SLB Limited $SLB Shares Acquired by Bank of America Corp DE

Key Points

• Bank of America increased its SLB position by 11.1% in the first quarter, acquiring 1.05 million additional shares and bringing its holdings to 10.54 million shares worth approximately $541.5 million. Institutional investors and hedge funds collectively own 81.99% of SLB.
• SLB reported quarterly earnings of $0.55 per share, beating estimates by $0.04, while revenue rose 5% year over year to $8.97 billion. The company also announced a quarterly dividend of $0.295 per share, representing a 2.4% annualized yield.
• Analyst sentiment remains broadly positive, with SLB receiving a consensus “Moderate Buy” rating and an average price target of $61.35, despite one recent downgrade to “Strong Sell.”

Bank of America Corp DE boosted its position in SLB Limited (NYSE:SLB - Free Report) by 11.1% during the 1st quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The fund owned 10,536,104 shares of the oil and gas company's stock after purchasing an additional 1,052,239 shares during the quarter. Bank of America Corp DE owned about 0.70% of SLB worth $541,450,000 at the end of the most recent quarter.

A number of other hedge funds and other institutional investors have also recently bought and sold shares of SLB. Kensington Investment Counsel LLC bought a new stake in shares of SLB during the first quarter valued at approximately $4,207,000. Kentucky Retirement Systems boosted its position in shares of SLB by 15.5% during the first quarter. Kentucky Retirement Systems now owns 108,730 shares of the oil and gas company's stock worth $5,588,000 after buying an additional 14,563 shares during the period. Janus Henderson Group PLC grew its holdings in SLB by 4.4% in the 1st quarter. Janus Henderson Group PLC now owns 172,411 shares of the oil and gas company's stock worth $8,863,000 after buying an additional 7,263 shares in the last quarter. Bull Harbor Capital LLC bought a new position in SLB in the 1st quarter worth approximately $241,000. Finally, Strategic Investment Advisors MI increased its position in SLB by 108.3% in the 1st quarter. Strategic Investment Advisors MI now owns 24,972 shares of the oil and gas company's stock valued at $1,283,000 after acquiring an additional 12,982 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

SLB Stock Up 1.4%

Shares of SLB stock opened at $49.58 on Friday. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82. 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 business's fifty day moving average is $50.43 and its 200-day moving average is $50.76. The stock has a market cap of $73.59 billion, a PE ratio of 23.95, a price-to-earnings-growth ratio of 3.28 and a beta of 0.72.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings data 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 return on equity of 14.05% and a net margin of 8.53%.The business had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. During the same quarter in the prior year, the firm posted $0.74 earnings per share. The company's revenue was up 5.0% on a year-over-year basis. Equities analysts expect that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Stockholders of record on Wednesday, September 2nd will be paid a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a dividend yield of 2.4%. SLB's payout ratio is currently 57.00%.

Analyst Ratings Changes

Several brokerages have weighed in on SLB. Barclays lifted their target price on SLB from $64.00 to $67.00 and gave the company an "overweight" rating in a research note on Monday, July 27th. TD Cowen raised their price target on SLB from $62.00 to $64.00 and gave the company a "buy" rating in a report on Monday, July 27th. Piper Sandler lifted their price objective 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. Zacks Research downgraded shares of SLB from a "hold" rating to a "strong sell" rating in a report on Monday, July 27th. Finally, BMO Capital Markets increased their target price on shares of SLB from $59.00 to $63.00 and gave the company an "outperform" rating in a research report on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and two have issued a Sell rating to the company's stock. According to MarketBeat, the company currently has an average rating of "Moderate Buy" and a consensus price target of $61.35.

Insider Activity

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the business's stock in a transaction that occurred on 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 in the company, valued at $921,056.49. The trade was a 10.55% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.16% of the stock is owned by corporate insiders.

About SLB

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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