SLB (NYSE:SLB) Stock Breaks Below 50 Day Moving Average After Insider Selling

by · The Markets Daily

SLB Limited (NYSE:SLB – Get Free Report)’s stock price passed below its 50 day moving average during trading on Monday following insider selling activity. The stock has a 50 day moving average of $52.47 and traded as low as $52.23. SLB shares last traded at $52.2510, with a volume of 11,724,804 shares.

Specifically, insider Dianne Ralston sold 20,986 shares of the business’s stock in a transaction on Friday, October 30th. The shares were sold at an average price of $53.57, for a total transaction of $1,124,220.02. Following the completion of the sale, the insider directly owned 205,053 shares of the company’s stock, valued at approximately $10,984,689.21. The trade was a 9.28% decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, CAO Howard Guild sold 10,047 shares of the firm’s stock in a transaction that occurred on Thursday, October 29th. The stock was sold at an average price of $53.65, for a total transaction of $539,021.55. Following the transaction, the chief accounting officer directly owned 12,845 shares in the company, valued at approximately $689,134.25. This trade represents a 43.89% decrease in their ownership of the stock. The SEC filing for this sale provides additional information.

Analyst Ratings Changes

Several analysts recently weighed in on SLB shares. Wolfe Research assumed coverage on SLB in a report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price objective for the company. JPMorgan Chase & Co. increased their target price on shares of SLB from $61.00 to $62.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Piper Sandler raised their target price on shares of SLB from $63.00 to $65.00 and gave the company an “overweight” rating in a research report on Monday, October 26th. Citigroup reduced their price target on shares of SLB from $63.00 to $62.00 and set a “buy” rating for the company in a report on Monday, October 19th. Finally, UBS Group reduced their price target on shares of SLB from $75.00 to $70.00 and set a “buy” rating for the company in a report on Monday, October 26th. Twenty-four equities research analysts have rated the stock with a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company’s stock. According to MarketBeat.com, SLB currently has an average rating of “Moderate Buy” and an average target price of $61.52.

Read Our Latest Analysis on SLB

SLB Price Performance

The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.02 and a current ratio of 1.39. The firm has a market cap of $77.55 billion, a price-to-earnings ratio of 25.36, a price-to-earnings-growth ratio of 2.95 and a beta of 0.83. The stock’s 50 day simple moving average is $52.47 and its 200-day simple moving average is $51.40.

SLB (NYSE:SLB – Get Free Report) last released its quarterly earnings data on Friday, October 23rd. The oil and gas company reported $0.64 EPS for the quarter, beating the consensus estimate of $0.62 by $0.02. The business had revenue of $9.45 billion for the quarter, compared to the consensus estimate of $9.27 billion. SLB had a net margin of 8.40% and a return on equity of 13.77%. The business’s revenue for the quarter was up 5.8% on a year-over-year basis. During the same period in the prior year, the firm earned $0.69 EPS. Equities research analysts anticipate that SLB Limited will post 2.46 EPS for the current fiscal year.

SLB Announces Dividend

The business also recently declared 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. This represents a $1.18 annualized dividend and a dividend yield of 2.3%. The ex-dividend date of this dividend is Wednesday, December 2nd. SLB’s dividend payout ratio (DPR) is currently 57.28%.

Institutional Investors Weigh In On SLB

Hedge funds and other institutional investors have recently bought and sold shares of the company. Evergreen Advisors LLC purchased a new stake in SLB in the first quarter valued at $26,000. Costello Asset Management INC lifted its stake in shares of SLB by 93.3% in the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company’s stock valued at $30,000 after purchasing an additional 280 shares during the last quarter. Arlington Trust Co LLC lifted its stake in shares of SLB by 66.5% in the 2nd quarter. Arlington Trust Co LLC now owns 701 shares of the oil and gas company’s stock valued at $33,000 after purchasing an additional 280 shares during the last quarter. Signature Equity Partners LLC grew its holdings in shares of SLB by 42.5% during the 3rd quarter. Signature Equity Partners LLC now owns 751 shares of the oil and gas company’s stock worth $37,000 after purchasing an additional 224 shares during the period. Finally, Maryland Capital Advisors Inc. purchased a new position in shares of SLB during the 2nd quarter worth $35,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

SLB Company Profile

(Get Free Report)

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.

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