First Eagle Investment Management LLC Raises Stock Holdings in SLB Limited $SLB

Key Points

• First Eagle Investment Management increased its SLB stake by 1.9% in the second quarter, bringing its holdings to 28.9 million shares valued at approximately $1.34 billion. Institutional investors collectively own 81.99% of the company.
• SLB exceeded quarterly expectations, reporting $0.55 in adjusted EPS versus the $0.51 consensus and $8.97 billion in revenue versus $8.67 billion expected. Revenue rose 5% year over year, although EPS declined from $0.74 in the prior-year quarter.
• The company declared a quarterly dividend of $0.295, equivalent to an annualized $1.18 payout and a 2.1% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $61.35, above the reported share price of $57.45.

First Eagle Investment Management LLC lifted its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 1.9% in the 2nd quarter, according to its most recent Form 13F filing with the SEC. The firm owned 28,913,733 shares of the oil and gas company's stock after buying an additional 537,566 shares during the period. SLB makes up approximately 1.4% of First Eagle Investment Management LLC's holdings, making the stock its 23rd largest position. First Eagle Investment Management LLC owned approximately 1.95% of SLB worth $1,344,199,000 as of its most recent filing with the SEC.

Other institutional investors and hedge funds have also recently added to or reduced their stakes in the company. California State Teachers Retirement System grew its position in SLB by 2,891.7% in the 2nd quarter. California State Teachers Retirement System now owns 145,176,833 shares of the oil and gas company's stock valued at $6,749,271,000 after buying an additional 140,324,172 shares during the last quarter. Ameritas Advisory Services LLC raised its position in SLB by 3.0% during the 2nd quarter. Ameritas Advisory Services LLC now owns 11,850 shares of the oil and gas company's stock worth $551,000 after buying an additional 342 shares during the last quarter. Wedmont Private Capital raised its position in SLB by 9.6% during the 2nd quarter. Wedmont Private Capital now owns 15,375 shares of the oil and gas company's stock worth $734,000 after buying an additional 1,353 shares during the last quarter. HB Wealth Management LLC lifted its stake in shares of SLB by 22.7% in the 2nd quarter. HB Wealth Management LLC now owns 50,839 shares of the oil and gas company's stock worth $2,364,000 after acquiring an additional 9,420 shares during the period. Finally, Saudi Central Bank lifted its stake in shares of SLB by 90.6% in the 2nd quarter. Saudi Central Bank now owns 105,079 shares of the oil and gas company's stock worth $4,885,000 after acquiring an additional 49,937 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

SLB Trading Down 0.1%

Shares of SLB opened at $57.45 on Monday. SLB Limited has a twelve month low of $31.64 and a twelve month high of $60.46. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. The firm has a market capitalization of $85.26 billion, a P/E ratio of 27.75, a PEG ratio of 3.27 and a beta of 0.76. The firm's 50-day moving average is $50.77 and its two-hundred day moving average is $51.68.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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%. The company's revenue for the quarter was up 5.0% on a year-over-year basis. During the same period last year, the firm earned $0.74 EPS. On average, research analysts predict that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be given a $0.295 dividend. The ex-dividend date is Wednesday, September 2nd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.1%. SLB's dividend payout ratio (DPR) is currently 57.00%.

Analyst Upgrades and Downgrades

A number of brokerages have recently issued reports on SLB. TD Cowen boosted their price target on shares of SLB from $62.00 to $64.00 and gave the stock a "buy" rating in a research note on Monday, July 27th. Susquehanna raised their price objective on shares of SLB from $55.00 to $62.00 and gave the company a "positive" rating in a research report on Monday, July 27th. Zacks Research raised SLB from a "strong sell" rating to a "hold" rating in a report on Tuesday, August 25th. UBS Group reissued a "buy" rating on shares of SLB in a report on Tuesday, September 1st. Finally, BMO Capital Markets restated an "outperform" rating on shares of SLB in a research note on Tuesday, September 1st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SLB presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Company 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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.