Schlumberger (NYSE:SLB) Price Target Cut to $50.00 by Analysts at Citigroup

Schlumberger (NYSE:SLB) had its price objective decreased by investment analysts at Citigroup from $53.00 to $50.00 in a research report issued to clients and investors on Thursday,Benzinga reports. The firm presently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price objective suggests a potential upside of 36.02% from the company’s current price.

Several other equities research analysts also recently weighed in on SLB. Piper Sandler assumed coverage on Schlumberger in a report on Thursday. They set a “neutral” rating and a $47.00 price target on the stock. Sanford C. Bernstein upgraded shares of Schlumberger to a “strong-buy” rating in a research note on Tuesday, November 12th. BMO Capital Markets decreased their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a report on Thursday, October 10th. Morgan Stanley dropped their price objective on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Finally, Barclays cut their target price on Schlumberger from $61.00 to $53.00 and set an “overweight” rating on the stock in a research report on Wednesday. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.85.

Schlumberger Stock Down 1.5 %

Shares of NYSE SLB traded down $0.57 during midday trading on Thursday, hitting $36.76. The company’s stock had a trading volume of 7,823,793 shares, compared to its average volume of 11,186,294. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12. The firm has a market capitalization of $51.91 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.42 and a beta of 1.51. The business’s fifty day simple moving average is $42.38 and its two-hundred day simple moving average is $43.85. Schlumberger has a 1 year low of $36.52 and a 1 year high of $55.69.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, beating the consensus estimate of $0.88 by $0.01. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The company had revenue of $9.16 billion during the quarter, compared to analysts’ expectations of $9.27 billion. During the same quarter last year, the company posted $0.78 EPS. The firm’s revenue was up 10.2% compared to the same quarter last year. On average, equities analysts predict that Schlumberger will post 3.39 EPS for the current year.

Insider Activity at Schlumberger

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction on Thursday, October 24th. The stock was sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the sale, the executive vice president now directly owns 211,937 shares of the company’s stock, valued at $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. 0.26% of the stock is currently owned by insiders.

Hedge Funds Weigh In On Schlumberger

Several institutional investors have recently bought and sold shares of the company. Raymond James Financial Services Advisors Inc. boosted its holdings in shares of Schlumberger by 6.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 332,410 shares of the oil and gas company’s stock valued at $15,683,000 after acquiring an additional 18,826 shares in the last quarter. Hennessy Advisors Inc. increased its position in Schlumberger by 68.4% during the 2nd quarter. Hennessy Advisors Inc. now owns 12,310 shares of the oil and gas company’s stock worth $581,000 after purchasing an additional 5,000 shares during the period. &PARTNERS lifted its holdings in shares of Schlumberger by 418.5% in the 2nd quarter. &PARTNERS now owns 25,052 shares of the oil and gas company’s stock valued at $1,182,000 after buying an additional 20,220 shares during the period. LRI Investments LLC boosted its stake in shares of Schlumberger by 19.0% in the second quarter. LRI Investments LLC now owns 1,745 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 279 shares in the last quarter. Finally, Banque Pictet & Cie SA grew its holdings in Schlumberger by 25.9% during the second quarter. Banque Pictet & Cie SA now owns 296,900 shares of the oil and gas company’s stock worth $14,008,000 after acquiring an additional 60,994 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

Schlumberger Company Profile

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.