California State Teachers Retirement System Acquires 140,324,172 Shares of SLB Limited $SLB

by · The Cerbat Gem

California State Teachers Retirement System raised its holdings in SLB Limited (NYSE:SLB – Free Report) by 2,891.7% during the 2nd quarter, Holdings Channel.com reports. The institutional investor owned 145,176,833 shares of the oil and gas company’s stock after acquiring an additional 140,324,172 shares during the quarter. California State Teachers Retirement System owned 0.10% of SLB worth $6,749,271,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also recently modified their holdings of the business. Abel Hall LLC grew its position in shares of SLB by 2.7% during the 1st quarter. Abel Hall LLC now owns 7,535 shares of the oil and gas company’s stock worth $387,000 after buying an additional 198 shares during the period. E Fund Management Co. Ltd. boosted its stake in SLB by 3.6% during the second quarter. E Fund Management Co. Ltd. now owns 5,712 shares of the oil and gas company’s stock worth $266,000 after acquiring an additional 199 shares in the last quarter. Private Wealth Asset Management LLC boosted its stake in SLB by 4.1% during the fourth quarter. Private Wealth Asset Management LLC now owns 5,041 shares of the oil and gas company’s stock worth $193,000 after acquiring an additional 200 shares in the last quarter. Capital Advisors Ltd. LLC grew its holdings in SLB by 9.3% in the first quarter. Capital Advisors Ltd. LLC now owns 2,503 shares of the oil and gas company’s stock worth $129,000 after purchasing an additional 214 shares during the period. Finally, Ballentine Partners LLC grew its holdings in SLB by 2.2% in the fourth quarter. Ballentine Partners LLC now owns 10,288 shares of the oil and gas company’s stock worth $395,000 after purchasing an additional 218 shares during the period. 81.99% of the stock is currently owned by institutional investors.

SLB Stock Down 0.0%

SLB stock opened at $57.08 on Thursday. The firm has a market capitalization of $84.71 billion, a price-to-earnings ratio of 27.57, a price-to-earnings-growth ratio of 3.25 and a beta of 0.76. The firm’s fifty day moving average price is $51.45 and its two-hundred day moving average price is $51.81. SLB Limited has a 1-year low of $31.64 and a 1-year high of $60.46. The company has a current ratio of 1.44, a quick ratio of 1.05 and a debt-to-equity ratio of 0.41.

SLB (NYSE:SLB – Get Free Report) last posted its earnings results on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. During the same period in the previous year, the firm posted $0.74 earnings per share. The firm’s revenue for the quarter was up 5.0% on a year-over-year basis. On average, equities research analysts predict that SLB Limited will post 2.5 earnings per share for the current fiscal year.

SLB Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 8th. Shareholders of record on Wednesday, September 2nd will be issued a dividend of $0.295 per share. This represents a $1.18 dividend on an annualized basis and a yield of 2.1%. The ex-dividend date of this dividend is Wednesday, September 2nd. SLB’s payout ratio is currently 57.00%.

Wall Street Analysts Forecast Growth

Several equities research analysts have weighed in on the stock. Piper Sandler lifted their price target on shares of SLB from $59.00 to $64.00 and gave the company an “overweight” rating in a research note on Monday, July 27th. Wolfe Research initiated coverage on SLB in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 target price for the company. Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price target on shares of SLB in a research note on Sunday, July 26th. Evercore reiterated an “outperform” rating and issued a $66.00 price target on shares of SLB in a report on Monday, July 27th. Finally, Royal Bank Of Canada reissued an “outperform” rating and issued a $61.00 price objective on shares of SLB in a research note on Tuesday, June 16th. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the company. According to MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $61.65.

Get Our Latest Analysis on SLB

SLB Profile

(Free Report)

SLB, formerly known as Schlumberger Limited, is a global technology and services company serving the energy industry. The company provides equipment, technology and technical expertise that help oil and gas producers locate, drill, complete and operate wells, as well as manage reservoirs and production assets.

Its offerings include seismic and subsurface evaluation, drilling and well-construction services, well completion and stimulation, artificial lift, production optimization, intervention services, subsea production systems and digital solutions.

Further Reading

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