Sanders Capital LLC has reduced its stake in SLB Limited (NYSE: SLB) by 8.0%, as reported in its latest filing with the Securities & Exchange Commission. The firm now holds 9,824,737 shares after selling 858,523 shares during the second quarter, representing approximately 0.73% of the company, valued at about $332,076,000.
Several other institutional investors have also adjusted their positions in SLB. For instance, Legacy Wealth Asset Management LLC increased its holdings by 2.2%, now owning 14,382 shares worth $486,000 after acquiring an additional 308 shares. Similarly, EntryPoint Capital LLC raised its stake by 4.5% during the first quarter, bringing its total to 7,348 shares valued at $307,000.
Horizon Investments LLC and CreativeOne Wealth LLC also made adjustments, increasing their holdings by 1.5% and 6.3%, respectively. Horizon now owns 22,633 shares valued at $946,000, while CreativeOne has 5,655 shares worth $236,000. Notably, NewSquare Capital LLC increased its stake by a significant 51.4% during the second quarter, now holding 1,004 shares valued at $34,000. Overall, institutional investors and hedge funds own 81.99% of SLB’s stock.
SLB Stock Performance and Dividend Announcement
On Friday, shares of SLB opened at $36.95. The company boasts a market capitalization of $55.20 billion and a price-to-earnings (P/E) ratio of 14.27. It has a 52-week low of $31.11 and a high of $44.97. The firm’s fifty-day simple moving average is $35.03, while the 200-day moving average stands at $34.77.
In recent news, SLB announced a quarterly dividend of $0.285, scheduled for payment on January 8, 2024. Shareholders of record on December 3, 2023 will be eligible for this dividend, which reflects an annualized total of $1.14 and a yield of 3.1%. The company’s payout ratio is currently 44.02%.
Insider Transactions and Analyst Ratings
Recent insider trading activity includes a sale by Chief Financial Officer Stephane Biguet, who divested 38,447 shares on November 13, 2023, at an average price of $36.75, totaling approximately $1,412,927.25. Following this transaction, Biguet retains 175,690 shares worth about $6,456,607.50. Additionally, insider Dianne B. Ralston sold 39,727 shares on September 12, 2023, realizing $1,433,350.16 from the sale.
In total, insiders have sold 138,174 shares valued at $5,107,677 over the past ninety days, while insiders now hold only 0.22% of the company’s stock.
Analysts have recently expressed varied opinions on SLB’s stock. Piper Sandler set a price target of $42.00 with an “overweight” rating. Weiss Ratings maintained a “hold (c-)” rating, while Susquehanna lowered its target from $44.00 to $42.00 with a “positive” rating. JPMorgan Chase & Co. also adjusted its target down to $43.00 while retaining an “overweight” rating. Barclays increased its price target from $46.00 to $48.00 and maintained the “overweight” rating.
Currently, two analysts have rated SLB with a “Strong Buy,” fourteen have given it a “Buy,” and five have assigned a “Hold” rating. According to data from MarketBeat.com, SLB holds an average rating of “Moderate Buy” with an average price target of $51.28.
SLB Limited continues to engage in providing innovative technology solutions for the global energy sector, operating through four main divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company focuses on field development, hydrocarbon production, and carbon management, aiming to integrate adjacent energy systems efficiently.
