SLB Limited $SLB Stock: Profund Advisors LLC Cuts Holdings

Profund Advisors LLC reduced its stake in shares of SLB Limited (NYSE:SLB) by 18.0% in the third quarter, according to its most recent filing with the SEC. The institutional investor owned 66,548 shares of the oil and gas company’s stock after selling 14,576 shares during the period. Profund Advisors LLC’s holdings in SLB were worth $3,242,000 as of its most recent filing with the SEC.

A number of other hedge funds and other institutional investors have also recently added to or reduced their stakes in SLB. Bank of New York Mellon Corp purchased a new stake in shares of SLB in the second quarter valued at about $1,339,567,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in shares of SLB by 6,358.2% during the 2nd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,134,731 shares of the oil and gas company’s stock worth $471,164,000 after purchasing an additional 9,977,804 shares during the last quarter. Cardano Risk Management B.V. purchased a new stake in shares of SLB during the 2nd quarter worth approximately $185,474,000. Canoe Financial LP raised its stake in shares of SLB by 82.3% in the second quarter. Canoe Financial LP now owns 7,730,966 shares of the oil and gas company’s stock valued at $358,936,000 after buying an additional 3,489,344 shares during the period. Finally, Danske Bank A S raised its stake in SLB by 2,928.3% in the 2nd quarter. Danske Bank A S now owns 2,825,743 shares of the oil and gas company’s stock valued at $131,369,000 after acquiring an additional 2,732,433 shares during the period. 81.99% of the stock is owned by institutional investors.

Analysts Set New Price Targets

A number of analysts recently issued reports on SLB shares. Barclays decreased their price objective on SLB from $66.00 to $63.00 and set an “overweight” rating on the stock in a research note on Monday, October 26th. Freedom Broker upgraded SLB from a “sell” rating to a “hold” rating and set a $48.00 target price for the company in a research note on Monday, October 26th. Wolfe Research started coverage on SLB in a research note on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 target price for the company. Sanford C. Bernstein reaffirmed an “outperform” rating on shares of SLB in a report on Tuesday, September 1st. Finally, Evercore upped their price target on SLB from $63.00 to $66.00 in a research report on Thursday, October 8th. Twenty-four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, the stock has an average rating of “Moderate Buy” and an average target price of $61.52.

SLB Stock Up 0.1%

SLB opened at $53.78 on Monday. The company has a fifty day moving average price of $52.50 and a 200-day moving average price of $51.37. The firm has a market capitalization of $79.38 billion, a P/E ratio of 26.11, a price-to-earnings-growth ratio of 2.98 and a beta of 0.83. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.39 and a quick ratio of 1.02. SLB Limited has a one year low of $34.65 and a one year high of $60.46.

SLB (NYSE:SLB) last released its quarterly earnings results on Friday, October 23rd. The oil and gas company reported $0.64 earnings per share for the quarter, topping the consensus estimate of $0.62 by $0.02. SLB had a net margin of 8.40% and a return on equity of 13.77%. The firm had revenue of $9.45 billion for the quarter, compared to analysts’ expectations of $9.27 billion. During the same quarter in the prior year, the firm posted $0.69 earnings per share. The business’s quarterly revenue was up 5.8% on a year-over-year basis. Equities research analysts expect that SLB Limited will post 2.46 earnings per share for the current fiscal year.

SLB Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Wednesday, December 2nd will be given a dividend of $0.2950 per share. This represents a $1.18 annualized dividend and a yield of 2.2%. The ex-dividend date is Wednesday, December 2nd. SLB’s payout ratio is presently 57.28%.

Insider Transactions at SLB

In other news, insider Dianne B. Ralston sold 20,986 shares of SLB stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $53.57, for a total transaction of $1,124,220.02. Following the completion of the sale, the insider owned 205,053 shares in the company, valued at approximately $10,984,689.21. This trade represents a 9.28% decrease in their position. The sale was disclosed in a legal filing with the SEC, which can be accessed through this link. Also, CAO Howard Guild sold 10,047 shares of the business’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $53.65, for a total value of $539,021.55. Following the transaction, the chief accounting officer directly owned 12,845 shares of the company’s stock, valued at $689,134.25. The trade was a 43.89% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. 0.16% of the stock is owned by corporate insiders.

About SLB

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.