Econ Financial Services Corp Buys New Stake in SLB Limited $SLB

Econ Financial Services Corp bought a new stake in SLB Limited (NYSE:SLB) during the second quarter, according to the company in its most recent disclosure with the Securities and Exchange Commission. The institutional investor bought 52,651 shares of the oil and gas company’s stock, valued at approximately $1,780,000.

A number of other institutional investors and hedge funds have also recently bought and sold shares of SLB. Brighton Jones LLC lifted its stake in SLB by 21.4% in the 4th 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 in the last quarter. Bison Wealth LLC purchased a new stake in SLB in the 4th quarter valued at approximately $238,000. Amalgamated Bank lifted its stake in SLB by 1.1% in the 1st quarter. Amalgamated Bank now owns 273,790 shares of the oil and gas company’s stock valued at $11,444,000 after buying an additional 2,869 shares in the last quarter. Monument Capital Management purchased a new stake in SLB in the 1st quarter valued at approximately $213,000. Finally, Koshinski Asset Management Inc. acquired a new position in SLB in the 1st quarter valued at $240,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

Insider Transactions at SLB

In related news, insider Dianne B. Ralston sold 39,727 shares of the stock in a transaction on Friday, September 12th. The stock was sold at an average price of $36.08, for a total value of $1,433,350.16. Following the completion of the sale, the insider directly owned 202,201 shares in the company, valued at approximately $7,295,412.08. This represents a 16.42% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through the SEC website. Corporate insiders own 0.22% of the company’s stock.

Analyst Ratings Changes

Several research analysts have weighed in on SLB shares. Wells Fargo & Company downgraded SLB from a “strong-buy” rating to a “hold” rating in a report on Sunday, July 20th. Weiss Ratings reiterated a “hold (c-)” rating on shares of SLB in a report on Wednesday, October 8th. Melius Research started coverage on SLB in a report on Wednesday, August 20th. They issued a “buy” rating and a $82.00 price target for the company. Piper Sandler set a $42.00 price target on SLB and gave the company an “overweight” rating in a report on Monday, October 20th. Finally, Melius started coverage on SLB in a report on Wednesday, August 20th. They issued a “buy” rating and a $82.00 price target for the company. Two analysts have rated the stock with a Strong Buy rating, thirteen have given a Buy rating and five have issued a Hold rating to the company’s stock. According to data from MarketBeat.com, the company has an average rating of “Moderate Buy” and a consensus price target of $51.69.

SLB Trading Down 0.8%

Shares of SLB opened at $35.86 on Wednesday. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.40. The firm has a market capitalization of $53.57 billion, a P/E ratio of 13.84, a price-to-earnings-growth ratio of 10.01 and a beta of 0.97. The stock’s fifty day simple moving average is $34.77 and its 200 day simple moving average is $34.56. SLB Limited has a twelve month low of $31.11 and a twelve month high of $44.97.

SLB (NYSE:SLB) last issued its earnings results on Friday, October 17th. The oil and gas company reported $0.69 earnings per share for the quarter, topping the consensus estimate of $0.67 by $0.02. The business had revenue of $8.93 billion for the quarter, compared to analyst estimates of $8.99 billion. SLB had a return on equity of 18.97% and a net margin of 10.34%.The business’s quarterly revenue was down 2.5% on a year-over-year basis. During the same period last year, the company posted $0.89 EPS. On average, equities research analysts forecast that SLB Limited will post 3.38 earnings per share for the current year.

SLB Dividend Announcement

The business also recently declared a quarterly dividend, which will be paid on Thursday, January 8th. Investors of record on Wednesday, December 3rd will be issued a $0.285 dividend. This represents a $1.14 annualized dividend and a yield of 3.2%. The ex-dividend date is Wednesday, December 3rd. SLB’s dividend payout ratio is currently 44.02%.

SLB Profile

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.