SLB Limited $SLB Shares Purchased by Allstate Corp

Key Points

• Allstate Corp more than doubled its stake in SLB during the fourth quarter, increasing holdings by 104.9% to 114,317 shares valued at about $4.39 million.
• Several other hedge funds also added to or initiated positions in SLB, and institutional investors now own 81.99% of the company’s stock.
• Analysts remain generally bullish on SLB, with an average rating of “Moderate Buy” and a consensus price target of $59.74, while the company also reported quarterly EPS above expectations and announced a $0.295 per share dividend.

Allstate Corp increased its position in shares of SLB Limited (NYSE:SLB - Free Report) by 104.9% during the 4th quarter, according to the company in its most recent 13F filing with the Securities and Exchange Commission. The institutional investor owned 114,317 shares of the oil and gas company's stock after acquiring an additional 58,525 shares during the period. Allstate Corp's holdings in SLB were worth $4,387,000 at the end of the most recent quarter.

Several other hedge funds have also recently bought and sold shares of the company. Brighton Jones LLC raised its position in SLB by 21.4% in the 4th quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company's stock valued at $253,000 after purchasing an additional 1,166 shares in the last quarter. Bison Wealth LLC acquired a new stake in SLB in the 4th quarter valued at about $238,000. Marshall Wace LLP acquired a new stake in SLB in the 2nd quarter valued at about $8,628,000. Nebula Research & Development LLC raised its position in SLB by 76.0% in the 2nd quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company's stock valued at $824,000 after purchasing an additional 10,522 shares in the last quarter. Finally, Diversify Advisory Services LLC raised its position in SLB by 7.6% in the 2nd quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company's stock valued at $373,000 after purchasing an additional 799 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

Insider Buying and Selling

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The stock was sold at an average price of $54.33, for a total transaction of $108,660.00. Following the transaction, the director owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the firm's stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total value of $2,998,832.22. Following the transaction, the executive vice president owned 47,421 shares in the company, valued at $2,664,111.78. This represents a 52.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Company insiders own 0.16% of the company's stock.

Analyst Upgrades and Downgrades

SLB has been the topic of a number of analyst reports. UBS Group increased their price target on SLB from $61.00 to $69.00 and gave the company a "buy" rating in a research report on Wednesday, April 29th. BMO Capital Markets increased their price target on SLB from $55.00 to $63.00 and gave the company an "outperform" rating in a research report on Monday, April 27th. Weiss Ratings lowered SLB from a "hold (c+)" rating to a "hold (c)" rating in a research report on Wednesday, May 6th. Piper Sandler increased their price target on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. Finally, Susquehanna increased their price target on SLB from $60.00 to $65.00 and gave the company a "positive" rating in a research report on Monday, April 27th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company's stock. Based on data from MarketBeat.com, the company has an average rating of "Moderate Buy" and a consensus target price of $59.74.

SLB Price Performance

Shares of NYSE SLB opened at $58.18 on Wednesday. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The firm has a market capitalization of $86.98 billion, a PE ratio of 25.41, a price-to-earnings-growth ratio of 2.32 and a beta of 0.72. The stock's 50-day simple moving average is $52.92 and its 200-day simple moving average is $46.80.

SLB (NYSE:SLB - Get Free Report) last released its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.51 by $0.01. The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The firm's quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the business posted $0.72 EPS. As a group, equities research analysts forecast that SLB Limited will post 2.61 EPS for the current fiscal year.

SLB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be paid a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 2.0%. The ex-dividend date is Wednesday, June 3rd. SLB's dividend payout ratio (DPR) is currently 51.53%.

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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