Midwest Trust Co Acquires 30,700 Shares of SLB Limited $SLB

Midwest Trust Co lifted its stake in SLB Limited (NYSE:SLB) by 9.7% during the 3rd quarter, according to its most recent 13F filing with the Securities & Exchange Commission. The fund owned 348,412 shares of the oil and gas company’s stock after purchasing an additional 30,700 shares during the period. Midwest Trust Co’s holdings in SLB were worth $11,975,000 at the end of the most recent quarter.

Other institutional investors have also made changes to their positions in the company. Howard Capital Management Inc. boosted its holdings in SLB by 3.2% during the third quarter. Howard Capital Management Inc. now owns 9,165 shares of the oil and gas company’s stock worth $315,000 after buying an additional 288 shares during the last quarter. Fielder Capital Group LLC raised its position in shares of SLB by 2.5% in the 3rd quarter. Fielder Capital Group LLC now owns 12,137 shares of the oil and gas company’s stock valued at $417,000 after acquiring an additional 293 shares during the period. Hedges Asset Management LLC boosted its stake in SLB by 0.9% during the 3rd quarter. Hedges Asset Management LLC now owns 35,000 shares of the oil and gas company’s stock worth $1,203,000 after acquiring an additional 300 shares during the last quarter. Gables Capital Management Inc. increased its stake in SLB by 31.6% in the third quarter. Gables Capital Management Inc. now owns 1,250 shares of the oil and gas company’s stock valued at $43,000 after purchasing an additional 300 shares in the last quarter. Finally, Legacy Wealth Asset Management LLC raised its holdings in SLB by 2.2% in the second quarter. Legacy Wealth Asset Management LLC now owns 14,382 shares of the oil and gas company’s stock worth $486,000 after purchasing an additional 308 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on Monday, January 26th. The stock was sold at an average price of $49.70, for a total transaction of $2,982,000.00. Following the completion of the transaction, the executive vice president directly owned 140,602 shares of the company’s stock, valued at approximately $6,987,919.40. This represents a 29.91% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, insider Dianne B. Ralston sold 18,617 shares of the firm’s stock in a transaction that occurred on Monday, January 26th. The shares were sold at an average price of $49.50, for a total value of $921,541.50. Following the completion of the transaction, the insider owned 224,097 shares of the company’s stock, valued at approximately $11,092,801.50. This represents a 7.67% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Insiders have sold 200,849 shares of company stock worth $9,406,603 over the last three months. Company insiders own 0.22% of the company’s stock.

SLB Trading Down 0.5%

NYSE:SLB opened at $50.31 on Wednesday. The company has a market cap of $75.23 billion, a P/E ratio of 21.23, a price-to-earnings-growth ratio of 3.44 and a beta of 0.73. SLB Limited has a twelve month low of $31.11 and a twelve month high of $51.67. The business has a 50 day moving average price of $43.44 and a two-hundred day moving average price of $37.94. The company has a quick ratio of 0.98, a current ratio of 1.33 and a debt-to-equity ratio of 0.36.

SLB (NYSE:SLB) last announced its quarterly earnings data on Friday, January 23rd. The oil and gas company reported $0.78 EPS for the quarter, topping analysts’ consensus estimates of $0.74 by $0.04. The business had revenue of $9.75 billion for the quarter, compared to analyst estimates of $9.54 billion. SLB had a net margin of 9.45% and a return on equity of 17.45%. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.92 earnings per share. As a group, analysts expect that SLB Limited will post 3.38 EPS for the current fiscal year.

SLB Increases Dividend

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, April 2nd. Stockholders of record on Wednesday, February 11th will be paid a dividend of $0.295 per share. The ex-dividend date is Wednesday, February 11th. This represents a $1.18 dividend on an annualized basis and a dividend yield of 2.3%. This is a positive change from SLB’s previous quarterly dividend of $0.29. SLB’s dividend payout ratio (DPR) is currently 48.10%.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on SLB. Citigroup boosted their price target on shares of SLB from $53.00 to $56.00 and gave the company a “buy” rating in a report on Monday, January 26th. TD Cowen boosted their target price on SLB from $56.00 to $57.00 and gave the company a “buy” rating in a research note on Thursday, December 11th. Sanford C. Bernstein raised their price target on SLB from $47.60 to $52.30 and gave the stock an “outperform” rating in a research report on Thursday, December 11th. Barclays lifted their price objective on SLB from $47.00 to $49.00 and gave the company an “overweight” rating in a report on Monday, January 26th. Finally, Piper Sandler lifted their price target on shares of SLB from $42.00 to $45.00 and gave the company an “overweight” rating in a research note on Thursday, December 18th. Three analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company’s stock. According to MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and an average price target of $52.38.

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.