RNC Capital Management LLC Lowers Stake in SLB Limited $SLB

Key Points

• RNC Capital Management LLC cut its stake in SLB by 43.6% in Q4, leaving it with 31,675 shares valued at $1.216 million, while institutional investors own roughly 81.99% of the stock.
• Several analysts raised price targets recently (e.g., TD Cowen to $66, Goldman Sachs to $60, BMO to $63), and the consensus rating is a Moderate Buy with an average price target of $58.95.
• SLB reported quarterly EPS of $0.52 (beating by $0.01) with revenue slightly below estimates, declared a quarterly dividend of $0.295 per share (2.1% yield), and EVP Steve Gassen sold 53,379 shares for about $3.0 million.

RNC Capital Management LLC reduced its position in shares of SLB Limited (NYSE:SLB - Free Report) by 43.6% during the 4th quarter, according to the company in its most recent 13F filing with the Securities & Exchange Commission. The institutional investor owned 31,675 shares of the oil and gas company's stock after selling 24,505 shares during the quarter. RNC Capital Management LLC's holdings in SLB were worth $1,216,000 as of its most recent SEC filing.

Several other hedge funds have also modified their holdings of SLB. Root Financial Partners LLC purchased a new position in SLB in the 3rd quarter valued at about $29,000. Strengthening Families & Communities LLC purchased a new position in SLB in the 3rd quarter valued at about $31,000. Thurston Springer Miller Herd & Titak Inc. purchased a new position in SLB in the 4th quarter valued at about $31,000. Steph & Co. lifted its stake in SLB by 97.5% in 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. Finally, Eagle Bay Advisors LLC purchased a new position in SLB in the 4th quarter valued at about $34,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Upgrades and Downgrades

A number of research analysts recently weighed in on the stock. TD Cowen raised their price target on shares of SLB from $55.00 to $66.00 and gave the company a "buy" rating in a research note on Monday, April 27th. The Goldman Sachs Group increased their price objective on shares of SLB from $53.00 to $60.00 and gave the company a "buy" rating in a report on Wednesday, March 4th. Royal Bank Of Canada reiterated an "outperform" rating and issued a $61.00 price objective on shares of SLB in a report on Monday, April 27th. BMO Capital Markets increased their price objective on shares of SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a report on Monday, April 27th. Finally, Weiss Ratings upgraded shares of SLB from a "hold (c)" rating to a "hold (c+)" rating in a report on Wednesday, April 22nd. Three analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the stock presently has an average rating of "Moderate Buy" and an average price target of $58.95.

SLB Stock Down 2.1%

SLB stock opened at $55.70 on Tuesday. The firm has a market cap of $83.28 billion, a PE ratio of 24.32, a PEG ratio of 4.02 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. The firm's 50 day moving average price is $50.67 and its 200-day moving average price is $44.45. SLB Limited has a one year low of $31.64 and a one year high of $57.20.

SLB (NYSE:SLB - Get Free Report) last released its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The business's revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter in the previous year, the company earned $0.72 EPS. On average, equities research analysts anticipate that SLB Limited will post 2.6 EPS for the current year.

SLB Dividend Announcement

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

Insider Activity at SLB

In other news, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following 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 position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Insiders own 0.16% of the company's stock.

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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