Mirae Asset Global Investments Co. Ltd. Acquires New Shares in SLB Limited $SLB

Mirae Asset Global Investments Co. Ltd. purchased a new position in SLB Limited (NYSE:SLB) in the third quarter, Holdings Channel.com reports. The fund purchased 1,866,141 shares of the oil and gas company’s stock, valued at approximately $90,918,000.

A number of other institutional investors also recently bought and sold shares of the stock. State Street Corp lifted its stake in shares of SLB by 0.8% in the 2nd quarter. State Street Corp now owns 91,222,641 shares of the oil and gas company’s stock valued at $4,267,269,000 after purchasing an additional 722,060 shares during the period. First Eagle Investment Management LLC boosted its stake in SLB by 1.9% during the second quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company’s stock worth $1,344,199,000 after acquiring an additional 537,566 shares in the last quarter. Bank of New York Mellon Corp purchased a new stake in SLB in the second quarter worth about $1,339,567,000. Amundi grew its holdings in SLB by 15.8% in the second quarter. Amundi now owns 19,815,245 shares of the oil and gas company’s stock worth $921,211,000 after purchasing an additional 2,698,766 shares during the period. Finally, Dimensional Fund Advisors LP grew its holdings in SLB by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 15,901,998 shares of the oil and gas company’s stock worth $817,246,000 after purchasing an additional 169,468 shares during the period. 81.99% of the stock is owned by institutional investors.

Insider Buying and Selling at SLB

In other SLB news, insider Dianne B. Ralston sold 20,986 shares of the stock in a transaction dated Friday, October 30th. The stock was sold at an average price of $53.57, for a total value of $1,124,220.02. Following the transaction, the insider owned 205,053 shares of the company’s stock, valued at approximately $10,984,689.21. This represents a 9.28% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, CAO Howard Guild sold 10,047 shares of the firm’s stock in a transaction dated Thursday, October 29th. The stock was sold at an average price of $53.65, for a total value of $539,021.55. Following the completion of the transaction, the chief accounting officer directly owned 12,845 shares in the company, valued at $689,134.25. The trade was a 43.89% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders own 0.16% of the company’s stock.

SLB Trading Down 0.1%

Shares of SLB stock opened at $53.78 on Friday. The company has a current ratio of 1.39, a quick ratio of 1.02 and a debt-to-equity ratio of 0.41. SLB Limited has a 12-month low of $34.65 and a 12-month high of $60.46. The stock has a market capitalization of $79.38 billion, a P/E ratio of 26.11, a P/E/G ratio of 2.98 and a beta of 0.83. The firm’s 50 day moving average is $52.50 and its 200 day moving average is $51.37.

SLB (NYSE:SLB) last announced its earnings results on Friday, October 23rd. The oil and gas company reported $0.64 earnings per share for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The business had revenue of $9.45 billion during the quarter, compared to analyst estimates of $9.27 billion. SLB had a net margin of 8.40% and a return on equity of 13.77%. The company’s quarterly revenue was up 5.8% compared to the same quarter last year. During the same period in the previous year, the business earned $0.69 EPS. Research analysts expect that SLB Limited will post 2.46 earnings per share for the current year.

SLB Dividend Announcement

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 7th. Investors of record on Wednesday, December 2nd will be issued a $0.2950 dividend. The ex-dividend date of this dividend is Wednesday, December 2nd. This represents a $1.18 annualized dividend and a dividend yield of 2.2%. SLB’s payout ratio is presently 57.28%.

Analysts Set New Price Targets

A number of analysts have recently commented on SLB shares. TD Cowen reissued a “buy” rating on shares of SLB in a research report on Monday, October 26th. Rothschild & Co Redburn raised their price objective on SLB from $66.00 to $68.00 and gave the company a “buy” rating in a research report on Friday, September 25th. Evercore lifted their price objective on SLB from $63.00 to $66.00 in a research note on Thursday, October 8th. Susquehanna boosted their target price on SLB from $55.00 to $62.00 and gave the stock a “positive” rating in a report on Monday, July 27th. Finally, Jefferies Financial Group reissued a “buy” rating and issued a $66.00 target price (up from $65.00) on shares of SLB in a research note on Sunday, July 26th. Twenty-four investment analysts have rated the stock with a Buy rating, three have issued a Hold rating and one has assigned a Sell rating to the company. Based on data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.52.

About SLB

SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.