Truist Financial Corp Reduces Position in SLB Limited $SLB

Truist Financial Corp cut its stake in shares of SLB Limited (NYSE:SLB) by 9.8% during the 4th quarter, HoldingsChannel reports. The institutional investor owned 138,713 shares of the oil and gas company’s stock after selling 15,090 shares during the period. Truist Financial Corp’s holdings in SLB were worth $5,324,000 at the end of the most recent reporting period.

Several other hedge funds and other institutional investors have also recently modified their holdings of SLB. Brighton Jones LLC increased its position in shares of SLB by 21.4% during the fourth quarter. Brighton Jones LLC now owns 6,611 shares of the oil and gas company’s stock valued at $253,000 after buying an additional 1,166 shares during the period. Bison Wealth LLC bought a new position in SLB during the fourth quarter valued at approximately $238,000. Marshall Wace LLP bought a new position in SLB during the second quarter valued at approximately $8,628,000. Nebula Research & Development LLC grew its position in SLB by 76.0% during the second quarter. Nebula Research & Development LLC now owns 24,373 shares of the oil and gas company’s stock valued at $824,000 after acquiring an additional 10,522 shares during the last quarter. Finally, Diversify Advisory Services LLC grew its position in SLB by 7.6% during the second quarter. Diversify Advisory Services LLC now owns 11,326 shares of the oil and gas company’s stock valued at $373,000 after acquiring an additional 799 shares during the last quarter. 81.99% of the stock is currently owned by institutional investors.

Insider Buying and Selling at SLB

In other news, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s 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 completion of the transaction, the director directly owned 16,953 shares in the company, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the firm’s stock in a transaction on 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 of the company’s stock, valued at $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. 0.16% of the stock is owned by company insiders.

SLB Stock Performance

NYSE:SLB opened at $53.21 on Monday. The business has a 50 day moving average price of $50.88 and a 200-day moving average price of $44.92. SLB Limited has a fifty-two week low of $31.64 and a fifty-two week high of $57.20. The firm has a market cap of $79.55 billion, a PE ratio of 23.24, a price-to-earnings-growth ratio of 3.75 and a beta of 0.72. The company has a debt-to-equity ratio of 0.35, a quick ratio of 0.98 and a current ratio of 1.34.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.01. The business had revenue of $8.72 billion during the quarter, compared to the consensus estimate of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The firm’s quarterly revenue was up 2.7% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.72 earnings per share. Equities research analysts predict that SLB Limited will post 2.61 earnings per share for the current year.

SLB Dividend Announcement

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 issued a $0.295 dividend. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.2%. SLB’s dividend payout ratio is 51.53%.

Analyst Ratings Changes

A number of brokerages have commented on SLB. Sanford C. Bernstein increased their price target on shares of SLB from $52.30 to $56.10 and gave the company an “outperform” rating in a research report on Thursday, March 12th. Susquehanna increased their price objective on SLB from $60.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 27th. JPMorgan Chase & Co. increased their price objective on SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research note on Monday, April 27th. Evercore reissued an “outperform” rating and set a $64.00 price objective on shares of SLB in a research note on Monday, April 27th. Finally, Morgan Stanley set a $57.00 price objective on SLB in a research note on Monday, April 27th. Three equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $58.95.

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.