Jennison Associates LLC Invests $8.55 Million in SLB Limited $SLB

Key Points

• Jennison Associates LLC acquired a new position of 222,689 shares of SLB in Q4, valued at approximately $8.55 million.
• EVP Steve Matthew Gassen sold 53,379 shares at an average price of $56.18 (≈$3.0 million), reducing his stake by 52.96%; corporate insiders now own just 0.16% of the stock.
• SLB declared a quarterly dividend of $0.295 per share (annualized $1.18, yield 2.1%) payable July 9, while analysts hold a consensus "Moderate Buy" rating with a target price of about $58.95.

Jennison Associates LLC acquired a new position in shares of SLB Limited (NYSE:SLB - Free Report) in the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm acquired 222,689 shares of the oil and gas company's stock, valued at approximately $8,547,000.

Other institutional investors have also recently added to or reduced their stakes in the company. Steph & Co. lifted its holdings in SLB by 97.5% during the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock valued at $31,000 after purchasing an additional 394 shares during the last quarter. Thurston Springer Miller Herd & Titak Inc. bought a new position in SLB during the 4th quarter valued at about $31,000. Root Financial Partners LLC bought a new position in SLB during the 3rd quarter valued at about $29,000. Eagle Bay Advisors LLC bought a new position in SLB during the 4th quarter valued at about $34,000. Finally, Strengthening Families & Communities LLC bought a new position in SLB during the 3rd quarter valued at about $31,000. 81.99% of the stock is owned by institutional investors.

Insider Activity at SLB

In other news, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the completion of the sale, the executive vice president owned 47,421 shares in the company, valued at $2,664,111.78. The trade was a 52.96% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is currently owned by corporate insiders.

SLB Trading Up 0.2%

SLB opened at $57.00 on Friday. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. The stock has a market capitalization of $85.22 billion, a PE ratio of 24.89, a PEG ratio of 4.02 and a beta of 0.72. SLB Limited has a 1-year low of $31.64 and a 1-year high of $57.20. The firm has a 50-day moving average price of $50.67 and a two-hundred day moving average price of $44.37.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. SLB had a net margin of 9.26% and a return on equity of 15.54%. The firm had revenue of $8.72 billion during the quarter, compared to analysts' expectations of $8.76 billion. During the same quarter last year, the company posted $0.72 EPS. The company's quarterly revenue was up 2.7% compared to the same quarter last year. As a group, equities analysts anticipate that SLB Limited will post 2.6 earnings per share for the current fiscal year.

SLB Dividend Announcement

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

Wall Street Analysts Forecast Growth

SLB has been the subject of several analyst reports. Piper Sandler lifted their price target on shares of SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Susquehanna lifted their price target on shares of SLB from $60.00 to $65.00 and gave the company a "positive" rating in a report on Monday, April 27th. Sanford C. Bernstein lifted their price target on shares of SLB from $52.30 to $56.10 and gave the company an "outperform" rating in a report on Thursday, March 12th. TD Cowen lifted their price target on shares of SLB from $55.00 to $66.00 and gave the company a "buy" rating in a report on Monday, April 27th. Finally, Bank of America lifted their price target on shares of SLB from $50.00 to $55.00 and gave the company a "buy" rating in a report on Monday, January 26th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $58.95.

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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