SLB Limited $SLB Shares Acquired by Allworth Financial LP

Key Points

• Allworth Financial LP increased its stake in SLB by 108% in Q3 to 50,501 shares valued at about $1.74 million, and institutional investors now own roughly 81.99% of the company.
• SLB beat quarterly expectations with $0.78 EPS (vs. $0.74 expected) and $9.75 billion in revenue (up 5% YoY); the company has a ~$70 billion market cap, a P/E around 19.7, and a MarketBeat consensus of Moderate Buy (average target $53.16).
• Dividend raised and insider selling: SLB lifted its quarterly dividend to $0.295 (annualized $1.18, ~2.5% yield), while insiders sold about 156,902 shares (~$7.8 million) over the last three months, including large EVP and CFO sales.

Allworth Financial LP grew its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 108.0% during the third quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 50,501 shares of the oil and gas company's stock after purchasing an additional 26,222 shares during the quarter. Allworth Financial LP's holdings in SLB were worth $1,736,000 as of its most recent filing with the Securities and Exchange Commission.

Several other institutional investors have also modified their holdings of the stock. Twin Peaks Wealth Advisors LLC purchased a new position in shares of SLB during the second quarter worth about $25,000. Root Financial Partners LLC acquired a new position in SLB during the third quarter worth approximately $29,000. Corsicana & Co. acquired a new position in SLB during the third quarter worth approximately $31,000. Strengthening Families & Communities LLC purchased a new stake in SLB in the third quarter valued at approximately $31,000. Finally, SouthState Bank Corp lifted its stake in SLB by 57.4% in the third quarter. SouthState Bank Corp now owns 1,212 shares of the oil and gas company's stock valued at $42,000 after buying an additional 442 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company's stock.

SLB Stock Performance

NYSE:SLB opened at $46.61 on Monday. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.33 and a quick ratio of 0.98. The firm has a market cap of $70.03 billion, a price-to-earnings ratio of 19.67, a price-to-earnings-growth ratio of 3.32 and a beta of 0.68. The firm's fifty day moving average price is $48.74 and its 200 day moving average price is $40.82. SLB Limited has a 1-year low of $31.11 and a 1-year high of $52.45.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings data on Friday, January 23rd. The oil and gas company reported $0.78 EPS for the quarter, topping analysts' consensus estimates of $0.74 by $0.04. The company had revenue of $9.75 billion during the quarter, compared to the consensus estimate of $9.54 billion. SLB had a net margin of 9.45% and a return on equity of 17.45%. During the same quarter in the prior year, the firm earned $0.92 EPS. SLB's quarterly revenue was up 5.0% on a year-over-year basis. On average, sell-side analysts expect that SLB Limited will post 3.38 EPS for the current year.

SLB Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Investors of record on Wednesday, February 11th will be given a $0.295 dividend. The ex-dividend date is Wednesday, February 11th. This is an increase from SLB's previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a yield of 2.5%. SLB's payout ratio is 49.79%.

Insider Buying and Selling

In other SLB news, EVP Abdellah Merad sold 60,000 shares of the business's stock in a transaction on Monday, January 26th. The shares were sold at an average price of $49.70, for a total transaction of $2,982,000.00. Following the sale, the executive vice president directly owned 140,602 shares in the company, valued at approximately $6,987,919.40. The trade was a 29.91% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Stephane Biguet sold 61,017 shares of the company's stock in a transaction on Monday, January 26th. The stock was sold at an average price of $49.70, for a total transaction of $3,032,544.90. Following the transaction, the chief financial officer directly owned 155,548 shares in the company, valued at approximately $7,730,735.60. This trade represents a 28.17% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 156,902 shares of company stock worth $7,796,666 in the last three months. Company insiders own 0.16% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on the company. Sanford C. Bernstein increased their price objective on SLB from $52.30 to $56.10 and gave the company an "outperform" rating in a report on Thursday, March 12th. Freedom Capital cut shares of SLB from a "hold" rating to a "strong sell" rating in a report on Tuesday, January 27th. Jefferies Financial Group upped their price target on shares of SLB from $51.00 to $58.00 and gave the company a "buy" rating in a research report on Sunday, February 1st. BMO Capital Markets increased their price target on shares of SLB from $53.00 to $55.00 and gave the stock an "outperform" rating in a research note on Monday, January 26th. Finally, Bank of America raised their price objective on shares of SLB from $50.00 to $55.00 and gave the stock a "buy" rating in a research report on Monday, January 26th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has assigned a Sell rating to the company's stock. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average target price of $53.16.

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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