Schlumberger (NYSE:SLB) Price Target Cut to $62.00 by Analysts at Citigroup

Schlumberger (NYSE:SLB) had its price target trimmed by Citigroup from $65.00 to $62.00 in a report released on Friday morning, Benzinga reports. The brokerage currently has a buy rating on the oil and gas company’s stock.

SLB has been the subject of several other reports. HSBC restated a buy rating and issued a $71.00 target price on shares of Schlumberger in a report on Thursday, April 4th. BMO Capital Markets decreased their price objective on shares of Schlumberger from $66.00 to $64.00 and set an outperform rating for the company in a report on Monday, April 22nd. Susquehanna reissued a positive rating and set a $77.00 target price on shares of Schlumberger in a research report on Monday, April 22nd. StockNews.com downgraded Schlumberger from a buy rating to a hold rating in a research report on Thursday, June 6th. Finally, Royal Bank of Canada boosted their price objective on Schlumberger from $66.00 to $69.00 and gave the stock an outperform rating in a research report on Wednesday, April 3rd. Two analysts have rated the stock with a hold rating and sixteen have given a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of Moderate Buy and a consensus price target of $68.59.

Schlumberger Stock Performance

Shares of SLB stock opened at $47.18 on Friday. The company has a market capitalization of $67.44 billion, a price-to-earnings ratio of 15.67, a P/E/G ratio of 0.90 and a beta of 1.57. Schlumberger has a 1-year low of $42.61 and a 1-year high of $62.12. The company has a current ratio of 1.37, a quick ratio of 1.02 and a debt-to-equity ratio of 0.49. The stock’s fifty day simple moving average is $46.69 and its 200-day simple moving average is $49.60.

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

Schlumberger Increases Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be given a dividend of $0.275 per share. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 2.33%. The ex-dividend date is Wednesday, June 5th. Schlumberger’s payout ratio is 36.54%.

Insider Activity at Schlumberger

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

Hedge Funds Weigh In On Schlumberger

Several institutional investors have recently bought and sold shares of SLB. Register Financial Advisors LLC acquired a new stake in shares of Schlumberger in the first quarter valued at $27,000. Turtle Creek Wealth Advisors LLC acquired a new stake in Schlumberger in the 4th quarter valued at about $26,000. Manchester Capital Management LLC raised its stake in shares of Schlumberger by 297.9% in the first quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock worth $31,000 after acquiring an additional 426 shares during the last quarter. Transcendent Capital Group LLC acquired a new position in shares of Schlumberger during the fourth quarter worth approximately $32,000. Finally, Rational Advisors LLC bought a new stake in shares of Schlumberger during the first quarter valued at approximately $35,000. Institutional investors own 81.99% of the company’s stock.

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.