SLB Limited $SLB Position Boosted by QRG Capital Management Inc.

Key Points

• QRG Capital Management increased its SLB position by 29.5% in the second quarter, holding 149,030 shares valued at approximately $6.93 million. Institutional investors collectively own nearly 82% of SLB’s outstanding stock.
• Analysts maintain a generally bullish outlook, with SLB receiving a consensus “Moderate Buy” rating and an average price target of $61.80, above its reported trading price of $51.38.
• SLB exceeded quarterly earnings and revenue estimates, while reporting a quarterly dividend of $0.295 per share, equivalent to a 2.3% yield. Recent Saudi Arabia, Oman, Norway and Zimbabwe contract wins could further support its backlog, although contract values and profit margins were not disclosed.

QRG Capital Management Inc. lifted its holdings in shares of SLB Limited (NYSE:SLB - Free Report) by 29.5% in the second quarter, according to the company in its most recent disclosure with the Securities & Exchange Commission. The institutional investor owned 149,030 shares of the oil and gas company's stock after acquiring 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 filing with the Securities & Exchange Commission.

Other institutional investors and hedge funds also recently added to or reduced their stakes in the company. Abel Hall LLC raised its holdings in SLB by 2.7% in the 1st quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company's stock worth $387,000 after purchasing an additional 198 shares in the last quarter. E Fund Management Co. Ltd. boosted its stake in shares of SLB by 3.6% during the 2nd quarter. E Fund Management Co. Ltd. now owns 5,712 shares of the oil and gas company's stock valued at $266,000 after purchasing an additional 199 shares in the last quarter. Private Wealth Asset Management LLC boosted its stake in shares of SLB by 4.1% during the 4th quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company's stock valued at $193,000 after purchasing an additional 200 shares in the last quarter. Capital Advisors Ltd. LLC increased its position in shares of SLB by 9.3% during the first quarter. Capital Advisors Ltd. LLC now owns 2,503 shares of the oil and gas company's stock valued at $129,000 after buying an additional 214 shares during the period. Finally, Davis Capital Management increased its position in shares of SLB by 1.0% during the first quarter. Davis Capital Management now owns 21,968 shares of the oil and gas company's stock valued at $1,129,000 after buying an additional 220 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

Several analysts have weighed in on SLB shares. Raymond James Financial cut their price objective on SLB from $62.00 to $61.00 and set an "outperform" rating on the stock in a research report on Friday, July 10th. Jefferies Financial Group reissued a "buy" rating and issued a $66.00 target price on shares of SLB in a research report on Sunday, July 26th. Royal Bank Of Canada restated an "outperform" rating and issued a $61.00 target price on shares of SLB in a research note on Tuesday, June 16th. Morgan Stanley lifted their price target on SLB from $54.00 to $55.00 and gave the company an "overweight" rating in a research report on Monday, July 27th. Finally, BMO Capital Markets reaffirmed an "outperform" rating on shares of SLB in a research note on Tuesday, September 1st. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.80.

SLB Trading Down 0.9%

Shares of NYSE SLB opened at $51.38 on Friday. The firm's 50 day moving average price is $52.81 and its 200-day moving average price is $52.03. SLB Limited has a 52-week low of $31.64 and a 52-week high of $60.46. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44. The company has a market cap of $76.26 billion, a PE ratio of 24.82, a P/E/G ratio of 2.96 and a beta of 0.76.

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

SLB Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be paid a dividend of $0.2950 per share. This represents a $1.18 annualized dividend and a yield of 2.3%. The ex-dividend date is Wednesday, September 2nd. SLB's dividend payout ratio (DPR) is currently 57.00%.

SLB News Roundup

Here are the key news stories impacting SLB this week:

• Positive Sentiment: Major Saudi Aramco well-construction awards: SLB will deliver more than 450 wells under four three-year contracts for Saudi Aramco. The awards reinforce SLB’s position as a key provider of drilling and well-construction services in Saudi Arabia and should support its Middle East backlog and future utilization. SLB to deliver more than 450 wells for Aramco under three-year contracts
• Positive Sentiment: Oman integrated facility contract: SLB was selected by OQ Exploration & Production to design, engineer, procure, construct and commission the Bisat-B Expansion Production Facility. The project is expected to raise gross fluids-handling capacity to 548,000 barrels per day and includes four years of operations and maintenance support, adding recurring service revenue and greater visibility. SLB Awarded Major Contract by OQEP for Integrated Facility Expansion in Oman
• Positive Sentiment: Digital and drilling technology momentum: Equinor awarded SLB additional work for leak detection, virtual flow metering and digital production monitoring on Norway’s Johan Sverdrup Phase 3. Invictus Energy also selected SLB for drilling and well services in Zimbabwe, broadening evidence of demand for its digital and high-end drilling offerings. Do New SLB Digital Wins Clarify Its Long-Term Competitive Edge in Energy Services?
• Neutral Sentiment: Investor caveat: Contract values, margins and timing were not disclosed. Investors will therefore need to assess how quickly these projects convert into revenue and whether execution, commodity-market conditions or regional risks limit the benefits.

SLB Company Profile

SLB, formerly known as Schlumberger Limited, is a global technology and services company serving the energy industry. The company provides equipment, technology and technical expertise that help oil and gas producers locate, drill, complete and operate wells, as well as manage reservoirs and production assets.

Its offerings include seismic and subsurface evaluation, drilling and well-construction services, well completion and stimulation, artificial lift, production optimization, intervention services, subsea production systems and digital solutions.

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