QRG Capital Management Inc. Raises Stock Holdings in SLB Limited $SLB

Key Points

• QRG Capital Management increased its SLB holdings by 29.5% in the second quarter, adding 33,951 shares to own 149,030 shares valued at approximately $6.9 million. Institutional investors and hedge funds collectively own 81.99% of SLB.
• SLB exceeded quarterly expectations, reporting $0.55 in adjusted EPS versus a $0.51 consensus estimate and revenue of $8.97 billion, up 5% year over year. The company also declared a quarterly dividend of $0.295 per share, representing a 2.2% yield.
• Analysts maintain a generally positive view, with SLB carrying a “Moderate Buy” consensus rating and an average price target of $61.35, compared with a recent share price of $52.66.

QRG Capital Management Inc. grew its holdings in SLB Limited (NYSE:SLB - Free Report) by 29.5% in the second quarter, according to its most recent disclosure with the Securities and Exchange Commission (SEC). The institutional investor owned 149,030 shares of the oil and gas company's stock after buying an additional 33,951 shares during the quarter. QRG Capital Management Inc.'s holdings in SLB were worth $6,928,000 as of its most recent SEC filing.

Several other large investors have also made changes to their positions in SLB. B. Riley Wealth Advisors Inc. lifted its position in shares of SLB by 33.8% during the 2nd quarter. B. Riley Wealth Advisors Inc. now owns 6,862 shares of the oil and gas company's stock valued at $318,000 after buying an additional 1,733 shares in the last quarter. Hendley & Co. Inc. increased its holdings in SLB by 47.3% in the 2nd quarter. Hendley & Co. Inc. now owns 116,540 shares of the oil and gas company's stock worth $5,418,000 after acquiring an additional 37,420 shares in the last quarter. Portside Wealth Group LLC increased its holdings in SLB by 11.3% in the 2nd quarter. Portside Wealth Group LLC now owns 4,842 shares of the oil and gas company's stock worth $225,000 after acquiring an additional 493 shares in the last quarter. CWA Asset Management Group LLC raised its position in SLB by 2.5% during the second quarter. CWA Asset Management Group LLC now owns 166,985 shares of the oil and gas company's stock worth $7,763,000 after acquiring an additional 4,133 shares during the period. Finally, LRI Investments LLC raised its position in SLB by 24.7% during the second quarter. LRI Investments LLC now owns 7,311 shares of the oil and gas company's stock worth $340,000 after acquiring an additional 1,448 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

SLB Stock Down 1.9%

SLB stock opened at $52.66 on Thursday. 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 firm has a 50-day moving average of $49.67 and a two-hundred day moving average of $51.04. SLB Limited has a 12 month low of $31.64 and a 12 month high of $58.82. The company has a market cap of $78.15 billion, a price-to-earnings ratio of 25.44, a PEG ratio of 3.54 and a beta of 0.73.

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

SLB Dividend Announcement

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

Analyst Ratings Changes

Several brokerages have recently issued reports on SLB. Weiss Ratings reiterated a "hold (c)" rating on shares of SLB in a research report on Monday, August 3rd. JPMorgan Chase & Co. raised their price target on shares of SLB from $54.00 to $61.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Sanford C. Bernstein lifted their price objective on SLB from $56.10 to $71.00 and gave the stock an "outperform" rating in a report on Monday, May 11th. Evercore reiterated an "outperform" rating and set a $66.00 price objective on shares of SLB in a research note on Monday, July 27th. Finally, UBS Group reduced their target price on SLB from $69.00 to $66.00 and set a "buy" rating for the company in a report on Wednesday, July 1st. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has issued a Hold rating and two have assigned a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and a consensus target price 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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