Kingsview Wealth Management LLC Sells 91,620 Shares of SLB Limited $SLB

Key Points

• Kingsview Wealth Management sharply reduced its SLB stake in the fourth quarter, selling 91,620 shares and cutting its position by 80.9% to 21,667 shares worth about $832,000.
• Institutional ownership remains heavy, with hedge funds and other institutional investors holding 81.99% of SLB. Several large firms, including Vanguard, State Street, and Geode Capital, also increased their positions.
• Analysts remain mostly bullish on SLB despite mixed signals, with a consensus rating of “Moderate Buy” and an average price target of $59.74. Recent analyst firms raised price targets, while some insiders also sold shares in recent transactions.

Kingsview Wealth Management LLC trimmed its position in shares of SLB Limited (NYSE:SLB - Free Report) by 80.9% during the 4th quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 21,667 shares of the oil and gas company's stock after selling 91,620 shares during the quarter. Kingsview Wealth Management LLC's holdings in SLB were worth $832,000 at the end of the most recent quarter.

Other hedge funds and other institutional investors have also recently made changes to their positions in the company. Vanguard Group Inc. lifted its position in SLB by 0.6% during the fourth 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 buying an additional 1,080,999 shares during the period. State Street Corp boosted its stake in SLB by 7.0% during the third quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company's stock worth $2,898,037,000 after acquiring an additional 5,466,786 shares in the last quarter. Geode Capital Management LLC grew its holdings in SLB by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 33,840,883 shares of the oil and gas company's stock worth $1,292,993,000 after purchasing an additional 510,747 shares during the period. First Eagle Investment Management LLC increased its stake in shares of SLB by 0.6% during the fourth quarter. First Eagle Investment Management LLC now owns 27,718,458 shares of the oil and gas company's stock valued at $1,063,834,000 after purchasing an additional 174,564 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in shares of SLB by 25.2% during the third quarter. Dimensional Fund Advisors LP now owns 15,366,347 shares of the oil and gas company's stock valued at $528,217,000 after purchasing an additional 3,094,764 shares in the last quarter. Hedge funds and other institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

SLB has been the topic of a number of analyst reports. JPMorgan Chase & Co. boosted their price target on SLB from $54.00 to $61.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Sanford C. Bernstein lifted their price objective on SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research note on Monday, May 11th. UBS Group boosted their target price on SLB from $61.00 to $69.00 and gave the stock a "buy" rating in a report on Wednesday, April 29th. Evercore restated an "outperform" rating and set a $64.00 price target on shares of SLB in a report on Monday, April 27th. Finally, Wall Street Zen cut shares of SLB from a "buy" rating to a "hold" rating in a research note on Saturday, March 14th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus price target of $59.74.

Insiders Place Their Bets

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the stock in a transaction dated Thursday, May 7th. The stock was sold at an average price of $54.33, for a total value of $108,660.00. Following the transaction, the director owned 16,953 shares of the company's stock, valued at approximately $921,056.49. This represents a 10.55% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the firm's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $56.18, for a total value of $2,998,832.22. Following the completion of the transaction, the executive vice president directly owned 47,421 shares in the company, valued at $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is currently owned by insiders.

SLB Price Performance

Shares of NYSE:SLB opened at $54.78 on Tuesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. The firm has a market cap of $81.91 billion, a price-to-earnings ratio of 23.92, a price-to-earnings-growth ratio of 2.21 and a beta of 0.72. The business has a 50-day simple moving average of $53.66 and a two-hundred day simple moving average of $47.32. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates 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 for the quarter, compared to the consensus estimate of $8.76 billion. During the same quarter last year, the firm posted $0.72 EPS. The business's quarterly revenue was up 2.7% compared to the same quarter last year. On average, analysts expect that SLB Limited will post 2.62 earnings per share for the current year.

SLB Dividend Announcement

The business 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 $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, June 3rd. SLB's payout ratio is 51.53%.

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.

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