Citigroup Lowers Schlumberger (NYSE:SLB) Price Target to $53.00

Schlumberger (NYSE:SLB) had its price target dropped by equities research analysts at Citigroup from $54.00 to $53.00 in a note issued to investors on Monday,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 29.66% from the company’s current price.

SLB has been the topic of a number of other reports. Susquehanna lowered their target price on shares of Schlumberger from $60.00 to $56.00 and set a “positive” rating on the stock in a research report on Monday, October 21st. JPMorgan Chase & Co. lowered their target price on shares of Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a research report on Tuesday, October 1st. Sanford C. Bernstein upgraded shares of Schlumberger to a “strong-buy” rating in a research report on Tuesday, November 12th. Royal Bank of Canada reaffirmed an “outperform” rating and set a $69.00 price target on shares of Schlumberger in a report on Thursday, October 3rd. Finally, Barclays decreased their price target on Schlumberger from $67.00 to $63.00 and set an “overweight” rating for the company in a report on Wednesday, October 16th. Two equities research analysts have rated the stock with a hold rating, seventeen have assigned a buy rating and one has assigned a strong buy rating to the company’s stock. According to data from MarketBeat.com, Schlumberger has an average rating of “Moderate Buy” and an average price target of $60.91.

Schlumberger Stock Performance

Shares of Schlumberger stock opened at $40.88 on Monday. The firm has a market capitalization of $57.72 billion, a P/E ratio of 13.14, a P/E/G ratio of 1.45 and a beta of 1.51. Schlumberger has a 52 week low of $38.66 and a 52 week high of $55.69. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. The firm’s 50 day moving average is $43.01 and its two-hundred day moving average is $44.13.

Schlumberger (NYSE:SLB) last announced its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.27 billion. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm posted $0.78 earnings per share. Research analysts forecast that Schlumberger will post 3.39 EPS for the current fiscal year.

Insider Transactions at Schlumberger

In other news, EVP Abdellah Merad sold 60,000 shares of Schlumberger 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 transaction, the executive vice president now owns 211,937 shares of the company’s stock, valued at $8,880,160.30. The trade was a 22.06 % decrease in their position. The transaction was disclosed in a filing with the SEC, which is available through this hyperlink. Corporate insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Ceredex Value Advisors LLC purchased a new stake in Schlumberger during the 2nd quarter worth about $92,944,000. 1832 Asset Management L.P. purchased a new stake in Schlumberger during the 2nd quarter worth about $91,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its position in Schlumberger by 20.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,213,944 shares of the oil and gas company’s stock worth $470,425,000 after purchasing an additional 1,916,851 shares in the last quarter. Legal & General Group Plc increased its position in Schlumberger by 14.0% during the 2nd 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 in the last quarter. Finally, Dimensional Fund Advisors LP increased its position in Schlumberger by 14.9% during the 2nd quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company’s stock worth $333,445,000 after purchasing an additional 915,705 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

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.