Sumitomo Mitsui Trust Group Inc. Has $130.65 Million Stock Position in SLB Limited $SLB

Key Points

• Sumitomo Mitsui Trust Group Inc. reduced its stake in SLB Limited by 28.2%, owning 3,865,493 shares valued at $130.65 million after selling over 1.5 million shares in the second quarter.
• Several institutional investors, including Caitong International Asset Management and Avion Wealth, significantly increased their positions in SLB, demonstrating a mix of investment strategies among hedge funds.
• SLB announced a quarterly dividend of $0.285 per share, with a dividend yield of 3.2%, upcoming on January 8th, emphasizing the company's commitment to returning value to shareholders.

Sumitomo Mitsui Trust Group Inc. lowered its position in SLB Limited (NYSE:SLB - Free Report) by 28.2% during the 2nd quarter, according to the company in its most recent Form 13F filing with the SEC. The institutional investor owned 3,865,493 shares of the oil and gas company's stock after selling 1,521,206 shares during the period. Sumitomo Mitsui Trust Group Inc. owned 0.29% of SLB worth $130,654,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLB. First Business Financial Services Inc. raised its holdings in SLB by 3.0% during the second quarter. First Business Financial Services Inc. now owns 43,929 shares of the oil and gas company's stock worth $1,485,000 after buying an additional 1,272 shares during the last quarter. Caitong International Asset Management Co. Ltd boosted its stake in shares of SLB by 19,100.0% in the 2nd quarter. Caitong International Asset Management Co. Ltd now owns 6,144 shares of the oil and gas company's stock worth $208,000 after buying an additional 6,112 shares during the last quarter. Avion Wealth boosted its position in SLB by 7,086.1% in the second quarter. Avion Wealth now owns 2,587 shares of the oil and gas company's stock worth $87,000 after purchasing an additional 2,551 shares during the last quarter. Clifford Swan Investment Counsel LLC increased its holdings in SLB by 2.3% during the second quarter. Clifford Swan Investment Counsel LLC now owns 544,104 shares of the oil and gas company's stock worth $18,391,000 after buying an additional 12,488 shares during the last quarter. Finally, RNC Capital Management LLC raised its holdings in shares of SLB by 1.2% in the 2nd quarter. RNC Capital Management LLC now owns 57,035 shares of the oil and gas company's stock worth $1,928,000 after purchasing an additional 659 shares during the period. Institutional investors own 81.99% of the company's stock.

Analyst Ratings Changes

Several equities research analysts have commented on SLB shares. Melius began coverage on shares of SLB in a report on Wednesday, August 20th. They set a "buy" rating and a $82.00 price objective on the stock. Zacks Research upgraded SLB from a "strong sell" rating to a "hold" rating in a research report on Monday, September 15th. Melius Research started coverage on shares of SLB in a report on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price target on the stock. Stifel Nicolaus decreased their price objective on SLB from $54.00 to $52.00 and set a "buy" rating on the stock in a report on Wednesday, July 16th. Finally, Piper Sandler set a $42.00 target price on shares of SLB and gave the stock an "overweight" rating in a research report on Monday, October 20th. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have assigned a Hold rating to the company. According to MarketBeat.com, SLB has a consensus rating of "Moderate Buy" and an average price target of $51.69.

SLB Trading Down 0.5%

Shares of SLB opened at $35.84 on Friday. SLB Limited has a 1-year low of $31.11 and a 1-year high of $44.97. The firm's 50-day moving average price is $34.66 and its 200-day moving average price is $34.55. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $53.55 billion, a price-to-earnings ratio of 13.84, a PEG ratio of 9.91 and a beta of 0.97.

SLB (NYSE:SLB - Get Free Report) last announced its earnings results on Friday, October 17th. The oil and gas company reported $0.69 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.67 by $0.02. SLB had a return on equity of 18.97% and a net margin of 10.34%.The firm had revenue of $8.93 billion during the quarter, compared to analyst estimates of $8.99 billion. During the same quarter in the prior year, the company earned $0.89 EPS. The business's revenue was down 2.5% compared to the same quarter last year. Sell-side analysts anticipate that SLB Limited will post 3.38 EPS for the current year.

SLB Dividend Announcement

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 8th. Stockholders of record on Wednesday, December 3rd will be issued a dividend of $0.285 per share. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.2%. The ex-dividend date is Wednesday, December 3rd. SLB's payout ratio is 44.02%.

Insider Buying and Selling at SLB

In related news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $36.08, for a total value of $1,433,350.16. Following the completion of the transaction, the insider directly owned 202,201 shares in the company, valued at $7,295,412.08. This trade represents a 16.42% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.22% of the stock is owned by corporate insiders.

SLB Company Profile

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.

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