Plato Investment Management Ltd Acquires New Holdings in SLB Limited $SLB

Key Points

• Plato Investment Management acquired 87,769 SLB shares worth approximately $4.1 million, while other institutional investors also increased or initiated positions. Institutions now own 81.99% of the company’s stock.
• SLB exceeded quarterly expectations, reporting $0.55 in EPS versus the $0.51 consensus and revenue of $8.97 billion, up 5% year over year. The company also declared a quarterly dividend of $0.295 per share, yielding about 2.2% annually.
• Analysts maintain a generally positive outlook, with SLB receiving a consensus “Moderate Buy” rating and an average price target of $61.35, compared with its reported opening price of $53.77.

Plato Investment Management Ltd bought a new position in shares of SLB Limited (NYSE:SLB - Free Report) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 87,769 shares of the oil and gas company's stock, valued at approximately $4,057,000.

Several other large investors also recently made changes to their positions in SLB. Bank of New York Mellon Corp acquired a new position in shares of SLB during the second quarter worth about $1,339,567,000. USA Financial Formulas acquired a new position in SLB during the first quarter worth $511,000. Merit Financial Group LLC raised its holdings in shares of SLB by 6.4% in the 2nd quarter. Merit Financial Group LLC now owns 57,583 shares of the oil and gas company's stock valued at $2,677,000 after purchasing an additional 3,473 shares during the period. Farther Finance Advisors LLC raised its stake in SLB by 8.6% in the second quarter. Farther Finance Advisors LLC now owns 34,315 shares of the oil and gas company's stock valued at $1,595,000 after buying an additional 2,728 shares during the period. Finally, Fifth Third Wealth Advisors LLC lifted its holdings in SLB by 10.2% during the 2nd quarter. Fifth Third Wealth Advisors LLC now owns 50,099 shares of the oil and gas company's stock valued at $2,329,000 after purchasing an additional 4,636 shares during the last quarter. Institutional investors own 81.99% of the company's stock.

SLB Stock Down 0.0%

SLB stock opened at $53.77 on Monday. SLB Limited has a 12 month low of $31.64 and a 12 month high of $58.82. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. The stock has a market capitalization of $79.80 billion, a P/E ratio of 25.97, a price-to-earnings-growth ratio of 3.55 and a beta of 0.73. The firm has a 50-day moving average price of $49.52 and a 200-day moving average price of $51.09.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (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 the consensus estimate of $8.67 billion. During the same period in the prior year, the business earned $0.74 earnings per share. The company's revenue for the quarter was up 5.0% compared to the same quarter last year. As a group, equities research analysts anticipate that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 2.2%. The ex-dividend date is Wednesday, September 2nd. SLB's payout ratio is 57.00%.

Analyst Ratings Changes

Several research analysts have weighed in on the stock. Sanford C. Bernstein increased their price target on shares of SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a report on Monday, May 11th. BMO Capital Markets boosted their price objective on SLB from $59.00 to $63.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Jefferies Financial Group reaffirmed a "buy" rating and issued a $66.00 target price on shares of SLB in a research report on Sunday, July 26th. Barclays increased their target price on SLB from $64.00 to $67.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Finally, Piper Sandler boosted their price target on SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has assigned a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat.com, SLB currently has an average rating of "Moderate Buy" and a consensus price target of $61.35.

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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