Man Group plc Cuts Position in SLB Limited $SLB

Key Points

• Man Group reduced its SLB position by 36.1% in the second quarter, selling 186,257 shares and retaining 330,005 shares valued at approximately $15.3 million. Institutional investors collectively own 81.99% of SLB.
• Analysts remain broadly positive, with an overall “Moderate Buy” rating and an average price target of $61.35; several firms recently raised their targets to between $62 and $67.
• SLB beat quarterly expectations with adjusted earnings of $0.55 per share and revenue of $8.97 billion, while revenue rose 5% year over year. The company also declared a quarterly dividend of $0.295 per share, representing a 2.1% annualized yield.

Man Group plc trimmed its position in shares of SLB Limited (NYSE:SLB - Free Report) by 36.1% during the second quarter, according to its most recent Form 13F filing with the Securities & Exchange Commission. The institutional investor owned 330,005 shares of the oil and gas company's stock after selling 186,257 shares during the period. Man Group plc's holdings in SLB were worth $15,342,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also modified their holdings of SLB. Evergreen Advisors LLC acquired a new position in SLB during the 1st quarter worth about $26,000. Costello Asset Management INC grew its position in SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 280 shares in the last quarter. Arlington Trust Co LLC increased its stake in SLB by 66.5% during the second quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company's stock worth $33,000 after purchasing an additional 280 shares during the period. MV Capital Management Inc. purchased a new stake in SLB during the fourth quarter worth about $28,000. Finally, Maryland Capital Advisors Inc. acquired a new stake in shares of SLB during the second quarter worth about $35,000. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analysts Set New Price Targets

Several research firms have recently commented on SLB. Barclays raised their price objective on shares of SLB from $64.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Susquehanna increased their target price on shares of SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a report on Monday, July 27th. Jefferies Financial Group reissued a "buy" rating and issued a $66.00 price target on shares of SLB in a research report on Sunday, July 26th. Citigroup dropped their price target on shares of SLB from $68.00 to $63.00 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Finally, Royal Bank Of Canada reaffirmed an "outperform" rating and set a $61.00 price objective on shares of SLB in a research report on Tuesday, June 16th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have issued a Hold rating and one has given a Sell rating to the stock. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $61.35.

SLB Stock Up 2.7%

Shares of NYSE:SLB opened at $55.06 on Friday. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The firm's 50 day moving average price is $49.52 and its 200 day moving average price is $51.37. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41. The stock has a market cap of $81.72 billion, a price-to-earnings ratio of 26.60, a price-to-earnings-growth ratio of 3.54 and a beta of 0.73.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, topping 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 company had revenue of $8.97 billion during the quarter, compared to analysts' expectations of $8.67 billion. During the same quarter in the previous year, the business posted $0.74 EPS. The firm's revenue was up 5.0% on a year-over-year basis. As a group, equities research analysts predict that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

The company 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. 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 payout ratio 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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