Schlumberger (NYSE:SLB) Price Target Lowered to $60.00 at Morgan Stanley

by · The Cerbat Gem

Schlumberger (NYSE:SLB – Free Report) had its price objective cut by Morgan Stanley from $65.00 to $60.00 in a research report released on Monday morning, Benzinga reports. They currently have an overweight rating on the oil and gas company’s stock.

Several other research analysts have also recently issued reports on SLB. StockNews.com cut Schlumberger from a buy rating to a hold rating in a research report on Thursday, June 6th. Piper Sandler lowered their price target on Schlumberger from $71.00 to $66.00 and set an overweight rating for the company in a report on Monday, July 15th. Citigroup cut their price objective on shares of Schlumberger from $65.00 to $62.00 and set a buy rating on the stock in a report on Friday, June 28th. UBS Group reduced their price objective on shares of Schlumberger from $67.00 to $63.00 and set a buy rating for the company in a research report on Tuesday, August 20th. Finally, Evercore ISI increased their target price on shares of Schlumberger from $73.00 to $74.00 and gave the company an outperform rating in a research report on Monday, July 22nd. Two analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the company’s stock. Based on data from MarketBeat, the stock has an average rating of Moderate Buy and a consensus price target of $66.29.

Get Our Latest Stock Report on SLB

Schlumberger Stock Down 0.2 %

Shares of NYSE:SLB opened at $41.44 on Monday. The company has a quick ratio of 1.13, a current ratio of 1.49 and a debt-to-equity ratio of 0.55. Schlumberger has a fifty-two week low of $38.66 and a fifty-two week high of $61.70. The stock has a market cap of $59.22 billion, a price-to-earnings ratio of 13.77, a price-to-earnings-growth ratio of 0.85 and a beta of 1.52. The firm’s 50 day moving average price is $44.63 and its 200 day moving average price is $47.48.

Schlumberger (NYSE:SLB – Get Free Report) last announced its quarterly earnings data 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. The business had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The company’s revenue was up 12.8% on a year-over-year basis. During the same period last year, the business earned $0.72 EPS. As a group, equities research analysts predict that Schlumberger will post 3.49 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The business also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.275 per share. This represents a $1.10 annualized dividend and a dividend yield of 2.65%. The ex-dividend date is Wednesday, September 4th. Schlumberger’s dividend payout ratio (DPR) is presently 36.54%.

Insider Activity at Schlumberger

In other Schlumberger news, 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 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 sale was disclosed in a legal filing with the SEC, which can be accessed through this link. In related news, Director Vijay Kasibhatla sold 10,000 shares of Schlumberger stock in a transaction that occurred 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 sale, the director now directly owns 62,354 shares in the company, valued at $3,073,428.66. The transaction was disclosed in a document filed with the SEC, which can be accessed through this link. Also, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The disclosure for this sale can be found here. Insiders have sold a total of 180,716 shares of company stock worth $9,048,624 in the last three months. Insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Schlumberger

Institutional investors have recently made changes to their positions in the stock. Vanguard Group Inc. lifted its stake in shares of Schlumberger by 1.4% in the first quarter. Vanguard Group Inc. now owns 134,150,168 shares of the oil and gas company’s stock valued at $7,352,771,000 after purchasing an additional 1,868,688 shares during the period. Capital World Investors lifted its position in shares of Schlumberger by 72.3% during the 1st quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock valued at $4,875,402,000 after acquiring an additional 37,333,485 shares during the period. Price T Rowe Associates Inc. MD lifted its position in shares of Schlumberger by 14.1% during the 1st quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after acquiring an additional 10,606,191 shares during the period. Capital International Investors grew its holdings in shares of Schlumberger by 0.6% in the 4th quarter. Capital International Investors now owns 14,797,363 shares of the oil and gas company’s stock worth $770,122,000 after acquiring an additional 89,483 shares during the period. Finally, Legal & General Group Plc grew its holdings in shares of Schlumberger by 14.0% in the 2nd quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company’s stock worth $598,544,000 after acquiring an additional 1,560,684 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Company Profile

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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.

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