CI Investments Inc. Grows Stock Position in SLB Limited $SLB

CI Investments Inc. boosted its holdings in SLB Limited (NYSE:SLB) by 13,765.0% during the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The fund owned 898,174 shares of the oil and gas company’s stock after acquiring an additional 891,696 shares during the period. CI Investments Inc.’s holdings in SLB were worth $46,157,000 as of its most recent filing with the Securities and Exchange Commission.

Other hedge funds have also recently added to or reduced their stakes in the company. Fearnley Asset Management AS acquired a new position in shares of SLB in the fourth quarter worth $8,574,000. Vaughan Nelson Investment Management L.P. acquired a new stake in shares of SLB during the first quarter valued at $47,528,000. Mitsubishi UFJ Asset Management Co. Ltd. boosted its stake in shares of SLB by 4.3% during the fourth quarter. Mitsubishi UFJ Asset Management Co. Ltd. now owns 3,141,868 shares of the oil and gas company’s stock valued at $126,303,000 after acquiring an additional 128,660 shares during the last quarter. Cibc World Market Inc. increased its position in SLB by 48.7% during the 4th quarter. Cibc World Market Inc. now owns 1,367,063 shares of the oil and gas company’s stock worth $52,468,000 after purchasing an additional 447,667 shares in the last quarter. Finally, Oppenheimer & Co. Inc. increased its position in SLB by 65.0% during the 4th quarter. Oppenheimer & Co. Inc. now owns 205,796 shares of the oil and gas company’s stock worth $7,898,000 after purchasing an additional 81,045 shares in the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Insider Activity at SLB

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of the 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 transaction, the executive vice president owned 47,421 shares of the company’s stock, valued at $2,664,111.78. This trade represents a 52.96% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. 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 transaction, the director owned 16,953 shares in the company, valued at approximately $921,056.49. This trade represents a 10.55% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Corporate insiders own 0.16% of the company’s stock.

Analyst Ratings Changes

SLB has been the topic of a number of recent research reports. UBS Group reduced their target price on shares of SLB from $69.00 to $66.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Barclays lowered their price target on shares of SLB from $66.00 to $64.00 and set an “overweight” rating for the company in a report on Thursday, July 16th. JPMorgan Chase & Co. boosted their price objective on shares of SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a research report on Monday, April 27th. BMO Capital Markets upped their price objective on shares of SLB from $55.00 to $63.00 and gave the company an “outperform” rating in a research note on Monday, April 27th. Finally, Susquehanna decreased their target price on shares of SLB from $65.00 to $55.00 and set a “positive” rating on the stock in a research report on Wednesday, July 8th. 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 given a Sell rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus price target of $60.30.

SLB Stock Performance

NYSE SLB opened at $46.62 on Wednesday. The business’s 50-day moving average price is $51.54 and its 200 day moving average price is $50.42. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. SLB Limited has a twelve month low of $31.64 and a twelve month high of $58.82. The company has a market capitalization of $69.70 billion, a PE ratio of 20.36, a price-to-earnings-growth ratio of 1.87 and a beta of 0.72.

SLB (NYSE:SLB) last posted its quarterly earnings results on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating the consensus estimate of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The company had revenue of $8.72 billion during the quarter, compared to analysts’ expectations of $8.76 billion. During the same quarter in the previous year, the business earned $0.72 EPS. The firm’s revenue was up 2.7% on a year-over-year basis. On average, research analysts predict that SLB Limited will post 2.53 earnings per share for the current year.

SLB Announces Dividend

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

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.