Nykredit A S Acquires Shares of 603,972 SLB Limited $SLB

Key Points

• Nykredit A/S acquired 603,972 shares of SLB in the second quarter, valued at approximately $28.1 million. Institutional investors collectively own nearly 82% of the company.
• SLB reported quarterly earnings of $0.55 per share, beating estimates of $0.51, while revenue rose 5% year over year to $8.97 billion. The company also maintained its quarterly dividend at $0.295 per share, representing a 2.3% annualized yield.
• Despite recently trading down 1.8% to $51.14, SLB holds a consensus “Moderate Buy” rating from analysts, with an average price target of $61.80.

Nykredit A S bought a new position in shares of SLB Limited (NYSE:SLB - Free Report) during the second quarter, according to its most recent filing with the SEC. The fund bought 603,972 shares of the oil and gas company's stock, valued at approximately $28,079,000.

Other institutional investors have also bought and sold shares of the company. Geode Capital Management LLC increased its holdings in shares of SLB by 1.5% in the 4th 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 buying an additional 510,747 shares during the last quarter. First Eagle Investment Management LLC lifted its holdings in shares of SLB by 1.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company's stock worth $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 in the 2nd quarter worth approximately $1,339,567,000. Norges Bank purchased a new stake in shares of SLB in the 4th quarter valued at $809,557,000. Finally, Franklin Resources Inc. increased its stake in SLB by 23.0% in the 4th quarter. Franklin Resources Inc. now owns 20,949,940 shares of the oil and gas company's stock worth $804,059,000 after purchasing an additional 3,913,048 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

SLB Trading Down 1.8%

SLB opened at $51.14 on Friday. 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's fifty day moving average is $52.46 and its two-hundred day moving average is $51.91. The company has a market capitalization of $75.90 billion, a P/E ratio of 24.70, a PEG ratio of 2.96 and a beta of 0.76. SLB Limited has a 52 week low of $31.64 and a 52 week high of $60.46.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $8.97 billion for the quarter, compared to analyst estimates of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. SLB's revenue was up 5.0% compared to the same quarter last year. During the same period last year, the company posted $0.74 earnings per share. Analysts forecast that SLB Limited will post 2.5 earnings per share for the current year.

SLB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be given a $0.295 dividend. This represents a $1.18 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, September 2nd. SLB's dividend payout ratio is currently 57.00%.

Wall Street Analysts Forecast Growth

A number of equities research analysts have recently weighed in on SLB shares. Sanford C. Bernstein reiterated an "outperform" rating on shares of SLB in a research report on Tuesday, September 1st. Jefferies Financial Group reiterated a "buy" rating and issued a $66.00 price target on shares of SLB in a research note on Sunday, July 26th. Piper Sandler lifted their price target on shares of SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Stifel Nicolaus upped their price objective on shares of SLB from $61.00 to $64.00 and gave the stock a "buy" rating in a report on Thursday, June 18th. Finally, Morgan Stanley upped their price objective on shares of SLB from $54.00 to $55.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. Two research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock currently has an average rating of "Moderate Buy" and an average target price of $61.80.

SLB Company Profile

SLB, formerly known as Schlumberger Limited, is a global technology and services company serving the energy industry. The company provides equipment, technology and technical expertise that help oil and gas producers locate, drill, complete and operate wells, as well as manage reservoirs and production assets.

Its offerings include seismic and subsurface evaluation, drilling and well-construction services, well completion and stimulation, artificial lift, production optimization, intervention services, subsea production systems and digital solutions.

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