Wells Fargo & Company Lowers Schlumberger (NYSE:SLB) Price Target to $49.00

Schlumberger (NYSE:SLB) had its price target cut by Wells Fargo & Company from $53.00 to $49.00 in a research report report published on Wednesday morning, Benzinga reports. They currently have an equal weight rating on the oil and gas company’s stock.

Several other research analysts have also commented on the stock. Piper Sandler decreased their price target 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. Benchmark reiterated a buy rating and set a $68.00 price target on shares of Schlumberger in a research report on Monday, July 22nd. Dbs Bank began coverage on Schlumberger in a research report on Wednesday, September 18th. They set a buy rating and a $64.50 price objective for the company. Bank of America dropped their target price on Schlumberger from $62.00 to $58.00 and set a buy rating on the stock in a research report on Monday, July 15th. Finally, Barclays reduced their price target on shares of Schlumberger from $70.00 to $67.00 and set an overweight rating for the company in a report on Tuesday, July 23rd. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company. According to data from MarketBeat, the stock has a consensus rating of Moderate Buy and a consensus target price of $66.08.

Schlumberger Stock Up 2.7 %

NYSE:SLB opened at $42.29 on Wednesday. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49. The company has a market capitalization of $60.05 billion, a price-to-earnings ratio of 14.05, a price-to-earnings-growth ratio of 0.92 and a beta of 1.51. Schlumberger has a one year low of $38.66 and a one year high of $61.41. The stock has a 50-day simple moving average of $43.83 and a 200 day simple moving average of $47.08.

Schlumberger (NYSE:SLB) last issued its quarterly 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 business had revenue of $9.14 billion during the quarter, compared to the consensus estimate of $9.08 billion. During the same period in the previous year, the business earned $0.72 EPS. The business’s quarterly revenue was up 12.8% on a year-over-year basis. Sell-side analysts predict that Schlumberger will post 3.49 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Investors of record on Wednesday, September 4th will be paid a dividend of $0.275 per share. The ex-dividend date is Wednesday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.60%. Schlumberger’s dividend payout ratio is currently 36.54%.

Insiders Place Their Bets

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the firm’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares in the company, valued at approximately $12,432,012.81. The transaction was disclosed in a legal filing with the SEC, which is accessible through the SEC website. In related news, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger 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 transaction, the director now directly owns 62,354 shares in the company, valued at approximately $3,073,428.66. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the company’s 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 sale, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,716 shares of company stock worth $9,048,624. 0.26% of the stock is owned by corporate insiders.

Institutional Trading of Schlumberger

Institutional investors and hedge funds have recently bought and sold shares of the stock. Register Financial Advisors LLC purchased a new position in shares of Schlumberger in the first quarter worth approximately $27,000. Manchester Capital Management LLC raised its stake in Schlumberger by 297.9% during the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 426 shares during the period. Bruce G. Allen Investments LLC lifted its holdings in shares of Schlumberger by 204.2% in the second quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock valued at $28,000 after purchasing an additional 392 shares in the last quarter. Transcendent Capital Group LLC acquired a new stake in shares of Schlumberger in the fourth quarter worth $32,000. Finally, Unique Wealth Strategies LLC purchased a new position in shares of Schlumberger during the second quarter valued at $30,000. 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.