Wedge Capital Management L L P NC Sells 93,862 Shares of SLB Limited $SLB

Key Points

• Wedge Capital Management cut its SLB stake by 29% in the second quarter, selling 93,862 shares and retaining 229,592 shares valued at approximately $10.7 million. Institutional investors own 81.99% of SLB.
• Analysts maintain a generally positive outlook, with a consensus “Moderate Buy” rating and an average price target of $61.35, despite some target reductions and one recent downgrade to “Strong Sell.”
• SLB exceeded quarterly expectations, reporting $0.55 in EPS versus the $0.51 consensus and revenue of $8.97 billion. The company also declared a quarterly dividend of $0.295 per share, equivalent to a 2.2% annualized yield.

Wedge Capital Management L L P NC lowered its stake in SLB Limited (NYSE:SLB - Free Report) by 29.0% during the second quarter, according to the company in its most recent filing with the SEC. The fund owned 229,592 shares of the oil and gas company's stock after selling 93,862 shares during the period. Wedge Capital Management L L P NC's holdings in SLB were worth $10,674,000 as of its most recent filing with the SEC.

Other large investors have also recently bought and sold shares of the company. Evergreen Advisors LLC bought a new stake in shares of SLB during the first quarter worth approximately $26,000. MV Capital Management Inc. bought a new position in shares of SLB during the fourth quarter worth approximately $28,000. Strategic Wealth Advisors LLC bought a new position in shares of SLB during the fourth quarter worth approximately $30,000. Costello Asset Management INC lifted its holdings in SLB by 93.3% during the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock worth $30,000 after purchasing an additional 280 shares during the last quarter. Finally, Steph & Co. lifted its holdings in SLB by 97.5% during the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock worth $31,000 after purchasing an additional 394 shares during the last quarter. 81.99% of the stock is owned by institutional investors.

Wall Street Analysts Forecast Growth

A number of research analysts have commented on SLB shares. UBS Group decreased their price objective on SLB from $69.00 to $66.00 and set a "buy" rating on the stock in a report on Wednesday, July 1st. Evercore reissued an "outperform" rating and set a $66.00 target price on shares of SLB in a report on Monday, July 27th. Raymond James Financial reduced their target price on shares of SLB from $62.00 to $61.00 and set an "outperform" rating for the company in a research report on Friday, July 10th. Zacks Research downgraded shares of SLB from a "hold" rating to a "strong sell" rating in a research note on Monday, July 27th. Finally, Barclays raised their price target on shares of SLB from $64.00 to $67.00 and gave the stock an "overweight" rating in a research report on Monday, July 27th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, one has issued a Hold rating and two have issued a Sell rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and a consensus target price of $61.35.

SLB Trading Down 1.9%

Shares of NYSE:SLB opened at $52.66 on Thursday. The business's 50 day simple moving average is $49.67 and its 200 day simple moving average is $51.04. SLB Limited has a 1 year low of $31.64 and a 1 year high of $58.82. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The company has a market capitalization of $78.15 billion, a P/E ratio of 25.44, a P/E/G ratio of 3.54 and a beta of 0.73.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. The firm had revenue of $8.97 billion during the quarter, compared to analysts' expectations of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.The company's quarterly revenue was up 5.0% compared to the same quarter last year. During the same period in the previous year, the firm earned $0.74 EPS. On average, research analysts anticipate that SLB Limited will post 2.5 EPS for the current fiscal year.

SLB Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 8th. Investors of record on Wednesday, September 2nd will be paid 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, September 2nd. SLB's payout ratio is 57.00%.

SLB Company 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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