Cary Street Partners Boosts Stake in SLB Limited to $3.66 Million

Cary Street Partners Financial LLC has increased its stake in SLB Limited (NYSE:SLB) by 22.2% during the second quarter of 2023, according to a recent filing with the Securities and Exchange Commission. The investment firm now holds 108,315 shares of the oil and gas company, which are valued at approximately $3.66 million.

This expansion in holdings comes as other institutional investors also adjust their positions in SLB. Twin Peaks Wealth Advisors LLC entered the market with a new investment of around $25,000 in the second quarter. Similarly, Atticus Wealth Management LLC acquired a position worth approximately $29,000. Atlas Capital Advisors Inc. and Thurston Springer Miller Herd & Titak Inc. also made notable investments, with the latter boosting its stake by 55.3% during the same period.

Institutional investors now own an impressive 81.99% of SLB’s stock, underscoring the company’s strong appeal in the market.

SLB Stock Performance and Earnings Report

As of October 17, 2023, shares of SLB opened at $38.50. The company has demonstrated solid financial metrics, with a market capitalization of $57.52 billion. Its price-to-earnings ratio stands at 14.86, and the firm maintains a debt-to-equity ratio of 0.40. The stock has displayed volatility over the past year, reaching a low of $31.11 and a high of $44.66.

In its latest quarterly earnings report, SLB announced earnings of $0.69 per share, surpassing the consensus estimate of $0.67 by $0.02. The company generated revenue of $8.93 billion, although this figure fell short of analyst expectations of $8.99 billion. Year-over-year comparisons show a decline in quarterly revenue by 2.5%, with the previous year reporting earnings of $0.89 per share.

Analysts project that SLB Limited will achieve an earnings per share of $3.38 for the current fiscal year.

Dividend Announcement and Analyst Ratings

In addition to its earnings report, SLB recently declared a quarterly dividend of $0.285 per share, scheduled for distribution on January 8, 2024. Shareholders of record on December 3, 2023 will receive this dividend, which translates to an annualized yield of 3.0%. The company’s dividend payout ratio currently stands at 44.02%.

Wall Street analysts have expressed a range of opinions on SLB. Redburn Partners set a price target of $48.00, while Melius Research initiated coverage with a “buy” rating and a target of $82.00. UBS Group reaffirmed a “buy” rating with a target of $44.00. Overall, the stock has received positive feedback, with two analysts rating it as a Strong Buy, fourteen as a Buy, and five as a Hold. The average consensus price target for SLB is $51.28.

Insider trading activity has also been noteworthy. Executive Vice President Abdellah Merad sold 60,000 shares in a transaction valued at approximately $2.26 million. Following this sale, he retains 159,371 shares valued at about $6.01 million. Another insider, Dianne B. Ralston, sold 39,727 shares for around $1.43 million, reducing her holdings to 202,201 shares valued at $7.30 million.

As SLB Limited continues to navigate the complexities of the oil and gas industry, its recent financial maneuvers and positive analyst ratings suggest a potentially resilient outlook.