Schlumberger (NYSE:SLB) PT Lowered to $60.00

Schlumberger (NYSE:SLB) had its price target dropped by equities researchers at JPMorgan Chase & Co. from $64.00 to $60.00 in a research report issued on Tuesday, Benzinga reports. The firm currently has an “overweight” rating on the oil and gas company’s stock. JPMorgan Chase & Co.‘s price objective would suggest a potential upside of 39.15% from the stock’s current price.

Other research analysts also recently issued research reports about the company. StockNews.com downgraded Schlumberger from a “buy” rating to a “hold” rating in a report on Thursday, June 6th. Piper Sandler reduced their target price on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a report on Monday, July 15th. TD Cowen upped their target price on Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Bank of America reduced their target price on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Finally, Morgan Stanley reduced their target price on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a report on Monday, September 16th. Two investment analysts have rated the stock with a hold rating and nineteen have assigned a buy rating to the stock. According to data from MarketBeat, Schlumberger presently has a consensus rating of “Moderate Buy” and a consensus price target of $65.78.

Schlumberger Price Performance

SLB stock traded up $1.17 during mid-day trading on Tuesday, hitting $43.12. 10,442,470 shares of the stock were exchanged, compared to its average volume of 11,024,927. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13. The business has a fifty day moving average price of $43.68 and a 200 day moving average price of $46.96. Schlumberger has a 12 month low of $38.66 and a 12 month high of $61.20. The stock has a market capitalization of $61.22 billion, a price-to-earnings ratio of 14.36, a PEG ratio of 0.90 and a beta of 1.51.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The company had revenue of $9.14 billion during the quarter, compared to analyst estimates of $9.08 billion. During the same quarter in the previous year, the company posted $0.72 EPS. Schlumberger’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, sell-side analysts anticipate that Schlumberger will post 3.49 EPS for the current year.

Insider Activity

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

Institutional Investors Weigh In On Schlumberger

Institutional investors have recently bought and sold shares of the business. Capital World Investors grew its position in shares of 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 valued at $4,875,402,000 after purchasing an additional 37,333,485 shares in the last quarter. Price T Rowe Associates Inc. MD lifted its holdings in shares of Schlumberger by 14.1% in the 1st 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 acquiring an additional 10,606,191 shares during the last quarter. Boston Partners lifted its holdings in shares of Schlumberger by 35.8% in the 1st quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock valued at $635,883,000 after acquiring an additional 3,069,395 shares during the last quarter. Ceredex Value Advisors LLC bought a new position in shares of Schlumberger in the 2nd quarter valued at about $92,944,000. Finally, 1832 Asset Management L.P. bought a new position in shares of Schlumberger in the 2nd quarter valued at about $91,364,000. Hedge funds and other 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.