shares during the period. Bison Wealth LLC purchased a new position in shares of SLB during the fourth quarter worth $238,000. Marshall Wace LLP acquired a new stake in shares of SLB in the second quarter valued at $8,628,000. Nebula Research & Development LLC raised its holdings in shares of SLB by 76.0% in the 2nd quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company's stock valued at $824,000 after buying an additional 10,522 shares during the period. Finally, Diversify Advisory Services LLC raised its holdings in shares of SLB by 7.6% in the 2nd quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company's stock valued at $373,000 after buying an additional 799 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

Wall Street Analysts Forecast Growth

A number of equities analysts recently commented on SLB shares. Barclays raised their target price on SLB from $64.00 to $67.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Sanford C. Bernstein boosted their price target on shares of SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a research note on Monday, May 11th. Royal Bank Of Canada reissued an "outperform" rating and set a $61.00 price target on shares of SLB in a research report on Tuesday, June 16th. Jefferies Financial Group reaffirmed a "buy" rating and set a $66.00 target price on shares of SLB in a research note on Sunday, July 26th. Finally, Susquehanna increased their target price on shares of SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a report on Monday, July 27th. Two investment 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's stock. According to data from MarketBeat.com, SLB currently has an average rating of "Moderate Buy" and an average target price of $61.35.

SLB Stock Down 1.0%

Shares of NYSE:SLB opened at $53.30 on Wednesday. The firm's 50 day moving average price is $49.42 and its 200 day moving average price is $51.15. The stock has a market cap of $79.10 billion, a price-to-earnings ratio of 25.75, a price-to-earnings-growth ratio of 3.55 and a beta of 0.73. SLB Limited has a fifty-two week low of $31.64 and a fifty-two 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.

SLB (NYSE:SLB - Get Free Report) last released its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (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 analysts' expectations of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. As a group, equities research analysts predict that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

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

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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