Waterfront Wealth Inc. Takes Position in SLB Limited $SLB

Key Points

• Waterfront Wealth Inc. opened a new position in SLB during the first quarter, buying 31,789 shares worth about $1.634 million.
• SLB continues to attract major institutional interest, with hedge funds and large investors holding 81.99% of the company’s stock and several firms boosting their stakes significantly.
• The company reported Q1 earnings of $0.52 per share, topping estimates, while analysts remain broadly positive with a Moderate Buy consensus and an average price target of $59.74.

Waterfront Wealth Inc. bought a new position in shares of SLB Limited (NYSE:SLB - Free Report) in the 1st quarter, according to the company in its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The firm bought 31,789 shares of the oil and gas company's stock, valued at approximately $1,634,000.

Several other large investors have also modified their holdings of SLB. Norges Bank acquired a new position in SLB in the fourth quarter valued at about $809,557,000. Bank of New York Mellon Corp increased its position in shares of SLB by 64.4% during the fourth quarter. Bank of New York Mellon Corp now owns 15,696,831 shares of the oil and gas company's stock valued at $602,444,000 after acquiring an additional 6,149,511 shares during the last quarter. Wellington Management Group LLP raised its stake in shares of SLB by 50.6% in the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company's stock valued at $638,473,000 after acquiring an additional 5,589,585 shares during the period. State Street Corp raised its stake in shares of SLB by 7.0% in the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company's stock valued at $2,898,037,000 after acquiring an additional 5,466,786 shares during the period. Finally, Capital International Investors lifted its holdings in shares of SLB by 86.9% in the 4th quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company's stock worth $446,247,000 after acquiring an additional 5,404,948 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company's stock.

SLB Price Performance

Shares of SLB opened at $47.27 on Friday. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The firm's 50 day moving average price is $52.81 and its 200 day moving average price is $49.91. The company has a market cap of $70.67 billion, a P/E ratio of 20.64, a PEG ratio of 1.92 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. The company had revenue of $8.72 billion during the quarter, compared to analysts' expectations of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The firm's revenue was up 2.7% compared to the same quarter last year. During the same quarter last year, the company posted $0.72 EPS. On average, research analysts forecast that SLB Limited will post 2.6 earnings per share for the current fiscal year.

SLB Dividend Announcement

The business also recently announced a quarterly dividend, which was paid on Thursday, July 9th. Investors of record on Wednesday, June 3rd were issued a $0.295 dividend. The ex-dividend date was Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.5%. SLB's dividend payout ratio (DPR) is 51.53%.

Insider Transactions at SLB

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

Analyst Ratings Changes

A number of equities analysts recently weighed in on SLB shares. BMO Capital Markets increased their price objective on shares of SLB from $55.00 to $63.00 and gave the stock an "outperform" rating in a research report on Monday, April 27th. Wolfe Research began coverage on SLB in a research report on Wednesday. They issued an "outperform" rating and a $62.00 target price on the stock. Stifel Nicolaus upped their price target on SLB from $61.00 to $64.00 and gave the stock a "buy" rating in a research note on Thursday, June 18th. Barclays raised their price target on SLB from $49.00 to $51.00 and gave the stock an "overweight" rating in a research report on Monday, April 27th. Finally, JPMorgan Chase & Co. lifted their price objective on SLB from $54.00 to $61.00 and gave the company an "overweight" rating in a research note on Monday, April 27th. Two research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating, three have assigned a Hold rating and one has given a Sell rating to the company's stock. Based on data from MarketBeat.com, SLB presently has a consensus rating of "Moderate Buy" and an average target price of $59.74.

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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