Resona Asset Management Co. Ltd. Sells 26,563 Shares of SLB Limited $SLB

Key Points

• Resona Asset Management trimmed its SLB stake by 5.4% in the fourth quarter, selling 26,563 shares and leaving it with 467,302 shares valued at about $17.9 million.
• Insider selling also showed up in recent filings, including EVP Steve Matthew Gassen’s sale of 53,379 shares and Director Patrick De La Chevardiere’s sale of 2,000 shares.
• SLB reported better-than-expected earnings per share of $0.52, while revenue came in slightly below estimates; the company also announced a quarterly dividend of $0.295 per share and analysts still rate the stock a Moderate Buy with a consensus target of $59.74.

Resona Asset Management Co. Ltd. lessened its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 5.4% in the fourth quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 467,302 shares of the oil and gas company's stock after selling 26,563 shares during the period. Resona Asset Management Co. Ltd.'s holdings in SLB were worth $17,894,000 at the end of the most recent reporting period.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLB. Root Financial Partners LLC bought a new position in SLB during the 3rd quarter valued at approximately $29,000. Strategic Wealth Advisors LLC bought a new position in SLB during the 4th quarter valued at approximately $30,000. Strengthening Families & Communities LLC bought a new position in SLB during the 3rd quarter valued at approximately $31,000. Thurston Springer Miller Herd & Titak Inc. bought a new position in SLB during the 4th quarter valued at approximately $31,000. Finally, Steph & Co. increased its position in SLB by 97.5% during the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock valued at $31,000 after buying an additional 394 shares in the last quarter. Institutional investors own 81.99% of the company's stock.

Insider Activity

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of the business's stock in a transaction dated Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the completion of the sale, the executive vice president owned 47,421 shares of the company's stock, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through the SEC website. Also, Director La Chevardiere Patrick De sold 2,000 shares of the business's stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $54.33, for a total value of $108,660.00. Following the sale, the director directly owned 16,953 shares of the company's stock, valued at $921,056.49. This represents a 10.55% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders own 0.16% of the company's stock.

SLB Trading Down 0.6%

Shares of SLB stock opened at $56.80 on Wednesday. The company's fifty day simple moving average is $51.83 and its 200-day simple moving average is $46.06. The stock has a market capitalization of $84.92 billion, a PE ratio of 24.80, a P/E/G ratio of 4.02 and a beta of 0.72. SLB Limited has a 1-year low of $31.64 and a 1-year high of $57.67. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.98.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, topping the consensus estimate of $0.51 by $0.01. The business had revenue of $8.72 billion for the quarter, compared to analysts' expectations of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The company's revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 EPS. As a group, equities analysts anticipate that SLB Limited will post 2.61 earnings per share for the current year.

SLB Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, June 3rd. SLB's payout ratio is currently 51.53%.

Wall Street Analysts Forecast Growth

A number of research analysts recently weighed in on SLB shares. UBS Group raised their price objective on SLB from $61.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. Piper Sandler increased their target price on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research note on Wednesday, April 15th. Susquehanna increased their target price on SLB from $60.00 to $65.00 and gave the company a "positive" rating in a research note on Monday, April 27th. Evercore reiterated an "outperform" rating and set a $64.00 target price on shares of SLB in a research note on Monday, April 27th. Finally, Morgan Stanley set a $57.00 target price on SLB in a research note on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. According to data from MarketBeat, the company has a consensus rating of "Moderate Buy" and a consensus target price of $59.74.

SLB 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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