Schlumberger (NYSE:SLB) Price Target Cut to $62.00 by Analysts at Bank of America

Schlumberger (NYSE:SLB) had its price target reduced by Bank of America from $63.00 to $62.00 in a research report report published on Monday, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

Other research analysts have also recently issued reports about the company. Barclays lowered their target price on Schlumberger from $74.00 to $70.00 and set an overweight rating for the company in a research note on Thursday, April 4th. Benchmark reissued a buy rating and set a $68.00 price objective on shares of Schlumberger in a research report on Wednesday, April 3rd. The Goldman Sachs Group reaffirmed a buy rating on shares of Schlumberger in a report on Monday, April 1st. Royal Bank of Canada boosted their price target on shares of Schlumberger from $66.00 to $69.00 and gave the stock an outperform rating in a report on Wednesday, April 3rd. Finally, Stifel Nicolaus increased their price objective on shares of Schlumberger from $63.00 to $64.00 and gave the company a buy rating in a research report on Monday, January 22nd. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the stock. Based on data from MarketBeat.com, the company presently has a consensus rating of Moderate Buy and an average target price of $69.67.

Schlumberger Stock Down 0.7 %

Shares of SLB opened at $49.52 on Monday. The company’s 50-day simple moving average is $51.64 and its 200-day simple moving average is $52.32. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.02 and a current ratio of 1.37. Schlumberger has a 1 year low of $42.73 and a 1 year high of $62.12. The stock has a market capitalization of $70.68 billion, a PE ratio of 16.45, a P/E/G ratio of 0.95 and a beta of 1.60.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share (EPS) for the quarter, hitting analysts’ consensus estimates of $0.75. The company had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The firm’s quarterly revenue was up 12.6% on a year-over-year basis. During the same period in the prior year, the business earned $0.63 EPS. Analysts forecast that Schlumberger will post 3.51 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be given a $0.275 dividend. This represents a $1.10 annualized dividend and a yield of 2.22%. The ex-dividend date is Wednesday, June 5th. This is a boost from Schlumberger’s previous quarterly dividend of $0.25. Schlumberger’s payout ratio is 36.54%.

Insiders Place Their Bets

In other news, EVP Abdellah Merad sold 50,000 shares of the business’s stock in a transaction that occurred on Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the transaction, the executive vice president now owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The transaction was disclosed in a filing with the SEC, which is available at the SEC website. In other news, VP Kevin Fyfe sold 20,223 shares of the stock in a transaction that occurred on Thursday, January 25th. The stock was sold at an average price of $52.05, for a total transaction of $1,052,607.15. Following the completion of the transaction, the vice president now directly owns 31,198 shares of the company’s stock, valued at approximately $1,623,855.90. The sale was disclosed in a document filed with the SEC, which is accessible through this link. Also, EVP Abdellah Merad sold 50,000 shares of Schlumberger stock in a transaction that occurred on Monday, February 26th. The shares were sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now owns 261,507 shares in the company, valued at $12,688,319.64. The disclosure for this sale can be found here. In the last ninety days, insiders sold 133,621 shares of company stock valued at $6,691,623. 0.26% of the stock is owned by company insiders.

Institutional Investors Weigh In On Schlumberger

A number of hedge funds and other institutional investors have recently modified their holdings of the stock. Vanguard Group Inc. grew its stake in Schlumberger by 1.3% in the 4th quarter. Vanguard Group Inc. now owns 132,281,480 shares of the oil and gas company’s stock valued at $6,883,928,000 after acquiring an additional 1,753,108 shares during the last quarter. Price T Rowe Associates Inc. MD raised its stake in shares of Schlumberger by 12.9% in the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock valued at $3,922,768,000 after acquiring an additional 8,617,971 shares during the period. Capital World Investors lifted its stake in shares of Schlumberger by 2.2% during the fourth quarter. Capital World Investors now owns 51,617,471 shares of the oil and gas company’s stock worth $2,686,173,000 after purchasing an additional 1,133,686 shares in the last quarter. FMR LLC lifted its position in shares of Schlumberger by 1.1% during the third quarter. FMR LLC now owns 27,171,516 shares of the oil and gas company’s stock worth $1,584,099,000 after purchasing an additional 282,709 shares in the last quarter. Finally, Norges Bank purchased a new position in Schlumberger in the 4th quarter valued at about $1,000,292,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

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.