SLB Limited $SLB Shares Sold by EFG International AG

Key Points

• EFG International AG cut its SLB stake by 45% in the second quarter, selling 31,662 shares and retaining 38,658 shares valued at approximately $1.8 million. Institutional investors collectively own 81.99% of SLB.
• SLB exceeded quarterly expectations, reporting $0.55 in EPS versus the $0.51 consensus and $8.97 billion in revenue, up 5% year over year. The company also declared a $0.295 quarterly dividend, equivalent to a 2.2% yield.
• Wall Street maintains a “Moderate Buy” consensus with an average price target of $61.35, above the reported share price of $53.66, although analyst views range from strong buy to strong sell.

EFG International AG trimmed its holdings in SLB Limited (NYSE:SLB - Free Report) by 45.0% during the second quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 38,658 shares of the oil and gas company's stock after selling 31,662 shares during the period. EFG International AG's holdings in SLB were worth $1,799,000 as of its most recent SEC filing.

Other large investors have also recently added to or reduced their stakes in the company. Evergreen Advisors LLC acquired a new stake in shares of SLB in the 1st quarter valued at about $26,000. MV Capital Management Inc. acquired a new position in SLB in the fourth quarter worth about $28,000. Strategic Wealth Advisors LLC acquired a new position in SLB in the fourth quarter worth about $30,000. Costello Asset Management INC increased its holdings in SLB by 93.3% in the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after buying an additional 280 shares during the last quarter. Finally, Lloyd Advisory Services LLC. bought a new stake in SLB in the fourth quarter valued at about $31,000. 81.99% of the stock is currently owned by institutional investors.

SLB Trading Up 0.7%

Shares of SLB stock opened at $53.66 on Thursday. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82. The firm has a market capitalization of $79.64 billion, a PE ratio of 25.92, a price-to-earnings-growth ratio of 3.52 and a beta of 0.73. The stock has a fifty day moving average of $49.38 and a two-hundred day moving average of $51.34. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44.

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

SLB Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be paid a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 annualized dividend and a yield of 2.2%. SLB's dividend payout ratio (DPR) is currently 57.00%.

Wall Street Analysts Forecast Growth

SLB has been the topic of several research reports. Wolfe Research began coverage on SLB in a research report on Wednesday, July 8th. They set an "outperform" rating and a $62.00 price target on the stock. Susquehanna lifted their price objective on shares of SLB from $55.00 to $62.00 and gave the stock a "positive" rating in a report on Monday, July 27th. TD Cowen boosted their target price on shares of SLB from $62.00 to $64.00 and gave the company a "buy" rating in a research note on Monday, July 27th. Royal Bank Of Canada reissued an "outperform" rating and set a $61.00 target price on shares of SLB in a report on Tuesday, June 16th. Finally, Zacks Research downgraded shares of SLB from a "hold" rating to a "strong sell" 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 assigned a Sell rating to the company's stock. Based on data from MarketBeat, the company presently has an average rating of "Moderate Buy" and an average price target of $61.35.

Key Stories Impacting SLB

Here are the key news stories impacting SLB this week:

• Positive Sentiment: New North Sea carbon-storage contract: SLB was selected as strategic reservoir partner for Norway’s Havstjerne carbon-storage project. The company will provide reservoir technology and engineering services during the concept and front-end engineering and design phases, strengthening its position in Europe’s emerging carbon-capture and storage market. SLB selected as reservoir partner for Havstjerne carbon storage project
• Positive Sentiment: Potential Venezuelan growth opportunity: A contract with Venezuela’s state-run PDVSA reportedly gives SLB access to the country’s oilfield data. Access to data from one of the world’s largest oil-reserve holders could create opportunities for future reservoir evaluation, production optimization and oilfield-services work, though the commercial benefits remain uncertain. SLB gains access to Venezuela's coveted oilfield data through contract
• Neutral Sentiment: CEO share sale: Chief Executive Olivier Le Peuch sold 25,000 SLB shares under a prearranged Rule 10b5-1 trading plan. Because the transaction was scheduled in advance, it does not necessarily signal a change in management’s view of the company, but it can still attract investor attention. SLB CEO Olivier Le Peuch executes sale of 25,000 shares
• Negative Sentiment: Recent trading weakness: SLB declined in the prior session even as the broader market advanced, indicating some relative investor caution despite the new project announcements. SLB stock falls amid market uptick

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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