SLB Limited $SLB Stake Lowered by Canoe Financial LP

Canoe Financial LP lowered its position in SLB Limited (NYSE:SLB - Free Report) by 2.4% during the third quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 7,543,882 shares of the oil and gas company's stock after selling 187,084 shares during the quarter. SLB makes up approximately 4.4% of Canoe Financial LP's holdings, making the stock its 2nd biggest position. Canoe Financial LP owned about 0.51% of SLB worth $366,636,000 at the end of the most recent reporting period.

Several other hedge funds also recently modified their holdings of SLB. Guardian Partners Inc. grew its holdings in SLB by 19.7% during the third quarter. Guardian Partners Inc. now owns 4,012 shares of the oil and gas company's stock valued at $195,000 after purchasing an additional 659 shares during the last quarter. Sawyer & Company Inc bought a new stake in shares of SLB in the third quarter valued at about $256,000. Banque Pictet & Cie SA raised its holdings in SLB by 5.0% in the 3rd quarter. Banque Pictet & Cie SA now owns 622,963 shares of the oil and gas company's stock valued at $30,351,000 after acquiring an additional 29,768 shares in the last quarter. V Square Quantitative Management LLC lifted its position in shares of SLB by 4.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 29,465 shares of the oil and gas company's stock worth $1,436,000 after acquiring an additional 1,345 shares during the period. Finally, Fortitude Advisory Group L.L.C. raised its stake in shares of SLB by 1.7% in the third quarter. Fortitude Advisory Group L.L.C. now owns 22,264 shares of the oil and gas company's stock valued at $1,085,000 after purchasing an additional 378 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

SLB Price Performance

Shares of SLB stock opened at $51.14 on Thursday. The stock has a market capitalization of $75.89 billion, a price-to-earnings ratio of 19.68, a P/E/G ratio of 2.75 and a beta of 0.83. The firm's 50-day moving average price is $52.63 and its two-hundred day moving average price is $52.15. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. SLB Limited has a 1-year low of $34.00 and a 1-year high of $60.46.

SLB (NYSE:SLB - Get Free Report) last posted its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating analysts' consensus estimates of $0.51 by $0.04. The company had revenue of $8.97 billion during the quarter, compared to analysts' expectations of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. SLB's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.74 earnings per share. On average, equities analysts predict that SLB Limited will post 2.48 earnings per share for the current fiscal year.

Analyst Ratings Changes

Several brokerages have issued reports on SLB. Raymond James Financial lowered their price target on shares of SLB from $62.00 to $61.00 and set an "outperform" rating on the stock in a report on Friday, July 10th. Wolfe Research initiated coverage on shares of SLB in a report on Wednesday, July 8th. They set an "outperform" rating and a $62.00 price objective for the company. BMO Capital Markets reiterated an "outperform" rating and set a $62.00 target price (down from $63.00) on shares of SLB in a research report on Tuesday, September 1st. Susquehanna upped their target price on shares of SLB from $55.00 to $62.00 and gave the company a "positive" rating in a research note on Monday, July 27th. Finally, Citigroup dropped their price target on shares of SLB from $63.00 to $62.00 and set a "buy" rating for the company in a research report on Monday. Twenty-four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock has a consensus rating of "Moderate Buy" and an average price target of $62.27.

SLB Profile

SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.

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