Candriam S.C.A. Reduces SLB Limited Holdings by 9.7% in Q2

Candriam S.C.A. has reduced its stake in SLB Limited (NYSE: SLB) by 9.7% during the second quarter of 2023, according to its recent 13F filing with the Securities and Exchange Commission. The asset management firm now holds 208,405 shares of the oil and gas company after divesting 22,395 shares during this period. As of the most recent reporting date, Candriam’s holdings in SLB were valued at approximately $7,044,000.

Other institutional investors have also made significant changes to their positions in SLB. For instance, Brighton Jones LLC increased its stake by 21.4% in the fourth quarter, bringing its total to 6,611 shares, worth $253,000. Similarly, Bison Wealth LLC entered the market with a new position valued at $238,000 in the same timeframe. CWM LLC raised its holdings by 51.1% in the first quarter, now owning 48,535 shares valued at $2,029,000.

Victory Capital Management Inc. made the most notable move, lifting its stake in SLB by a striking 79.0% during the first quarter, increasing its shares to 2,389,748, with a total value of $99,891,000. Overall, institutional investors and hedge funds collectively own 81.99% of SLB’s stock.

Insider Transactions and Recent Performance

In related news, insider transactions have also influenced the stock’s dynamics. On November 11, 2023, Executive Vice President Abdellah Merad sold 60,000 shares at an average price of $37.69, totaling $2,261,400. Following this sale, Merad’s ownership in SLB decreased by 27.35%, leaving him with 159,371 shares valued at approximately $6,006,692.99. Additionally, Chief Financial Officer Stephane Biguet sold 38,447 shares on November 13, 2023, at an average price of $36.75, resulting in a total transaction value of $1,412,927.25. Post-sale, Biguet’s holdings dropped to 175,690 shares, worth about $6,456,607.50. Over the past ninety days, insiders have sold a total of 138,174 shares worth approximately $5,107,677.

On October 17, 2023, SLB reported its quarterly earnings, revealing earnings per share (EPS) of $0.69, surpassing analyst expectations of $0.67. The company generated revenue of $8.93 billion, slightly below the consensus estimate of $8.99 billion. SLB recorded a return on equity of 18.97% and a net margin of 10.34%, although revenue showed a 2.5% decline on a year-over-year basis.

Dividend Declaration and Analyst Ratings

Furthermore, SLB has declared a quarterly dividend of $0.285 per share, which will be paid on January 8, 2024. Shareholders on record as of December 3, 2023 will receive this payment, resulting in an annualized dividend of $1.14 and a yield of 3.1%. The company’s current dividend payout ratio stands at 44.02%.

Recent analyst reports indicate a generally positive outlook for SLB. Barclays raised its target price from $46.00 to $48.00 and gave the stock an “overweight” rating. UBS Group reaffirmed a “buy” rating with a price objective of $44.00. Piper Sandler set a target of $42.00, also rating it as “overweight.” Conversely, Wells Fargo & Company downgraded SLB from a “strong-buy” to a “hold” rating earlier in July. According to MarketBeat.com, the average rating for SLB is “Moderate Buy,” with a consensus target price of $51.28.

SLB Limited continues to be a key player in the energy sector, providing technology and services across four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. As the company navigates through shifts in institutional investment and market performance, it maintains a robust position for future growth.