Meeder Asset Management Inc. Decreases Stock Holdings in SLB Limited $SLB

Meeder Asset Management Inc. reduced its stake in shares of SLB Limited (NYSE:SLB) by 27.5% during the 1st quarter, HoldingsChannel reports. The institutional investor owned 80,658 shares of the oil and gas company’s stock after selling 30,626 shares during the quarter. Meeder Asset Management Inc.’s holdings in SLB were worth $4,145,000 at the end of the most recent reporting period.

Other hedge funds also recently added to or reduced their stakes in the company. Norges Bank purchased a new stake in shares of SLB during the 4th quarter worth approximately $809,557,000. Bank of New York Mellon Corp increased its stake in SLB by 56.8% in the 1st quarter. Bank of New York Mellon Corp now owns 24,615,243 shares of the oil and gas company’s stock valued at $1,264,977,000 after purchasing an additional 8,918,412 shares in the last quarter. Wellington Management Group LLP increased its stake in SLB by 50.6% in the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock valued at $638,473,000 after purchasing an additional 5,589,585 shares in the last quarter. State Street Corp raised its holdings in SLB by 7.0% during the third quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after purchasing an additional 5,466,786 shares during the last quarter. Finally, Capital International Investors raised its holdings in SLB by 86.9% during the fourth quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock worth $446,247,000 after purchasing an additional 5,404,948 shares during the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

SLB Stock Performance

NYSE SLB opened at $47.01 on Monday. 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 fifty-two week low of $31.64 and a fifty-two week high of $58.82. The business has a fifty day moving average of $51.90 and a 200-day moving average of $50.31. The stock has a market cap of $70.29 billion, a price-to-earnings ratio of 20.53, a price-to-earnings-growth ratio of 1.89 and a beta of 0.72.

SLB (NYSE:SLB) last posted 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. The business had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.76 billion. SLB had a return on equity of 15.54% and a net margin of 9.26%.The business’s revenue for the quarter was up 2.7% compared to the same quarter last year. During the same quarter last year, the company earned $0.72 earnings per share. As a group, analysts predict that SLB Limited will post 2.53 earnings per share for the current fiscal year.

SLB Announces Dividend

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

Wall Street Analysts Forecast Growth

A number of research analysts have recently weighed in on SLB shares. BMO Capital Markets raised their price target on SLB from $55.00 to $63.00 and gave the company an “outperform” rating in a research report on Monday, April 27th. Sanford C. Bernstein boosted their price objective on shares of SLB from $56.10 to $71.00 and gave the stock an “outperform” rating in a research report on Monday, May 11th. Barclays lowered their price objective on shares of SLB from $66.00 to $64.00 and set an “overweight” rating on the stock in a research note on Thursday. Stifel Nicolaus lifted their target price on shares of SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a research report on Thursday, June 18th. Finally, Weiss Ratings downgraded shares of SLB from a “hold (c+)” rating to a “hold (c)” rating in a report on Wednesday, May 6th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. Based on data from MarketBeat, SLB has an average rating of “Moderate Buy” and a consensus target price of $60.30.

Insider Activity

In other news, Director La Chevardiere Patrick De sold 2,000 shares of SLB 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 $921,056.49. The trade was a 10.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the business’s stock in a transaction that occurred 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 transaction, the executive vice president directly owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their position. The disclosure for this sale is available in the SEC filing. 0.16% of the stock is owned by company insiders.

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.