Fulcrum Asset Management LLP Lowers Stock Position in SLB Limited $SLB

Key Points

• Fulcrum Asset Management cut its SLB stake by 56.7% in the fourth quarter, selling 100,753 shares and leaving it with 76,845 shares worth about $3.0 million.
• SLB reported mixed quarterly results, posting EPS of $0.52 versus estimates of $0.51 while revenue of $8.72 billion came in slightly below expectations; revenue still rose 2.7% year over year.
• The company declared a quarterly dividend of $0.295 per share, payable July 9, implying an annualized yield of 2.1%. Several analysts remain constructive, with an average target price of $59.74 and a “Moderate Buy” rating.

Fulcrum Asset Management LLP lowered its position in SLB Limited (NYSE:SLB - Free Report) by 56.7% in the 4th quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 76,845 shares of the oil and gas company's stock after selling 100,753 shares during the period. Fulcrum Asset Management LLP's holdings in SLB were worth $2,962,000 at the end of the most recent reporting period.

Several other institutional investors and hedge funds also recently made changes to their positions in the company. Tejara Capital Ltd raised its holdings in shares of SLB by 25.0% in the fourth quarter. Tejara Capital Ltd now owns 173,459 shares of the oil and gas company's stock valued at $6,657,000 after purchasing an additional 34,700 shares during the last quarter. Thrivent Financial for Lutherans increased its holdings in SLB by 20.5% during the fourth quarter. Thrivent Financial for Lutherans now owns 69,253 shares of the oil and gas company's stock worth $2,658,000 after buying an additional 11,773 shares during the last quarter. Conning Inc. increased its holdings in SLB by 11.4% during the fourth quarter. Conning Inc. now owns 7,130 shares of the oil and gas company's stock worth $274,000 after buying an additional 730 shares during the last quarter. Leeward Investments LLC MA increased its holdings in SLB by 13.7% during the fourth quarter. Leeward Investments LLC MA now owns 319,229 shares of the oil and gas company's stock worth $12,252,000 after buying an additional 38,526 shares during the last quarter. Finally, Simmons Bank increased its holdings in SLB by 8.4% during the fourth quarter. Simmons Bank now owns 41,375 shares of the oil and gas company's stock worth $1,588,000 after buying an additional 3,221 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company's stock.

SLB Price Performance

Shares of NYSE:SLB opened at $55.70 on Friday. 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 firm has a market capitalization of $83.28 billion, a PE ratio of 24.32, a P/E/G ratio of 3.90 and a beta of 0.72. SLB Limited has a twelve month low of $31.64 and a twelve month high of $57.20. The company has a 50-day moving average price of $51.29 and a two-hundred day moving average price of $45.63.

SLB (NYSE:SLB - Get Free Report) last issued its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, topping analysts' consensus estimates of $0.51 by $0.01. The firm had revenue of $8.72 billion during the quarter, compared to analyst estimates of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The company's quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the business earned $0.72 earnings per share. Equities analysts forecast that SLB Limited will post 2.61 EPS for the current year.

SLB Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date is Wednesday, June 3rd. SLB's dividend payout ratio (DPR) is currently 51.53%.

Insider Transactions at SLB

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $54.33, for a total transaction of $108,660.00. Following the completion of the transaction, 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 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 transaction, the executive vice president owned 47,421 shares of the company's stock, valued at $2,664,111.78. This represents a 52.96% decrease in their position. The SEC filing for this sale provides additional information. 0.16% of the stock is owned by company insiders.

Analyst Ratings Changes

A number of research firms recently issued reports on SLB. JPMorgan Chase & Co. raised their price objective on shares of SLB from $54.00 to $61.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Wall Street Zen downgraded shares of SLB from a "buy" rating to a "hold" rating in a report on Saturday, March 14th. Royal Bank Of Canada restated an "outperform" rating and set a $61.00 price objective on shares of SLB in a report on Monday, April 27th. Freedom Capital downgraded shares of SLB from a "hold" rating to a "strong sell" rating in a report on Tuesday, January 27th. Finally, Sanford C. Bernstein raised their price objective on shares of SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a report on Monday. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and an average target price of $59.74.

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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