DAVENPORT & Co LLC Increases Stake in SLB Limited $SLB

Key Points

• DAVENPORT & Co LLC increased its SLB stake by 20.1% in the second quarter, adding 398,064 shares to hold 2.38 million shares valued at approximately $110.4 million. Institutional investors collectively own 81.99% of SLB.
• Analysts maintain a broadly positive outlook, with SLB carrying a consensus “Moderate Buy” rating and an average price target of $61.35, above its reported opening price of $52.66.
• SLB exceeded quarterly expectations with earnings of $0.55 per share and revenue of $8.97 billion, while revenue rose 5% year over year. The company also announced a quarterly dividend of $0.295 per share, representing a 2.2% annualized yield.

DAVENPORT & Co LLC increased its stake in SLB Limited (NYSE:SLB - Free Report) by 20.1% during the 2nd quarter, according to its most recent Form 13F filing with the SEC. The fund owned 2,376,295 shares of the oil and gas company's stock after acquiring an additional 398,064 shares during the period. DAVENPORT & Co LLC owned approximately 0.16% of SLB worth $110,397,000 as of its most recent SEC filing.

Several other institutional investors and hedge funds have also recently bought and sold shares of SLB. Evergreen Advisors LLC acquired a new position in shares of SLB in the 1st quarter valued at $26,000. MV Capital Management Inc. acquired a new position in SLB in the fourth quarter valued at $28,000. Strategic Wealth Advisors LLC acquired a new position in SLB in the fourth quarter valued at $30,000. Costello Asset Management INC grew its position in SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 280 shares during the period. Finally, Steph & Co. increased its stake in SLB by 97.5% during the fourth quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock worth $31,000 after acquiring an additional 394 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

Wall Street Analysts Forecast Growth

SLB has been the topic of a number of research reports. Sanford C. Bernstein raised their price objective on SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a report on Monday, May 11th. Susquehanna boosted their target price on SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a report on Monday, July 27th. Raymond James Financial dropped their target price on shares of SLB from $62.00 to $61.00 and set an "outperform" rating for the company in a research report on Friday, July 10th. Jefferies Financial Group restated a "buy" rating and issued a $66.00 price target on shares of SLB in a report on Sunday, July 26th. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $61.00 price target on shares of SLB in a research report on Tuesday, June 16th. Two research 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 given a Sell rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $61.35.

SLB Stock Performance

SLB stock opened at $52.66 on Thursday. The stock's 50 day moving average price is $49.67 and its 200 day moving average price is $51.04. The firm has a market capitalization of $78.15 billion, a PE ratio of 25.44, a price-to-earnings-growth ratio of 3.54 and a beta of 0.73. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. SLB Limited has a one year low of $31.64 and a one year high of $58.82.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings data 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 company 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%. SLB's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter last year, the company earned $0.74 earnings per share. As a group, sell-side analysts expect that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Announces Dividend

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

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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