Sanders Capital LLC has reduced its stake in SLB Limited (NYSE: SLB) by 8.0% during the second quarter of 2023. According to its recent filing with the Securities and Exchange Commission (SEC), the firm now holds 9,824,737 shares after selling 858,523 shares during this period. The remaining shares are valued at approximately $332,076,000, representing about 0.73% of the company’s total stock.
Several other institutional investors have also made adjustments to their investments in SLB. Legacy Wealth Asset Management LLC increased its holdings by 2.2%, now owning 14,382 shares valued at $486,000 after acquiring an additional 308 shares. EntryPoint Capital LLC raised its stake by 4.5% in the first quarter, resulting in ownership of 7,348 shares worth $307,000. Other firms, including Horizon Investments LLC, CreativeOne Wealth LLC, and NewSquare Capital LLC, also reported varying levels of increase in their holdings.
Institutional investors and hedge funds collectively own 81.99% of SLB’s stock, reflecting significant confidence in the company’s operations and potential for growth.
Current Stock Performance and Dividend Announcement
As of the latest market opening, shares of SLB traded at $36.95. The company boasts a market capitalization of $55.20 billion, with a price-to-earnings (PE) ratio of 14.27 and a price-to-earnings-growth (PEG) ratio of 10.19. SLB has recorded a 52-week low of $31.11 and a 52-week high of $44.97. The firm’s quick ratio stands at 1.01, and the current ratio at 1.39, with a debt-to-equity ratio of 0.40.
In addition to stock activities, SLB has announced a quarterly dividend of $0.285, which will be distributed on January 8, 2024, to investors recorded by December 3, 2023. This translates to an annualized dividend of $1.14, yielding approximately 3.1%. Currently, SLB’s payout ratio is 44.02%.
Insider Transactions and Analyst Ratings
In recent insider trading, CFO Stephane Biguet sold 38,447 shares on November 13, 2023, at an average price of $36.75, totaling $1,412,927.25. Following this transaction, he retains 175,690 shares valued at approximately $6,456,607.50. The sale represents a 17.95% reduction in his ownership.
Additionally, insider Dianne B. Ralston sold 39,727 shares on September 12, 2023, averaging $36.08 per share for a total of $1,433,350.16. With this transaction, Ralston now owns 202,201 shares worth around $7,295,412.08.
Over the past ninety days, insiders have collectively sold 138,174 shares valued at approximately $5,107,677. Notably, company insiders now hold 0.22% of SLB’s stock.
Analysts have recently provided updated ratings for SLB. Piper Sandler has set a price target of $42.00 with an “overweight” rating. JPMorgan Chase & Co. has adjusted its target from $44.00 to $43.00 while maintaining an “overweight” rating. In a similar vein, Barclays raised its price target from $46.00 to $48.00, also giving an “overweight” rating.
Overall, SLB has received two “Strong Buy” ratings, fourteen “Buy” ratings, and five “Hold” ratings from analysts, reflecting a moderate consensus rating of “Moderate Buy” with an average price target of $51.28.
SLB Limited, a global leader in technology for the energy industry, operates through divisions including Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company specializes in hydrocarbon production and carbon management, along with various services aimed at improving well construction and production efficiency.
