JPMorgan Chase & Co. Lowers Schlumberger (NYSE:SLB) Price Target to $48.00

Schlumberger (NYSE:SLB) had its target price trimmed by JPMorgan Chase & Co. from $55.00 to $48.00 in a research note published on Thursday,Benzinga reports. The brokerage currently has an overweight rating on the oil and gas company’s stock.

SLB has been the subject of a number of other research reports. UBS Group dropped their price objective on shares of Schlumberger from $63.00 to $57.00 and set a “buy” rating for the company in a report on Wednesday, September 18th. Piper Sandler initiated coverage on shares of Schlumberger in a research report on Thursday, December 19th. They issued a “neutral” rating and a $47.00 target price on the stock. Evercore ISI decreased their target price on shares of Schlumberger from $74.00 to $62.00 and set an “outperform” rating on the stock in a research report on Monday, October 21st. Dbs Bank initiated coverage on shares of Schlumberger in a research report on Wednesday, September 18th. They issued a “buy” rating and a $64.50 target price on the stock. Finally, Griffin Securities cut shares of Schlumberger from a “buy” rating to a “neutral” rating in a research report on Friday, December 20th. Five investment analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has assigned a strong buy rating to the company. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and an average price target of $58.25.

Schlumberger Trading Up 0.5 %

Shares of SLB opened at $38.59 on Thursday. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. Schlumberger has a 12-month low of $36.52 and a 12-month high of $55.69. The firm has a 50-day moving average price of $41.12 and a 200 day moving average price of $43.33. The firm has a market capitalization of $54.50 billion, a P/E ratio of 12.41, a P/E/G ratio of 1.42 and a beta of 1.52.

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

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be issued a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 annualized dividend and a yield of 2.85%. Schlumberger’s dividend payout ratio (DPR) is 35.37%.

Insider Activity at Schlumberger

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total value of $2,514,000.00. Following the transaction, the executive vice president now directly owns 211,937 shares in the company, valued at $8,880,160.30. This represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. 0.26% of the stock is owned by corporate insiders.

Hedge Funds Weigh In On Schlumberger

Hedge funds have recently added to or reduced their stakes in the stock. ORG Partners LLC increased its stake in Schlumberger by 393.5% in the third quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock valued at $25,000 after purchasing an additional 484 shares during the last quarter. Prospera Private Wealth LLC purchased a new position in shares of Schlumberger during the third quarter worth approximately $29,000. Ashton Thomas Securities LLC acquired a new position in shares of Schlumberger in the 3rd quarter valued at $37,000. DiNuzzo Private Wealth Inc. increased its holdings in shares of Schlumberger by 1,068.3% in the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 958 shares of the oil and gas company’s stock valued at $40,000 after acquiring an additional 876 shares during the period. Finally, J. Stern & Co. LLP acquired a new position in shares of Schlumberger in the 3rd quarter valued at $47,000. 81.99% of the stock is currently 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.