Elevation Point Wealth Partners LLC Acquires 13,401 Shares of SLB Limited $SLB

Elevation Point Wealth Partners LLC raised its holdings in SLB Limited (NYSE:SLB) by 211.3% during the first quarter, according to the company in its most recent 13F filing with the SEC. The institutional investor owned 19,744 shares of the oil and gas company’s stock after purchasing an additional 13,401 shares during the quarter. Elevation Point Wealth Partners LLC’s holdings in SLB were worth $1,017,000 as of its most recent SEC filing.

Several other hedge funds and other institutional investors also recently modified their holdings of SLB. Vanguard Group Inc. boosted its stake in SLB by 0.6% in the fourth quarter. Vanguard Group Inc. now owns 186,455,878 shares of the oil and gas company’s stock valued at $7,156,177,000 after buying an additional 1,080,999 shares in the last quarter. State Street Corp raised its stake in SLB by 1.0% during the fourth quarter. State Street Corp now owns 84,417,217 shares of the oil and gas company’s stock worth $3,263,998,000 after acquiring an additional 799,218 shares in the last quarter. Charles Schwab Investment Management Inc. raised its stake in SLB by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 54,006,438 shares of the oil and gas company’s stock worth $2,072,844,000 after acquiring an additional 1,458,650 shares in the last quarter. Morgan Stanley lifted its holdings in shares of SLB by 1.3% in the fourth quarter. Morgan Stanley now owns 37,095,243 shares of the oil and gas company’s stock worth $1,423,716,000 after acquiring an additional 482,533 shares during the last quarter. Finally, Geode Capital Management LLC boosted its position in SLB by 1.5% in the fourth quarter. Geode Capital Management LLC now owns 33,840,883 shares of the oil and gas company’s stock valued at $1,292,993,000 after buying an additional 510,747 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Insiders Place Their Bets

In other news, EVP Steve Matthew Gassen sold 53,379 shares of the stock in a transaction on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the completion of the sale, the executive vice president directly owned 47,421 shares in the company, valued at $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a filing with the SEC, which is available through the SEC website. Also, Director La Chevardiere Patrick De sold 2,000 shares of SLB stock in a transaction on Thursday, May 7th. The stock was sold at an average price of $54.33, for a total transaction of $108,660.00. Following the transaction, the director directly owned 16,953 shares of the company’s stock, valued at $921,056.49. This represents a 10.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.16% of the company’s stock.

Analysts Set New Price Targets

Several research analysts have recently issued reports on the stock. Barclays upped their price target on shares of SLB from $49.00 to $51.00 and gave the stock an “overweight” rating in a report on Monday, April 27th. Royal Bank Of Canada reaffirmed an “outperform” rating and issued a $61.00 target price on shares of SLB in a report on Tuesday, June 16th. Weiss Ratings downgraded SLB from a “hold (c+)” rating to a “hold (c)” rating in a research report on Wednesday, May 6th. TD Cowen reduced their price target on SLB from $66.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Finally, UBS Group lowered their price objective on SLB from $69.00 to $66.00 and set a “buy” rating for the company in a research note on Wednesday, July 1st. Two 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 assigned a Sell rating to the company. Based on data from MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and an average target price of $60.17.

SLB Stock Performance

NYSE SLB opened at $45.71 on Tuesday. The company has a market capitalization of $68.34 billion, a price-to-earnings ratio of 19.96, a PEG ratio of 1.82 and a beta of 0.72. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. SLB Limited has a twelve month low of $31.64 and a twelve month high of $58.82. The stock has a fifty day simple moving average of $53.51 and a 200 day simple moving average of $49.67.

SLB (NYSE:SLB) last announced its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, topping the consensus estimate of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.76 billion. During the same period in the previous year, the business earned $0.72 EPS. The business’s quarterly revenue was up 2.7% compared to the same quarter last year. Sell-side analysts expect that SLB Limited will post 2.6 EPS for the current year.

SLB Announces Dividend

The company also recently declared a quarterly dividend, which will be paid on Thursday, July 9th. Stockholders 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 2.6%. SLB’s payout ratio is 51.53%.

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.