Citigroup Cuts Schlumberger (NYSE:SLB) Price Target to $54.00

Schlumberger (NYSE:SLB) had its price target lowered by Citigroup from $60.00 to $54.00 in a research note released on Tuesday, Benzinga reports. The firm currently has a buy rating on the oil and gas company’s stock.

A number of other equities research analysts have also issued reports on the company. Bank of America decreased their price target on Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Evercore ISI cut their price target on shares of Schlumberger from $74.00 to $62.00 and set an “outperform” rating on the stock in a report on Monday. Stifel Nicolaus reiterated a “buy” rating and set a $60.00 price objective (down previously from $62.00) on shares of Schlumberger in a report on Monday. Piper Sandler dropped their price target on Schlumberger from $71.00 to $66.00 and set an “overweight” rating on the stock in a research report on Monday, July 15th. Finally, Wells Fargo & Company dropped their price objective on Schlumberger from $53.00 to $49.00 and set an “equal weight” rating on the stock in a research report on Wednesday, September 25th. Two analysts have rated the stock with a hold rating and seventeen have assigned a buy rating to the stock. According to data from MarketBeat.com, Schlumberger currently has an average rating of “Moderate Buy” and a consensus price target of $60.97.

Schlumberger Trading Down 2.1 %

SLB stock opened at $41.25 on Tuesday. The firm’s fifty day simple moving average is $43.00 and its two-hundred day simple moving average is $45.75. The stock has a market capitalization of $58.96 billion, a price-to-earnings ratio of 13.70, a price-to-earnings-growth ratio of 1.48 and a beta of 1.51. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. Schlumberger has a twelve month low of $38.66 and a twelve month high of $57.75.

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. The company had revenue of $9.16 billion for the quarter, compared to the consensus estimate of $9.27 billion. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The firm’s revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the firm posted $0.78 EPS. As a group, analysts anticipate that Schlumberger will post 3.41 earnings per share for the current year.

Schlumberger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.67%. Schlumberger’s payout ratio is currently 36.54%.

Insider Activity

In related news, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction dated 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 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 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders own 0.26% of the company’s stock.

Institutional Trading of Schlumberger

Hedge funds have recently added to or reduced their stakes in the company. Financial Advocates Investment Management raised its position in shares of Schlumberger by 3.4% in the second quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock worth $309,000 after acquiring an additional 218 shares during the period. Chilton Capital Management LLC raised its holdings in Schlumberger by 0.8% in the 2nd quarter. Chilton Capital Management LLC now owns 26,202 shares of the oil and gas company’s stock worth $1,236,000 after purchasing an additional 219 shares during the period. Grove Bank & Trust boosted its position in Schlumberger by 17.4% during the third quarter. Grove Bank & Trust now owns 1,514 shares of the oil and gas company’s stock worth $64,000 after purchasing an additional 224 shares in the last quarter. First PREMIER Bank grew its holdings in Schlumberger by 8.7% in the second quarter. First PREMIER Bank now owns 2,842 shares of the oil and gas company’s stock valued at $134,000 after purchasing an additional 227 shares during the period. Finally, Team Hewins LLC increased its position in shares of Schlumberger by 3.0% in the first quarter. Team Hewins LLC now owns 7,924 shares of the oil and gas company’s stock valued at $436,000 after buying an additional 229 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

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.