OFI Invest Asset Management Decreases Stake in SLB Limited $SLB

Key Points

• OFI Invest Asset Management cut its SLB stake by 28.5% in the second quarter, selling 246,868 shares and retaining 618,193 shares valued at approximately $28.7 million. Institutional investors collectively own about 81.99% of the company.
• Analyst sentiment remains broadly positive, with SLB receiving a consensus “Moderate Buy” rating and an average price target of $61.35, despite one “Strong Sell” downgrade from Zacks Research.
• SLB exceeded quarterly expectations, reporting $0.55 in EPS and $8.97 billion in revenue, while revenue rose 5% year over year. The company also declared a quarterly dividend of $0.295 per share, equivalent to a 2.3% annualized yield.

OFI Invest Asset Management reduced its position in SLB Limited (NYSE:SLB - Free Report) by 28.5% during the second quarter, according to its most recent 13F filing with the SEC. The firm owned 618,193 shares of the oil and gas company's stock after selling 246,868 shares during the period. OFI Invest Asset Management's holdings in SLB were worth $28,740,000 as of its most recent SEC filing.

Several other institutional investors have also added to or reduced their stakes in SLB. Evergreen Advisors LLC bought a new position in SLB during the first quarter worth about $26,000. Costello Asset Management INC raised its position in shares of SLB by 93.3% in the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 280 shares during the period. Arlington Trust Co LLC raised its position in shares of SLB by 66.5% in the second quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company's stock valued at $33,000 after purchasing an additional 280 shares during the period. MV Capital Management Inc. purchased a new stake in shares of SLB during the 4th quarter valued at approximately $28,000. Finally, Sound Income Strategies LLC lifted its stake in shares of SLB by 71.1% during the 1st quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company's stock valued at $39,000 after buying an additional 324 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

Several equities research analysts have issued reports on SLB shares. Susquehanna increased their target price on SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a research report on Monday, July 27th. Zacks Research cut SLB from a "hold" rating to a "strong sell" rating in a research report on Monday, July 27th. Barclays boosted their price objective on SLB from $64.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Wolfe Research started coverage on SLB in a report on Wednesday, July 8th. They set an "outperform" rating and a $62.00 price objective on the stock. Finally, BMO Capital Markets raised their target price on SLB from $59.00 to $63.00 and gave the stock an "outperform" rating in a research note on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the stock has an average rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Stock Down 1.2%

SLB opened at $51.99 on Friday. The company has a fifty day moving average price of $49.54 and a 200-day moving average price of $51.07. The firm has a market capitalization of $77.16 billion, a P/E ratio of 25.12, a price-to-earnings-growth ratio of 3.47 and a beta of 0.73. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. SLB Limited has a one year low of $31.64 and a one year high of $58.82.

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, topping analysts' consensus estimates of $0.51 by $0.04. The company had revenue of $8.97 billion for the quarter, compared to the consensus estimate of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.The firm's revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the business posted $0.74 earnings per share. Equities research analysts expect that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

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

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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