Citigroup Cuts Schlumberger (NYSE:SLB) Price Target to $50.00

Schlumberger (NYSE:SLB) had its target price reduced by Citigroup from $53.00 to $50.00 in a report released on Thursday,Benzinga reports. The firm currently has a “buy” rating on the oil and gas company’s stock. Citigroup’s target price points to a potential upside of 36.02% from the company’s previous close.

Several other analysts also recently weighed in on SLB. Stifel Nicolaus reissued a “buy” rating and set a $60.00 target price (down previously from $62.00) on shares of Schlumberger in a research report on Monday, October 21st. Bank of America dropped their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a report on Monday, October 14th. BMO Capital Markets lowered their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, October 10th. UBS Group dropped their price target on Schlumberger from $63.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Wells Fargo & Company reduced their price objective on Schlumberger from $49.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has given a strong buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and an average price target of $58.85.

Schlumberger Stock Down 1.5 %

NYSE SLB traded down $0.57 on Thursday, hitting $36.76. The stock had a trading volume of 7,823,793 shares, compared to its average volume of 11,186,294. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12. The stock has a market cap of $51.91 billion, a price-to-earnings ratio of 11.82, a price-to-earnings-growth ratio of 1.42 and a beta of 1.51. Schlumberger has a 52-week low of $36.52 and a 52-week high of $55.69. The business’s fifty day moving average price is $42.38 and its 200 day moving average price is $43.85.

Schlumberger (NYSE:SLB) last announced its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (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 analyst estimates of $9.27 billion. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. The firm’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same period in the prior year, the company posted $0.78 EPS. Equities research analysts anticipate that Schlumberger will post 3.39 earnings per share for the current year.

Insiders Place Their Bets

In other news, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the sale, the executive vice president now owns 211,937 shares of the company’s stock, valued at $8,880,160.30. This represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. 0.26% of the stock is currently owned by company insiders.

Institutional Trading of Schlumberger

Several large investors have recently bought and sold shares of the business. Raymond James Financial Services Advisors Inc. lifted its position in Schlumberger by 6.0% during the second quarter. Raymond James Financial Services Advisors Inc. now owns 332,410 shares of the oil and gas company’s stock worth $15,683,000 after buying an additional 18,826 shares in the last quarter. Hennessy Advisors Inc. grew its holdings in shares of Schlumberger by 68.4% in the second quarter. Hennessy Advisors Inc. now owns 12,310 shares of the oil and gas company’s stock valued at $581,000 after purchasing an additional 5,000 shares during the period. &PARTNERS increased its position in Schlumberger by 418.5% during the second quarter. &PARTNERS now owns 25,052 shares of the oil and gas company’s stock worth $1,182,000 after purchasing an additional 20,220 shares during the last quarter. LRI Investments LLC raised its position in shares of Schlumberger by 19.0% during the 2nd quarter. LRI Investments LLC now owns 1,745 shares of the oil and gas company’s stock valued at $82,000 after buying an additional 279 shares during the period. Finally, Banque Pictet & Cie SA boosted its position in shares of Schlumberger by 25.9% during the 2nd quarter. Banque Pictet & Cie SA now owns 296,900 shares of the oil and gas company’s stock worth $14,008,000 after purchasing an additional 60,994 shares during the period. Hedge funds and other institutional investors 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.