Schlumberger (NYSE:SLB) Price Target Lowered to $62.00 at Citigroup

Schlumberger (NYSE:SLB) had its price target dropped by equities research analysts at Citigroup from $65.00 to $62.00 in a research report issued on Friday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price target would suggest a potential upside of 31.02% from the company’s current price.

SLB has been the topic of several other research reports. The Goldman Sachs Group reiterated a “buy” rating on shares of Schlumberger in a research report on Monday, April 1st. Stifel Nicolaus reissued a “buy” rating and issued a $64.00 price objective on shares of Schlumberger in a research note on Monday, April 22nd. Susquehanna reissued a “positive” rating and issued a $77.00 price objective on shares of Schlumberger in a research note on Monday, April 22nd. Morgan Stanley reissued an “overweight” rating and issued a $65.00 price objective on shares of Schlumberger in a research note on Monday, April 22nd. Finally, BMO Capital Markets dropped their price objective on shares of Schlumberger from $66.00 to $64.00 and set an “outperform” rating for the company in a research note on Monday, April 22nd. Two investment analysts have rated the stock with a hold rating and sixteen have issued a buy rating to the stock. Based on data from MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $68.59.

Schlumberger Price Performance

Shares of NYSE SLB traded up $0.31 during trading hours on Friday, hitting $47.32. 6,536,255 shares of the stock were exchanged, compared to its average volume of 11,347,601. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.02 and a current ratio of 1.37. The company has a market cap of $67.64 billion, a PE ratio of 15.72, a price-to-earnings-growth ratio of 0.89 and a beta of 1.57. The company’s fifty day simple moving average is $46.82 and its two-hundred day simple moving average is $49.63. Schlumberger has a 1-year low of $42.61 and a 1-year high of $62.12.

Schlumberger (NYSE:SLB) last posted its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting the consensus estimate of $0.75. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The firm’s revenue for the quarter was up 12.6% on a year-over-year basis. During the same quarter last year, the business posted $0.63 EPS. On average, sell-side analysts predict that Schlumberger will post 3.51 EPS for the current year.

Insider Buying and Selling

In related news, insider Bejar Carmen Rando sold 4,980 shares of Schlumberger stock in a transaction on Friday, June 7th. The shares were sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the transaction, the insider now owns 22,518 shares of the company’s stock, valued at $977,956.74. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through this link. In other news, insider Bejar Carmen Rando sold 4,980 shares of Schlumberger stock in a transaction dated Friday, June 7th. The shares were sold at an average price of $43.43, for a total transaction of $216,281.40. Following the completion of the transaction, the insider now directly owns 22,518 shares in the company, valued at $977,956.74. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, insider Gavin Rennick sold 38,083 shares of Schlumberger stock in a transaction dated Wednesday, May 22nd. The shares were sold at an average price of $48.28, for a total transaction of $1,838,647.24. Following the transaction, the insider now owns 45,851 shares of the company’s stock, valued at $2,213,686.28. The disclosure for this sale can be found here. Insiders sold 106,158 shares of company stock valued at $5,099,893 over the last quarter. Insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. boosted its holdings in Schlumberger by 1.4% during the first quarter. Vanguard Group Inc. now owns 134,150,168 shares of the oil and gas company’s stock worth $7,352,771,000 after purchasing an additional 1,868,688 shares during the last quarter. Capital World Investors boosted its holdings in Schlumberger by 72.3% during the first quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock worth $4,875,402,000 after purchasing an additional 37,333,485 shares during the last quarter. Price T Rowe Associates Inc. MD boosted its holdings in Schlumberger by 14.1% during the first quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock worth $4,712,897,000 after purchasing an additional 10,606,191 shares during the last quarter. Norges Bank bought a new stake in Schlumberger in the fourth quarter worth about $1,000,292,000. Finally, Morgan Stanley raised its position in Schlumberger by 1.9% in the third quarter. Morgan Stanley now owns 15,790,074 shares of the oil and gas company’s stock worth $920,561,000 after acquiring an additional 292,817 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

About Schlumberger

Schlumberger Limited engages in the provision of technology for the energy industry worldwide. The company operates through four divisions: Digital & Integration, Reservoir Performance, Well Construction, and Production Systems. The company provides field development and hydrocarbon production, carbon management, and integration of adjacent energy systems; reservoir interpretation and data processing services for exploration data; and well construction and production improvement services and products.