Public Employees Retirement System of Ohio Takes Position in SLB Limited $SLB

Key Points

• Public Employees Retirement System of Ohio bought 569,257 SLB shares worth approximately $26.5 million in the second quarter. Institutional investors collectively own 81.99% of the company.
• Analysts maintain a generally positive outlook, with SLB receiving a “Moderate Buy” consensus rating and an average price target of $61.35; several firms recently raised their targets.
• SLB reported quarterly earnings of $0.55 per share and revenue of $8.97 billion, beating estimates, while revenue increased 5% year over year. The company also declared a quarterly dividend of $0.295 per share, representing a 2.1% yield.

Public Employees Retirement System of Ohio purchased a new stake in SLB Limited (NYSE:SLB - Free Report) in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The firm purchased 569,257 shares of the oil and gas company's stock, valued at approximately $26,465,000.

A number of other hedge funds have also recently made changes to their positions in the company. Bank of America Corp DE boosted its stake in SLB by 11.1% in the first quarter. Bank of America Corp DE now owns 10,536,104 shares of the oil and gas company's stock valued at $541,450,000 after acquiring an additional 1,052,239 shares during the last quarter. Fearnley Asset Management AS bought a new stake in shares of SLB during the 4th quarter valued at $8,574,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of SLB in the first quarter worth about $47,528,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its holdings in 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 valued at $126,303,000 after purchasing an additional 128,660 shares during the period. Finally, Cibc World Market Inc. grew its position in SLB by 48.7% during the fourth quarter. Cibc World Market Inc. now owns 1,367,063 shares of the oil and gas company's stock worth $52,468,000 after buying an additional 447,667 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Analyst Ratings Changes

SLB has been the subject of a number of research reports. Piper Sandler boosted their price target on shares of SLB from $59.00 to $64.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Barclays raised their price objective on shares of SLB from $64.00 to $67.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Sanford C. Bernstein upped their target price on shares of SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a research report on Monday, May 11th. Weiss Ratings restated a "hold (c)" rating on shares of SLB in a research report on Monday, August 3rd. Finally, Citigroup dropped their price target on SLB from $68.00 to $63.00 and set a "buy" rating for the company in a research note on Wednesday, July 1st. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company's stock. According to MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average target price of $61.35.

SLB Trading Up 4.3%

Shares of SLB opened at $57.40 on Friday. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The firm has a market cap of $85.19 billion, a price-to-earnings ratio of 27.73, a PEG ratio of 3.63 and a beta of 0.73. The firm has a 50 day moving average price of $49.70 and a 200-day moving average price of $51.41. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44.

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

SLB Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB's dividend payout ratio (DPR) is 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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