SLB Limited $SLB Shares Bought by Assenagon Asset Management S.A.

Key Points

• Assenagon Asset Management increased its SLB stake by 1,858.1% in the second quarter, purchasing 2.13 million additional shares to hold 2.25 million shares valued at approximately $104.5 million. Institutional investors collectively own 81.99% of SLB.
• Analysts remain broadly positive, with SLB receiving a consensus “Moderate Buy” rating and an average price target of $61.35; several firms recently raised their targets to between $62 and $66.
• SLB reported quarterly earnings of $0.55 per share and revenue of $8.97 billion, exceeding estimates, while revenue rose 5% year over year. The company also declared a quarterly dividend of $0.295 per share, representing a 2.3% yield.

Assenagon Asset Management S.A. lifted its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 1,858.1% during the second quarter, according to its most recent filing with the Securities and Exchange Commission. The firm owned 2,248,224 shares of the oil and gas company's stock after purchasing an additional 2,133,409 shares during the quarter. Assenagon Asset Management S.A. owned about 0.15% of SLB worth $104,520,000 as of its most recent filing with the Securities and Exchange Commission.

Several other hedge funds have also made changes to their positions in SLB. Evergreen Advisors LLC bought a new position in SLB in the 1st quarter valued at about $26,000. Costello Asset Management INC lifted its stake in shares of SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock worth $30,000 after acquiring an additional 280 shares during the period. Arlington Trust Co LLC lifted its stake in shares of SLB by 66.5% in the 2nd quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company's stock worth $33,000 after acquiring an additional 280 shares during the period. MV Capital Management Inc. bought a new position in shares of SLB in the fourth quarter valued at approximately $28,000. Finally, Sound Income Strategies LLC boosted its holdings in shares of SLB by 71.1% in the first quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company's stock valued at $39,000 after acquiring an additional 324 shares in the last quarter. Institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

Several equities research analysts recently commented on the company. BMO Capital Markets boosted their target price on SLB from $59.00 to $63.00 and gave the stock an "outperform" rating in a report on Monday, July 27th. Susquehanna lifted their price target on SLB from $55.00 to $62.00 and gave the company a "positive" rating in a research report on Monday, July 27th. Jefferies Financial Group reissued a "buy" rating and issued a $66.00 price objective on shares of SLB in a research note on Sunday, July 26th. Weiss Ratings restated a "hold (c)" rating on shares of SLB in a report on Monday. Finally, TD Cowen raised their target price on SLB from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, one has assigned a Hold rating and two have given a Sell rating to the company's stock. According to data from MarketBeat.com, SLB presently has a consensus rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Stock Down 2.0%

SLB stock opened at $50.52 on Friday. SLB Limited has a 12-month low of $31.64 and a 12-month high of $58.82. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41. The company has a market cap of $74.98 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 3.40 and a beta of 0.73. The company has a 50 day moving average of $49.84 and a two-hundred day moving average of $50.91.

SLB (NYSE:SLB - Get Free Report) last released its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 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 the consensus estimate of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.The firm's revenue was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the company posted $0.74 earnings per share. On average, equities analysts anticipate that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

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

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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