SLB Limited $SLB Shares Sold by TD Asset Management Inc

Key Points

• TD Asset Management Inc cut its SLB stake by 11.1% in the fourth quarter, selling 68,109 shares and leaving it with 546,152 shares valued at about $20.96 million.
• Several analysts raised price targets on SLB, with UBS boosting its target to $69 and TD Cowen to $66; the stock carries a consensus Moderate Buy rating and an average target price of $60.67.
• SLB reported quarterly EPS of $0.52, edging past expectations, while revenue came in slightly below estimates at $8.72 billion; the company also announced a quarterly dividend of $0.295 per share.

TD Asset Management Inc lowered its stake in shares of SLB Limited (NYSE:SLB - Free Report) by 11.1% during the fourth quarter, according to its most recent disclosure with the Securities and Exchange Commission. The firm owned 546,152 shares of the oil and gas company's stock after selling 68,109 shares during the quarter. TD Asset Management Inc's holdings in SLB were worth $20,961,000 as of its most recent filing with the Securities and Exchange Commission.

A number of other large investors have also modified their holdings of the stock. Private Wealth Asset Management LLC increased its position in shares of SLB by 4.1% during the fourth quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company's stock worth $193,000 after acquiring an additional 200 shares during the period. Ballentine Partners LLC increased its position in shares of SLB by 2.2% during the fourth quarter. Ballentine Partners LLC now owns 10,288 shares of the oil and gas company's stock worth $395,000 after acquiring an additional 218 shares during the period. Bruce G. Allen Investments LLC increased its position in shares of SLB by 37.0% during the fourth quarter. Bruce G. Allen Investments LLC now owns 841 shares of the oil and gas company's stock worth $32,000 after acquiring an additional 227 shares during the period. Rothschild Investment LLC increased its position in shares of SLB by 4.4% during the fourth quarter. Rothschild Investment LLC now owns 5,540 shares of the oil and gas company's stock worth $213,000 after acquiring an additional 236 shares during the period. Finally, Foster Victor Wealth Advisors LLC increased its position in shares of SLB by 3.0% during the fourth quarter. Foster Victor Wealth Advisors LLC now owns 8,281 shares of the oil and gas company's stock worth $318,000 after acquiring an additional 238 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

Analysts Set New Price Targets

A number of analysts have recently weighed in on the company. UBS Group upped their price objective on SLB from $61.00 to $69.00 and gave the stock a "buy" rating in a research report on Wednesday, April 29th. Barclays upped their price objective on SLB from $49.00 to $51.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Morgan Stanley set a $57.00 price objective on SLB in a research report on Monday, April 27th. Royal Bank Of Canada reaffirmed an "outperform" rating and set a $61.00 price objective on shares of SLB in a research report on Monday, April 27th. Finally, TD Cowen increased their target price on SLB from $55.00 to $66.00 and gave the company a "buy" rating in a report on Monday, April 27th. Three research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat.com, SLB has an average rating of "Moderate Buy" and an average target price of $60.67.

Insider Buying and Selling

In other SLB news, Director La Chevardiere Patrick De sold 2,000 shares of the firm's stock in a transaction dated 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 of the company's stock, valued at approximately $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Also, EVP Steve Matthew Gassen sold 53,379 shares of the firm's stock in a transaction dated 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 directly owned 47,421 shares in the company, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their position. The SEC filing for this sale provides additional information. Corporate insiders own 0.16% of the company's stock.

SLB Stock Performance

Shares of SLB opened at $54.79 on Monday. The stock has a 50 day moving average price of $54.22 and a 200 day moving average price of $47.89. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. The company has a market capitalization of $81.91 billion, a price-to-earnings ratio of 23.92, a price-to-earnings-growth ratio of 2.22 and a beta of 0.70. SLB Limited has a 52-week low of $31.64 and a 52-week high of $58.82.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. The firm had revenue of $8.72 billion during 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 period in the prior year, the company posted $0.72 earnings per share. Research analysts predict that SLB Limited will post 2.62 EPS for the current fiscal year.

SLB Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd will be issued a $0.295 dividend. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. The ex-dividend date of this dividend is Wednesday, June 3rd. SLB's dividend payout ratio is 51.53%.

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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