Fearnley Asset Management AS Acquires New Position in SLB Limited $SLB

Fearnley Asset Management AS purchased a new position in shares of SLB Limited (NYSE:SLB) in the 4th quarter, Holdings Channel reports. The firm purchased 223,400 shares of the oil and gas company’s stock, valued at approximately $8,574,000. SLB makes up approximately 3.9% of Fearnley Asset Management AS’s portfolio, making the stock its 11th biggest holding.

Other hedge funds have also modified their holdings of the company. Reflection Asset Management acquired a new stake in SLB during the 4th quarter valued at $107,000. KW Wealth Management LLC grew its position in SLB by 3.8% in the 4th quarter. KW Wealth Management LLC now owns 7,306 shares of the oil and gas company’s stock worth $280,000 after purchasing an additional 268 shares during the last quarter. MidFirst Bank acquired a new stake in shares of SLB in the fourth quarter valued at approximately $322,000. MV Capital Management Inc. bought a new position in shares of SLB in the fourth quarter worth $28,000. Finally, Cambient Family Office LLC acquired a new position in SLB during the 4th quarter valued at about $386,000. 81.99% of the stock is owned by institutional investors and hedge funds.

Analyst Upgrades and Downgrades

Several equities research analysts recently commented on SLB shares. Royal Bank Of Canada restated an “outperform” rating and issued a $61.00 price target on shares of SLB in a research report on Tuesday. Wall Street Zen downgraded SLB from a “buy” rating to a “hold” rating in a research note on Saturday, March 14th. UBS Group boosted their target price on SLB from $61.00 to $69.00 and gave the stock a “buy” rating in a report on Wednesday, April 29th. Piper Sandler upped their target price on SLB from $53.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. Finally, The Goldman Sachs Group increased their price target on SLB from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Three analysts have rated the stock with a Strong Buy rating, sixteen have issued a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat.com, SLB currently has a consensus rating of “Moderate Buy” and a consensus price target of $60.83.

Insider Activity

In other news, EVP Steve Matthew Gassen sold 53,379 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president owned 47,421 shares in the company, valued at $2,664,111.78. This represents a 52.96% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this link. Also, Director La Chevardiere Patrick De sold 2,000 shares of the company’s 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 completion of the sale, the director directly owned 16,953 shares in the company, valued at approximately $921,056.49. The trade was a 10.55% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders own 0.16% of the company’s stock.

SLB Stock Up 0.1%

NYSE SLB opened at $48.12 on Friday. The stock has a market capitalization of $71.95 billion, a P/E ratio of 21.01, a price-to-earnings-growth ratio of 1.95 and a beta of 0.70. SLB Limited has a 52 week low of $31.64 and a 52 week high of $58.82. 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 fifty day moving average of $54.69 and a 200-day moving average of $49.02.

SLB (NYSE:SLB) last released its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The business had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.76 billion. During the same quarter in the prior year, the company posted $0.72 earnings per share. The firm’s revenue was up 2.7% on a year-over-year basis. On average, equities research analysts forecast that SLB Limited will post 2.62 EPS for the current year.

SLB Dividend Announcement

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. The ex-dividend date of this dividend is Wednesday, June 3rd. This represents a $1.18 annualized dividend and a yield of 2.5%. SLB’s payout ratio is 51.53%.

SLB 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.