SLB Limited $SLB is Canoe Financial LP's 2nd Largest Position

Key Points

• Canoe Financial LP increased its SLB stake by 82.3% in the second quarter, adding 3.49 million shares to own 7.73 million shares worth approximately $358.9 million. SLB now represents 4.4% of the fund’s holdings and is its second-largest position.
• Analysts maintain a generally positive outlook, with a consensus rating of “Moderate Buy” and an average price target of $61.35, despite some target-price reductions.
• SLB surpassed quarterly earnings and revenue expectations, reporting $0.55 EPS and $8.97 billion in revenue. The company also declared a quarterly dividend of $0.295 per share, representing a 2.3% yield.

Canoe Financial LP increased its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 82.3% in the 2nd quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The fund owned 7,730,966 shares of the oil and gas company's stock after purchasing an additional 3,489,344 shares during the period. SLB accounts for about 4.4% of Canoe Financial LP's holdings, making the stock its 2nd biggest position. Canoe Financial LP owned about 0.52% of SLB worth $358,936,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

A number of other institutional investors and hedge funds have also recently bought and sold shares of the stock. Evergreen Advisors LLC acquired a new stake in SLB during the 1st quarter valued at $26,000. MV Capital Management Inc. acquired a new position in shares of SLB in the fourth quarter worth $28,000. Strategic Wealth Advisors LLC purchased a new stake in shares of SLB in the fourth quarter valued at $30,000. Costello Asset Management INC boosted its stake in shares of SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after acquiring an additional 280 shares during the last quarter. Finally, Lloyd Advisory Services LLC. acquired a new stake in shares of SLB during the fourth quarter valued at $31,000. Hedge funds and other institutional investors own 81.99% of the company's stock.

Wall Street Analyst Weigh In

Several research analysts recently weighed in on the stock. Piper Sandler boosted their target price on shares of SLB from $59.00 to $64.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. UBS Group decreased their price target on shares of SLB from $69.00 to $66.00 and set a "buy" rating on the stock in a research note on Wednesday, July 1st. Citigroup lowered their price target on shares of SLB from $68.00 to $63.00 and set a "buy" rating for the company in a report on Wednesday, July 1st. Evercore reissued an "outperform" rating and issued a $66.00 price objective on shares of SLB in a research report on Monday, July 27th. Finally, Weiss Ratings reissued a "hold (c)" rating on shares of SLB in a research note on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and two have given a Sell rating to the stock. According to MarketBeat, the stock presently has an average rating of "Moderate Buy" and a consensus price target of $61.35.

SLB Stock Performance

SLB stock opened at $51.99 on Friday. The firm has a market capitalization of $77.16 billion, a P/E ratio of 25.12, a PEG ratio of 3.47 and a beta of 0.73. The stock has a fifty day moving average price of $49.54 and a 200 day moving average price of $51.07. SLB Limited has a 52 week low of $31.64 and a 52 week high of $58.82. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41.

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

SLB Dividend Announcement

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 issued a dividend of $0.295 per share. This represents a $1.18 annualized dividend and a dividend yield of 2.3%. The ex-dividend date is Wednesday, September 2nd. SLB's dividend payout ratio is presently 57.00%.

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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