PNC Financial Services Group Inc. Grows Stock Position in SLB Limited $SLB

PNC Financial Services Group Inc. raised its position in SLB Limited (NYSE:SLB) by 2.0% during the 1st quarter, HoldingsChannel.com reports. The institutional investor owned 681,716 shares of the oil and gas company’s stock after acquiring an additional 13,422 shares during the period. PNC Financial Services Group Inc.’s holdings in SLB were worth $35,033,000 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other institutional investors and hedge funds also recently made changes to their positions in the company. Fearnley Asset Management AS purchased a new position in SLB in the 4th quarter valued at approximately $8,574,000. Vaughan Nelson Investment Management L.P. purchased a new stake in shares of SLB in the 1st quarter worth about $47,528,000. Mitsubishi UFJ Asset Management Co. Ltd. grew its stake in SLB by 4.3% in the 4th 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. grew its stake in SLB by 48.7% in the 4th quarter. Cibc World Market Inc. now owns 1,367,063 shares of the oil and gas company’s stock valued at $52,468,000 after acquiring an additional 447,667 shares during the last quarter. Finally, Oppenheimer & Co. Inc. increased its holdings 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 valued at $7,898,000 after acquiring an additional 81,045 shares in the last quarter. Institutional investors own 81.99% of the company’s stock.

Insider Buying and Selling

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the company’s stock in a transaction that occurred 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 transaction, the director owned 16,953 shares of the company’s stock, valued at approximately $921,056.49. This represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a filing with the SEC, which is available at the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of the firm’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 sale, the executive vice president owned 47,421 shares in the company, valued at approximately $2,664,111.78. This trade represents a 52.96% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders own 0.16% of the company’s stock.

Wall Street Analysts Forecast Growth

SLB has been the subject of a number of research reports. TD Cowen reduced their price target on shares of SLB from $66.00 to $62.00 and set a “buy” rating on the stock in a report on Wednesday, July 1st. Wolfe Research began coverage on shares of SLB in a research note on Wednesday, July 8th. They set an “outperform” rating and a $62.00 price objective for the company. Jefferies Financial Group reissued a “buy” rating and set a $65.00 price objective on shares of SLB in a research note on Sunday, April 26th. BMO Capital Markets lifted their price objective on SLB from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, Stifel Nicolaus upped their target price on SLB from $61.00 to $64.00 and gave the company a “buy” rating in a research note on Thursday, June 18th. Two investment analysts have rated the stock with a Strong Buy rating, eighteen have given a Buy rating, two have assigned a Hold rating and one has given a Sell rating to the company. According to MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and an average price target of $60.30.

SLB Trading Down 0.9%

Shares of SLB stock opened at $47.25 on Friday. The company has a market capitalization of $70.65 billion, a price-to-earnings ratio of 20.63, a PEG ratio of 1.93 and a beta of 0.72. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. The firm has a 50-day moving average price of $51.22 and a 200 day moving average price of $50.54. SLB Limited has a twelve month low of $31.64 and a twelve month high of $58.82.

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

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.