Reliant Investment Management LLC Increases Stock Position in SLB Limited $SLB

Key Points

• Reliant Investment Management increased its SLB position by 1,436.2% in the second quarter, bringing its holdings to 104,861 shares valued at approximately $4.88 million. Institutional investors collectively own 81.99% of SLB.
• SLB exceeded quarterly expectations, reporting $0.55 in adjusted earnings per share versus the $0.51 consensus estimate and $8.97 billion in revenue, up 5% year over year.
• The company declared a quarterly dividend of $0.295 per share, equivalent to a $1.18 annualized payout and a 2.3% yield. Analysts maintain a “Moderate Buy” consensus with an average price target of $61.35, compared with a recent share price of $51.99.

Reliant Investment Management LLC raised its stake in SLB Limited (NYSE:SLB - Free Report) by 1,436.2% in the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 104,861 shares of the oil and gas company's stock after acquiring an additional 98,035 shares during the period. Reliant Investment Management LLC's holdings in SLB were worth $4,875,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Several other hedge funds also recently made changes to their positions in SLB. Evergreen Advisors LLC acquired a new stake in shares of SLB during the first quarter worth about $26,000. Costello Asset Management INC boosted its position in shares of SLB by 93.3% in the 1st 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 boosted its position in shares of SLB by 66.5% in the 2nd 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 position in SLB during the 4th quarter worth approximately $28,000. Finally, Sound Income Strategies LLC grew its stake in SLB by 71.1% during the 1st quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company's stock worth $39,000 after buying an additional 324 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company's stock.

SLB Stock Performance

Shares of SLB stock opened at $51.99 on Friday. The stock's 50-day moving average price is $49.54 and its 200 day moving average price is $51.07. 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 has a market capitalization of $77.16 billion, a PE ratio of 25.12, a price-to-earnings-growth ratio of 3.47 and a beta of 0.73. SLB Limited has a 52-week low of $31.64 and a 52-week high of $58.82.

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

SLB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a dividend yield of 2.3%. SLB's dividend payout ratio (DPR) is currently 57.00%.

Analyst Upgrades and Downgrades

SLB has been the topic of several research analyst reports. Jefferies Financial Group reaffirmed a "buy" rating and set a $66.00 price target on shares of SLB in a research report on Sunday, July 26th. Morgan Stanley raised their target price on shares of SLB from $54.00 to $55.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Evercore reaffirmed an "outperform" rating and issued a $66.00 target price on shares of SLB in a report on Monday, July 27th. Weiss Ratings reiterated a "hold (c)" rating on shares of SLB in a research report on Monday, August 3rd. Finally, Wolfe Research assumed coverage on shares of SLB in a research note on Wednesday, July 8th. They set an "outperform" rating and a $62.00 price target for the company. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company. According to MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average 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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