Mirae Asset Global Investments Co. Ltd. Purchases 1,866,141 Shares of SLB Limited $SLB

Key Points

• Mirae Asset Global Investments acquired 1,866,141 SLB shares worth approximately $90.9 million, joining other major institutions that have increased their positions. Institutional investors collectively own 81.99% of SLB.
• SLB reported quarterly EPS of $0.64, exceeding the $0.62 consensus estimate, while revenue rose 5.8% year over year to $9.45 billion. The company also declared a quarterly dividend of $0.295 per share, yielding approximately 2.2% annually.
• Analysts maintain a generally positive outlook, with 24 Buy ratings, three Holds and one Sell; SLB has a consensus rating of “Moderate Buy” and an average price target of $61.52 versus its reported share price of $53.78.

Mirae Asset Global Investments Co. Ltd. acquired a new position in SLB Limited (NYSE:SLB - Free Report) during the third quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The firm acquired 1,866,141 shares of the oil and gas company's stock, valued at approximately $90,918,000. Mirae Asset Global Investments Co. Ltd. owned approximately 0.13% of SLB as of its most recent filing with the Securities & Exchange Commission.

Other large investors also recently added to or reduced their stakes in the company. State Street Corp increased its stake in SLB by 0.8% in the 2nd quarter. State Street Corp now owns 91,222,641 shares of the oil and gas company's stock worth $4,267,269,000 after acquiring an additional 722,060 shares during the last quarter. First Eagle Investment Management LLC boosted its position in shares of SLB by 1.9% during the 2nd quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company's stock valued at $1,344,199,000 after acquiring an additional 537,566 shares during the last quarter. Bank of New York Mellon Corp bought a new stake in shares of SLB during the 2nd quarter valued at about $1,339,567,000. Amundi boosted its position in shares of SLB by 15.8% during the 2nd quarter. Amundi now owns 19,815,245 shares of the oil and gas company's stock valued at $921,211,000 after acquiring an additional 2,698,766 shares during the last quarter. Finally, Dimensional Fund Advisors LP grew its holdings in shares of SLB by 1.1% during the first quarter. Dimensional Fund Advisors LP now owns 15,901,998 shares of the oil and gas company's stock worth $817,246,000 after purchasing an additional 169,468 shares in the last quarter. Institutional investors own 81.99% of the company's stock.

SLB Price Performance

Shares of NYSE:SLB opened at $53.78 on Friday. The company has a quick ratio of 1.02, a current ratio of 1.39 and a debt-to-equity ratio of 0.41. The stock has a market cap of $79.38 billion, a PE ratio of 26.11, a PEG ratio of 2.98 and a beta of 0.83. The company's fifty day moving average is $52.50 and its 200 day moving average is $51.37. SLB Limited has a 52 week low of $34.65 and a 52 week high of $60.46.

SLB (NYSE:SLB - Get Free Report) last posted its quarterly earnings results on Friday, October 23rd. The oil and gas company reported $0.64 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.27 billion. SLB had a net margin of 8.40% and a return on equity of 13.77%. The company's revenue was up 5.8% on a year-over-year basis. During the same period in the prior year, the business posted $0.69 earnings per share. Research analysts anticipate that SLB Limited will post 2.46 earnings per share for the current year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Wednesday, December 2nd will be issued a dividend of $0.2950 per share. The ex-dividend date is Wednesday, December 2nd. This represents a $1.18 annualized dividend and a yield of 2.2%. SLB's dividend payout ratio is currently 57.28%.

Insider Activity

In other SLB news, CAO Howard Guild sold 10,047 shares of the business's stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $53.65, for a total value of $539,021.55. Following the completion of the sale, the chief accounting officer owned 12,845 shares in the company, valued at approximately $689,134.25. The trade was a 43.89% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, insider Dianne B. Ralston sold 20,986 shares of the stock in a transaction that occurred on Friday, October 30th. The shares were sold at an average price of $53.57, for a total value of $1,124,220.02. Following the sale, the insider directly owned 205,053 shares of the company's stock, valued at approximately $10,984,689.21. This trade represents a 9.28% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts recently weighed in on SLB shares. Rothschild & Co Redburn upped their price objective on shares of SLB from $66.00 to $68.00 and gave the stock a "buy" rating in a research report on Friday, September 25th. Citigroup dropped their target price on shares of SLB from $63.00 to $62.00 and set a "buy" rating for the company in a research report on Monday, October 19th. JPMorgan Chase & Co. boosted their price target on shares of SLB from $61.00 to $62.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. BMO Capital Markets reissued an "outperform" rating and issued a $62.00 price target (down from $63.00) on shares of SLB in a report on Tuesday, September 1st. Finally, UBS Group decreased their price target on shares of SLB from $75.00 to $70.00 and set a "buy" rating on the stock in a report on Monday, October 26th. Twenty-four investment analysts have rated the stock with a Buy rating, three have given a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat, SLB currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.52.

About SLB

SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.

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