Rockland Trust Co. Trims Stake in SLB Limited $SLB

Rockland Trust Co. lessened its position in SLB Limited (NYSE:SLB) by 44.6% in the 2nd quarter, Holdings Channel.com reports. The fund owned 13,402 shares of the oil and gas company’s stock after selling 10,788 shares during the period. Rockland Trust Co.’s holdings in SLB were worth $623,000 at the end of the most recent quarter.

A number of other large investors have also recently made changes to their positions in the company. Evergreen Advisors LLC purchased a new stake in SLB in the 1st quarter worth about $26,000. MV Capital Management Inc. bought a new stake in SLB in the fourth quarter worth about $28,000. Strategic Wealth Advisors LLC purchased a new position in shares of SLB during the fourth quarter valued at approximately $30,000. Costello Asset Management INC boosted its position in shares of SLB by 93.3% during the first quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock valued at $30,000 after buying an additional 280 shares during the period. Finally, Steph & Co. grew its stake in shares of SLB by 97.5% during the fourth quarter. Steph & Co. now owns 798 shares of the oil and gas company’s stock valued at $31,000 after buying an additional 394 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

Analyst Ratings Changes

Several equities research analysts have recently weighed in on SLB shares. Stifel Nicolaus increased their price target on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a report on Thursday, June 18th. Piper Sandler boosted their price objective on SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a report on Monday, July 27th. Susquehanna upped their price objective on SLB from $55.00 to $62.00 and gave the company a “positive” rating in a research report on Monday, July 27th. Jefferies Financial Group reiterated a “buy” rating and issued a $66.00 target price on shares of SLB in a research note on Sunday, July 26th. Finally, Weiss Ratings reiterated a “hold (c)” rating on shares of SLB in a research report on Monday, August 3rd. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, one has given a Hold rating and two have assigned a Sell rating to the company. According to MarketBeat, SLB has a consensus rating of “Moderate Buy” and a consensus target price of $61.35.

SLB Trading Down 2.0%

SLB opened at $50.52 on Friday. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41. The firm has a market cap of $74.98 billion, a price-to-earnings ratio of 24.41, a PEG ratio of 3.34 and a beta of 0.73. SLB Limited has a 12 month low of $31.64 and a 12 month high of $58.82. The stock has a fifty day moving average price of $49.84 and a 200-day moving average price of $50.91.

SLB (NYSE:SLB) last posted its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $8.97 billion for the quarter, compared to analyst estimates of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the previous year, the firm earned $0.74 earnings per share. As a group, equities research analysts anticipate that SLB Limited will post 2.5 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, October 8th. Stockholders of record on Wednesday, September 2nd will be given a $0.295 dividend. The ex-dividend date of this dividend is Wednesday, September 2nd. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.3%. SLB’s payout ratio is presently 57.00%.

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.