Schlumberger (NYSE:SLB) Stock Price Down 2.7% – What’s Next?

Schlumberger Limited (NYSE:SLB) dropped 2.7% during mid-day trading on Tuesday . The company traded as low as $44.10 and last traded at $44.36. Approximately 3,356,327 shares changed hands during trading, a decline of 70% from the average daily volume of 11,026,529 shares. The stock had previously closed at $45.59.

Wall Street Analyst Weigh In

Several brokerages have weighed in on SLB. Bank of America cut their price target on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a research report on Monday, July 15th. JPMorgan Chase & Co. reduced their price target on Schlumberger from $64.00 to $60.00 and set an “overweight” rating for the company in a research report on Tuesday, October 1st. Morgan Stanley lowered their price objective on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Piper Sandler cut their target price on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a report on Monday, July 15th. Finally, Dbs Bank assumed coverage on shares of Schlumberger in a report on Wednesday, September 18th. They set a “buy” rating and a $64.50 price target on the stock. Two equities research analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the company. According to MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $65.29.

Schlumberger Trading Down 2.8 %

The company has a fifty day simple moving average of $43.30 and a 200-day simple moving average of $46.63. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The company has a market capitalization of $62.94 billion, a PE ratio of 14.74, a PEG ratio of 0.94 and a beta of 1.51.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, topping the consensus estimate of $0.83 by $0.02. The firm had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business’s revenue for the quarter was up 12.8% compared to the same quarter last year. During the same period in the prior year, the business posted $0.72 EPS. Analysts predict that Schlumberger Limited will post 3.48 EPS for the current year.

Schlumberger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be issued a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.48%. The ex-dividend date is Wednesday, September 4th. Schlumberger’s payout ratio is currently 36.54%.

Insider Activity

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the transaction, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The trade was a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available through this link. In related news, Director Vijay Kasibhatla sold 10,000 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $49.29, for a total transaction of $492,900.00. Following the completion of the sale, the director now directly owns 62,354 shares of the company’s stock, valued at $3,073,428.66. This trade represents a 0.00 % 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. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the sale, the executive vice president now owns 247,699 shares of the company’s stock, valued at $12,432,012.81. This trade represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last ninety days, insiders sold 180,716 shares of company stock valued at $9,048,624. 0.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Large investors have recently added to or reduced their stakes in the company. Vanguard Group Inc. raised its stake in shares of Schlumberger by 1.4% during the 1st quarter. Vanguard Group Inc. now owns 134,150,168 shares of the oil and gas company’s stock worth $7,352,771,000 after buying an additional 1,868,688 shares in the last quarter. Capital World Investors increased its position in Schlumberger by 72.3% during the 1st 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 in the last quarter. Price T Rowe Associates Inc. MD raised its position in shares of Schlumberger by 14.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after buying an additional 10,606,191 shares during the last quarter. Legal & General Group Plc boosted its holdings in shares of Schlumberger by 14.0% during the second quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company’s stock worth $598,544,000 after purchasing an additional 1,560,684 shares during the last quarter. Finally, Boston Partners boosted its position in shares of Schlumberger by 35.8% in the first quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock worth $635,883,000 after acquiring an additional 3,069,395 shares during the last quarter. 81.99% of the stock is 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.