Hamlin Capital Management LLC Purchases 572,287 Shares of SLB Limited $SLB

Key Points

• Hamlin Capital Management increased its SLB stake by 53.4% in the second quarter, purchasing 572,287 shares and bringing its total holdings to 1.64 million shares valued at approximately $76.4 million.
• Institutional ownership remains high at 81.99%, with major investors including Vanguard, State Street, Charles Schwab Investment Management, Morgan Stanley and Geode Capital also adding to their positions.
• Analyst sentiment is generally positive, with SLB carrying a “Moderate Buy” consensus rating and a $61.35 average price target. The company also beat quarterly earnings and revenue estimates and announced a quarterly dividend of $0.295 per share.

Hamlin Capital Management LLC lifted its holdings in SLB Limited (NYSE:SLB - Free Report) by 53.4% during the 2nd quarter, according to its most recent filing with the Securities & Exchange Commission. The firm owned 1,644,026 shares of the oil and gas company's stock after purchasing an additional 572,287 shares during the period. SLB comprises approximately 1.7% of Hamlin Capital Management LLC's holdings, making the stock its 27th biggest position. Hamlin Capital Management LLC owned approximately 0.11% of SLB worth $76,431,000 at the end of the most recent quarter.

Other large investors also recently added to or reduced their stakes in the company. Vanguard Group Inc. grew its position in shares of SLB by 0.6% during the 4th quarter. Vanguard Group Inc. now owns 186,455,878 shares of the oil and gas company's stock valued at $7,156,177,000 after acquiring an additional 1,080,999 shares during the period. State Street Corp raised its holdings in SLB by 1.0% in the 4th quarter. State Street Corp now owns 84,417,217 shares of the oil and gas company's stock worth $3,263,998,000 after purchasing an additional 799,218 shares during the period. Charles Schwab Investment Management Inc. lifted its position in SLB by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 54,006,438 shares of the oil and gas company's stock valued at $2,072,844,000 after purchasing an additional 1,458,650 shares in the last quarter. Morgan Stanley lifted its position in SLB by 1.3% during the fourth quarter. Morgan Stanley now owns 37,095,243 shares of the oil and gas company's stock valued at $1,423,716,000 after purchasing an additional 482,533 shares in the last quarter. Finally, Geode Capital Management LLC grew its holdings in SLB by 1.5% during the fourth quarter. Geode Capital Management LLC now owns 33,840,883 shares of the oil and gas company's stock valued at $1,292,993,000 after purchasing an additional 510,747 shares during the period. 81.99% of the stock is currently owned by institutional investors.

Wall Street Analyst Weigh In

Several research analysts have recently commented on the company. Zacks Research downgraded SLB from a "hold" rating to a "strong sell" rating in a research note on Monday, July 27th. Citigroup cut their price objective on SLB from $68.00 to $63.00 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Morgan Stanley increased their target price on shares of SLB from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. Weiss Ratings restated a "hold (c)" rating on shares of SLB in a research note on Monday. Finally, Piper Sandler lifted their price target on shares of SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the stock. According to MarketBeat.com, SLB currently has an average rating of "Moderate Buy" and a consensus price target of $61.35.

SLB Trading Down 1.6%

SLB stock opened at $49.97 on Thursday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. SLB Limited has a 1-year low of $31.64 and a 1-year high of $58.82. The business has a 50 day simple moving average of $49.99 and a two-hundred day simple moving average of $50.88. The company has a market capitalization of $74.17 billion, a price-to-earnings ratio of 24.14, a PEG ratio of 3.35 and a beta of 0.73.

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, beating the consensus estimate of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The firm had revenue of $8.97 billion for the quarter, compared to analysts' expectations of $8.67 billion. During the same quarter last year, the business posted $0.74 earnings per share. The company's revenue for the quarter was up 5.0% compared to the same quarter last year. Research analysts anticipate that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.4%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB's dividend payout ratio (DPR) is presently 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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