PNC Financial Services Group Inc. Buys 13,422 Shares of SLB Limited $SLB

PNC Financial Services Group Inc. grew its stake in shares of SLB Limited (NYSE:SLB) by 2.0% during the first quarter, according to the company in its most recent disclosure with the SEC. The fund owned 681,716 shares of the oil and gas company’s stock after buying an additional 13,422 shares during the quarter. PNC Financial Services Group Inc.’s holdings in SLB were worth $35,033,000 as of its most recent SEC filing.

Several other hedge funds also recently modified their holdings of the company. Evergreen Advisors LLC acquired a new stake in SLB during the 1st quarter worth approximately $26,000. MV Capital Management Inc. bought a new stake in shares of SLB in the 4th quarter valued at about $28,000. Strategic Wealth Advisors LLC acquired a new stake in shares of SLB in the fourth quarter valued at about $30,000. Costello Asset Management INC raised 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 worth $30,000 after acquiring an additional 280 shares during the last quarter. Finally, Thurston Springer Miller Herd & Titak Inc. bought a new position in shares of SLB during the fourth quarter worth about $31,000. Institutional investors and hedge funds own 81.99% of the company’s stock.

SLB Stock Performance

Shares of SLB stock opened at $47.25 on Friday. The firm has a 50 day moving average of $51.22 and a 200-day moving average of $50.54. The company has a market cap of $70.65 billion, a price-to-earnings ratio of 20.63, a price-to-earnings-growth ratio of 1.93 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 52 week low of $31.64 and a 52 week high of $58.82.

SLB (NYSE:SLB) last released its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.51 by $0.01. SLB had a net margin of 9.26% and a return on equity of 15.54%. The company had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.76 billion. During the same quarter in the previous year, the company earned $0.72 EPS. SLB’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, equities analysts forecast that SLB Limited will post 2.52 earnings per share for the current year.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Royal Bank Of Canada reiterated an “outperform” rating and issued a $61.00 target price on shares of SLB in a report on Tuesday, June 16th. Piper Sandler raised their price target on shares of SLB from $53.00 to $59.00 and gave the stock an “overweight” rating in a report on Wednesday, April 15th. Raymond James Financial dropped their price target on shares of SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Susquehanna decreased their price objective on shares of SLB from $65.00 to $55.00 and set a “positive” rating for the company in a research report on Wednesday, July 8th. Finally, Wolfe Research began coverage on shares of SLB in a research report on Wednesday, July 8th. They set an “outperform” rating and a $62.00 price objective for the company. Two research analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have issued a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and an average target price of $60.30.

Insider Buying and Selling

In other news, EVP Steve Matthew Gassen sold 53,379 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the transaction, the executive vice president directly owned 47,421 shares of the company’s stock, valued at $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Also, Director La Chevardiere Patrick De sold 2,000 shares of SLB stock in a transaction on 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 of the company’s stock, valued at approximately $921,056.49. The trade was a 10.55% decrease in their position. The SEC filing for this sale provides additional information. Company insiders own 0.16% of the company’s stock.

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.