CIBC Private Wealth Group LLC Raises Holdings in SLB Limited $SLB

CIBC Private Wealth Group LLC boosted its holdings in shares of SLB Limited (NYSE:SLB) by 19.1% in the 3rd quarter, Holdings Channel.com reports. The fund owned 124,001 shares of the oil and gas company’s stock after buying an additional 19,917 shares during the quarter. CIBC Private Wealth Group LLC’s holdings in SLB were worth $4,262,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds also recently added to or reduced their stakes in SLB. Twin Peaks Wealth Advisors LLC acquired a new position in shares of SLB in the 2nd quarter valued at $25,000. Root Financial Partners LLC acquired a new stake in shares of SLB during the 3rd quarter worth about $29,000. Corsicana & Co. purchased a new stake in SLB in the 3rd quarter valued at about $31,000. Strengthening Families & Communities LLC purchased a new stake in SLB in the 3rd quarter valued at about $31,000. Finally, SouthState Bank Corp lifted its position in SLB by 57.4% in the third quarter. SouthState Bank Corp now owns 1,212 shares of the oil and gas company’s stock valued at $42,000 after buying an additional 442 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Stock Down 2.5%

Shares of NYSE SLB opened at $46.61 on Friday. The stock has a market cap of $70.03 billion, a P/E ratio of 19.67, a PEG ratio of 3.32 and a beta of 0.68. The business’s fifty day simple moving average is $48.74 and its 200-day simple moving average is $40.78. SLB Limited has a 12-month low of $31.11 and a 12-month high of $52.45. The company has a current ratio of 1.33, a quick ratio of 0.98 and a debt-to-equity ratio of 0.36.

SLB (NYSE:SLB) last released its earnings results on Friday, January 23rd. The oil and gas company reported $0.78 EPS for the quarter, topping the consensus estimate of $0.74 by $0.04. SLB had a return on equity of 17.45% and a net margin of 9.45%.The firm had revenue of $9.75 billion during the quarter, compared to analysts’ expectations of $9.54 billion. During the same period in the previous year, the firm posted $0.92 EPS. SLB’s revenue for the quarter was up 5.0% on a year-over-year basis. As a group, equities analysts predict that SLB Limited will post 3.38 EPS for the current fiscal 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 is a boost from SLB’s previous quarterly dividend of $0.29. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.5%. The ex-dividend date of this dividend is Wednesday, February 11th. SLB’s dividend payout ratio is presently 49.79%.

Analysts Set New Price Targets

A number of brokerages have weighed in on SLB. Stifel Nicolaus set a $56.00 price target on shares of SLB in a research report on Monday, January 26th. Argus upgraded shares of SLB to a “strong-buy” rating in a report on Monday, January 26th. The Goldman Sachs Group increased their price objective on shares of SLB from $53.00 to $60.00 and gave the stock a “buy” rating in a research report on Wednesday, March 4th. Loop Capital set a $48.00 target price on shares of SLB in a report on Tuesday, January 27th. Finally, Wall Street Zen lowered SLB from a “buy” rating to a “hold” rating in a research report on Saturday, March 14th. Three investment analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. According to data from MarketBeat.com, SLB presently has an average rating of “Moderate Buy” and a consensus price target of $53.16.

Insider Activity

In related news, insider Dianne B. Ralston sold 18,617 shares of the company’s stock in a transaction that occurred 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 sale, the insider directly owned 224,097 shares in the company, valued at approximately $11,092,801.50. This represents a 7.67% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $49.70, for a total transaction of $2,982,000.00. Following the completion of the sale, the executive vice president directly owned 140,602 shares in the company, valued at approximately $6,987,919.40. This trade represents a 29.91% decrease in their position. The SEC filing for this sale provides additional information. In the last three months, insiders sold 156,902 shares of company stock valued at $7,796,666. 0.16% of the stock is owned by corporate insiders.

About SLB

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.