MinichMacGregor Wealth Management LLC Takes $6.25 Million Position in SLB Limited $SLB

Key Points

• MinichMacGregor Wealth Management disclosed a new position in SLB, buying 121,700 shares valued at about $6.25 million in the first quarter.
• SLB reported quarterly EPS of $0.52, slightly beating estimates, while revenue came in at $8.72 billion, just below consensus. Revenue still grew 2.7% year over year.
• The company also declared a quarterly dividend of $0.295 per share, implying an annualized yield of about 2.5%. Meanwhile, analysts remain broadly positive, with a consensus rating of Moderate Buy and an average price target of $60.83.

MinichMacGregor Wealth Management LLC acquired a new stake in SLB Limited (NYSE:SLB - Free Report) during the first quarter, according to its most recent filing with the Securities and Exchange Commission (SEC). The institutional investor acquired 121,700 shares of the oil and gas company's stock, valued at approximately $6,254,000.

Several other hedge funds also recently added to or reduced their stakes in SLB. Fearnley Asset Management AS acquired a new stake in shares of SLB during the fourth quarter valued at about $8,574,000. Mitsubishi UFJ Asset Management Co. Ltd. lifted its holdings in shares of SLB by 4.3% in the 4th quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,141,868 shares of the oil and gas company's stock worth $126,303,000 after acquiring an additional 128,660 shares during the last quarter. Cibc World Market Inc. boosted its position in shares of SLB by 48.7% during the 4th quarter. Cibc World Market Inc. now owns 1,367,063 shares of the oil and gas company's stock worth $52,468,000 after purchasing an additional 447,667 shares during the period. Vaughan Nelson Investment Management L.P. purchased a new position in shares of SLB during the 1st quarter worth approximately $47,528,000. Finally, Oppenheimer & Co. Inc. increased its holdings in SLB by 65.0% in the 4th quarter. Oppenheimer & Co. Inc. now owns 205,796 shares of the oil and gas company's stock valued at $7,898,000 after purchasing an additional 81,045 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

SLB Price Performance

SLB stock opened at $46.71 on Thursday. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. SLB Limited has a 52-week low of $31.64 and a 52-week high of $58.82. The firm has a market cap of $69.83 billion, a PE ratio of 20.40, a price-to-earnings-growth ratio of 1.92 and a beta of 0.70. The company's 50 day moving average is $54.41 and its two-hundred day moving average is $49.33.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, topping 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 business had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.76 billion. During the same quarter in the previous year, the firm posted $0.72 earnings per share. The company's quarterly revenue was up 2.7% compared to the same quarter last year. On average, research analysts expect that SLB Limited will post 2.62 EPS for the current fiscal year.

SLB Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.5%. The ex-dividend date of this dividend is Wednesday, June 3rd. SLB's payout ratio is presently 51.53%.

Insider Activity

In other news, Director La Chevardiere Patrick De sold 2,000 shares of SLB 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 completion of the transaction, the director owned 16,953 shares in the company, valued at approximately $921,056.49. This trade represents a 10.55% decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the business'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 transaction, the executive vice president directly owned 47,421 shares of the company's stock, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. 0.16% of the stock is owned by corporate insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on SLB. Susquehanna boosted their target price on SLB from $60.00 to $65.00 and gave the company a "positive" rating in a research report on Monday, April 27th. BMO Capital Markets raised their price target on SLB from $55.00 to $63.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Piper Sandler lifted their price objective on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Stifel Nicolaus boosted their price objective on SLB from $61.00 to $64.00 and gave the company a "buy" rating in a report on Thursday, June 18th. Finally, Barclays increased their target price on SLB from $49.00 to $51.00 and gave the stock an "overweight" rating in a research note on Monday, April 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $60.83.

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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