PNC Financial Services Group Inc. Has $26.19 Million Position in SLB Limited $SLB

PNC Financial Services Group Inc. reduced its stake in shares of SLB Limited (NYSE:SLB) by 8.2% in the 3rd quarter, Holdings Channel reports. The firm owned 761,861 shares of the oil and gas company’s stock after selling 67,757 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SLB were worth $26,185,000 at the end of the most recent quarter.

Other large investors also recently modified their holdings of the company. Twin Peaks Wealth Advisors LLC acquired a new position in shares of SLB during the 2nd quarter valued at $25,000. Root Financial Partners LLC acquired a new position in SLB during the 3rd quarter valued at about $29,000. Corsicana & Co. purchased a new position in shares of SLB during the third quarter valued at approximately $31,000. Strengthening Families & Communities LLC purchased a new stake in shares of SLB in the third quarter valued at about $31,000. Finally, NewSquare Capital LLC increased its stake in SLB by 51.4% in the 2nd quarter. NewSquare Capital LLC now owns 1,004 shares of the oil and gas company’s stock valued at $34,000 after buying an additional 341 shares during the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

Wall Street Analysts Forecast Growth

SLB has been the topic of a number of research analyst reports. Evercore set a $54.00 target price on shares of SLB and gave the company an “outperform” rating in a research note on Tuesday, January 6th. The Goldman Sachs Group reissued a “buy” rating and issued a $49.00 price target on shares of SLB in a report on Wednesday, January 14th. Piper Sandler raised their target price on shares of SLB from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Freedom Capital lowered SLB from a “hold” rating to a “strong sell” rating in a research report on Tuesday, January 27th. Finally, JPMorgan Chase & Co. raised their price objective on SLB from $43.00 to $54.00 and gave the company an “overweight” rating in a research note on Monday, January 26th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average target price of $52.38.

Insider Buying and Selling

In related news, insider Dianne B. Ralston sold 18,617 shares of SLB stock in a transaction on Monday, January 26th. The shares were sold at an average price of $49.50, for a total transaction of $921,541.50. Following the transaction, the insider owned 224,097 shares in the company, valued at approximately $11,092,801.50. The trade was a 7.67% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction on Monday, January 26th. The stock was sold at an average price of $49.70, for a total value of $2,982,000.00. Following the completion of the sale, the executive vice president owned 140,602 shares of the company’s stock, valued at $6,987,919.40. The trade was a 29.91% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 162,402 shares of company stock worth $7,993,676 in the last ninety days. Corporate insiders own 0.22% of the company’s stock.

SLB Stock Performance

SLB stock opened at $49.84 on Wednesday. SLB Limited has a 1 year low of $31.11 and a 1 year high of $52.40. The company has a market cap of $74.53 billion, a P/E ratio of 21.03, a price-to-earnings-growth ratio of 3.43 and a beta of 0.73. The company has a debt-to-equity ratio of 0.36, a current ratio of 1.33 and a quick ratio of 0.98. The stock’s fifty day moving average price is $44.69 and its 200-day moving average price is $38.50.

SLB (NYSE:SLB) last issued its quarterly earnings data on Friday, January 23rd. The oil and gas company reported $0.78 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. SLB had a net margin of 9.45% and a return on equity of 17.45%. The firm had revenue of $9.75 billion during the quarter, compared to the consensus estimate of $9.54 billion. During the same quarter in the previous year, the firm posted $0.92 EPS. The company’s revenue for the quarter was up 5.0% compared to the same quarter last year. On average, equities analysts forecast that SLB Limited will post 3.38 earnings per share for the current year.

SLB Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Wednesday, February 11th will be given a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.4%. The ex-dividend date of this dividend is Wednesday, February 11th. This is an increase from SLB’s previous quarterly dividend of $0.29. SLB’s payout ratio is presently 49.79%.

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.