Alberta Investment Management Corp Boosts Stake in SLB Limited $SLB

Alberta Investment Management Corp raised its position in SLB Limited (NYSE:SLB) by 826.6% in the 4th quarter, according to the company in its most recent 13F filing with the SEC. The fund owned 898,800 shares of the oil and gas company’s stock after buying an additional 801,800 shares during the period. Alberta Investment Management Corp’s holdings in SLB were worth $34,496,000 as of its most recent filing with the SEC.

Several other institutional investors and hedge funds have also recently added to or reduced their stakes in SLB. Vanguard Group Inc. increased its stake in SLB by 23.3% in the 3rd quarter. Vanguard Group Inc. now owns 185,374,879 shares of the oil and gas company’s stock valued at $6,371,335,000 after buying an additional 35,057,313 shares during the last quarter. Norges Bank purchased a new stake in SLB in the 4th quarter valued at about $809,557,000. Bank of New York Mellon Corp increased its stake in SLB by 64.4% in the 4th 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 buying an additional 6,149,511 shares during the last quarter. State Street Corp increased its stake in 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 buying an additional 5,466,786 shares during the last quarter. Finally, Capital International Investors increased its stake in 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 valued at $446,247,000 after buying an additional 5,404,948 shares during the last quarter. Hedge funds and other institutional investors own 81.99% of the company’s stock.

SLB Stock Performance

SLB stock opened at $53.60 on Tuesday. The firm’s fifty day moving average price is $54.72 and its 200-day moving average price is $48.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34. The stock has a market cap of $80.13 billion, a P/E ratio of 23.40, a price-to-earnings-growth ratio of 2.28 and a beta of 0.70. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $58.82.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. The firm had revenue of $8.72 billion for 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 business’s quarterly revenue was up 2.7% on a year-over-year basis. During the same quarter last year, the company posted $0.72 EPS. On average, equities research analysts expect that SLB Limited will post 2.62 earnings per share for the current fiscal year.

SLB Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be given a $0.295 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.2%. SLB’s payout ratio is presently 51.53%.

Insider Transactions at SLB

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of the business’s stock in a transaction dated Friday, May 1st. The shares were sold at an average price of $56.18, for a total value of $2,998,832.22. Following the transaction, the executive vice president owned 47,421 shares in the company, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director La Chevardiere Patrick De sold 2,000 shares of SLB stock in a transaction dated Thursday, May 7th. The shares were sold at an average price of $54.33, for a total transaction of $108,660.00. Following the sale, the director directly owned 16,953 shares in the company, valued at $921,056.49. The trade was a 10.55% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is currently owned by insiders.

Analysts Set New Price Targets

SLB has been the subject of several analyst reports. JPMorgan Chase & Co. increased their price objective on shares of SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Morgan Stanley set a $57.00 target price on shares of SLB in a research report on Monday, April 27th. UBS Group increased their target price on shares of SLB from $61.00 to $69.00 and gave the company a “buy” rating in a research report on Wednesday, April 29th. Royal Bank Of Canada reissued an “outperform” rating and set a $61.00 target price on shares of SLB in a research report on Monday, April 27th. Finally, Piper Sandler increased their target price on shares of SLB from $53.00 to $59.00 and gave the company an “overweight” rating in a research report on Wednesday, April 15th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.67.

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.