Evercore ISI Increases Schlumberger (NYSE:SLB) Price Target to $74.00

Schlumberger (NYSE:SLB) had its price target boosted by Evercore ISI from $73.00 to $74.00 in a research report sent to investors on Monday, Benzinga reports. They currently have an outperform rating on the oil and gas company’s stock.

Other analysts have also issued research reports about the stock. Bank of America decreased their price target on shares of Schlumberger from $62.00 to $58.00 and set a buy rating for the company in a research note on Monday, July 15th. Piper Sandler reduced their target price on shares of Schlumberger from $71.00 to $66.00 and set an overweight rating for the company in a research note on Monday, July 15th. StockNews.com lowered shares of Schlumberger from a buy rating to a hold rating in a research note on Thursday, June 6th. The Goldman Sachs Group restated a buy rating on shares of Schlumberger in a research report on Monday, April 1st. Finally, Wells Fargo & Company lowered shares of Schlumberger from an overweight rating to an equal weight rating and reduced their price target for the company from $68.00 to $53.00 in a research report on Monday, April 29th. Two investment analysts have rated the stock with a hold rating and seventeen have given a buy rating to the company’s stock. According to data from MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $67.56.

Schlumberger Stock Down 2.1 %

Schlumberger stock opened at $48.03 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 12-month low of $42.61 and a 12-month high of $62.12. The firm’s fifty day moving average is $46.32 and its 200 day moving average is $48.99. The company has a market capitalization of $68.65 billion, a PE ratio of 15.96, a PEG ratio of 1.06 and a beta of 1.55.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. The business had revenue of $9.14 billion during 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%. Schlumberger’s quarterly revenue was up 12.8% on a year-over-year basis. During the same quarter in the previous year, the business posted $0.72 EPS. As a group, sell-side analysts predict that Schlumberger will post 3.48 EPS for the current fiscal year.

Schlumberger Dividend Announcement

The company also recently declared a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.29%. The ex-dividend date is Wednesday, September 4th. Schlumberger’s payout ratio is 36.54%.

Insider Buying and Selling

In related news, insider Gavin Rennick sold 38,083 shares of the company’s stock in a transaction that occurred on Wednesday, May 22nd. The shares were sold at an average price of $48.28, for a total value of $1,838,647.24. Following the transaction, the insider now directly owns 45,851 shares in the company, valued at $2,213,686.28. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. In other news, insider Bejar Carmen Rando sold 4,980 shares of the firm’s stock in a transaction that occurred on Friday, June 7th. The shares were sold at an average price of $43.43, for a total value of $216,281.40. Following the transaction, the insider now owns 22,518 shares in the company, valued at $977,956.74. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, insider Gavin Rennick sold 38,083 shares of the firm’s stock in a transaction that occurred on Wednesday, May 22nd. The stock was sold at an average price of $48.28, for a total transaction of $1,838,647.24. Following the completion of the transaction, the insider now owns 45,851 shares in the company, valued at approximately $2,213,686.28. The disclosure for this sale can be found here. Over the last three months, insiders have sold 286,874 shares of company stock worth $14,148,517. Insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors and hedge funds have recently made changes to their positions in the company. Turtle Creek Wealth Advisors LLC purchased a new stake in Schlumberger in the fourth quarter worth $26,000. Register Financial Advisors LLC purchased a new position in shares of Schlumberger in the 1st quarter worth about $27,000. Bruce G. Allen Investments LLC raised its position in shares of Schlumberger by 204.2% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 392 shares during the last quarter. Unique Wealth Strategies LLC purchased a new position in shares of Schlumberger in the 2nd quarter worth about $30,000. Finally, Manchester Capital Management LLC increased its holdings in Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock worth $31,000 after buying an additional 426 shares in the last quarter. 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.