Barclays Cuts Schlumberger (NYSE:SLB) Price Target to $53.00

Schlumberger (NYSE:SLB) had its price objective decreased by Barclays from $61.00 to $53.00 in a research report released on Wednesday morning,Benzinga reports. Barclays currently has an overweight rating on the oil and gas company’s stock.

Other equities analysts have also issued research reports about the company. Susquehanna lowered their price target on Schlumberger from $60.00 to $56.00 and set a “positive” rating on the stock in a report on Monday, October 21st. Atb Cap Markets downgraded Schlumberger from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Stifel Nicolaus restated a “buy” rating and issued a $60.00 price target (down from $62.00) on shares of Schlumberger in a research note on Monday, October 21st. Bank of America reduced their price objective on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating for the company in a research note on Monday, October 14th. Finally, Dbs Bank initiated coverage on shares of Schlumberger in a report on Wednesday, September 18th. They issued a “buy” rating and a $64.50 target price for the company. Four analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus target price of $59.03.

Schlumberger Stock Up 0.7 %

NYSE:SLB traded up $0.25 during midday trading on Wednesday, reaching $37.58. The company had a trading volume of 739,245 shares, compared to its average volume of 11,159,949. The stock’s fifty day simple moving average is $42.38 and its 200-day simple moving average is $43.85. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52. The firm has a market capitalization of $53.07 billion, a price-to-earnings ratio of 12.08, a PEG ratio of 1.42 and a beta of 1.51. Schlumberger has a 12-month low of $37.28 and a 12-month high of $55.69.

Schlumberger (NYSE:SLB) last issued 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. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The business had revenue of $9.16 billion during the quarter, compared to analysts’ expectations of $9.27 billion. During the same quarter in the prior year, the business posted $0.78 EPS. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. On average, sell-side analysts anticipate that Schlumberger will post 3.39 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The business also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 annualized dividend and a dividend yield of 2.93%. Schlumberger’s dividend payout ratio is presently 35.37%.

Insiders Place Their Bets

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction on Thursday, October 24th. The stock was 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 of the company’s stock, valued at approximately $8,880,160.30. This trade represents a 22.06 % decrease in their position. The sale was disclosed in a filing with the SEC, which can be accessed through the SEC website. 0.26% of the stock is currently owned by insiders.

Institutional Investors Weigh In On Schlumberger

Several institutional investors and hedge funds have recently added to or reduced their stakes in SLB. Raymond James Financial Services Advisors Inc. raised its holdings in Schlumberger by 6.0% in the second quarter. Raymond James Financial Services Advisors Inc. now owns 332,410 shares of the oil and gas company’s stock valued at $15,683,000 after buying an additional 18,826 shares during the period. Hennessy Advisors Inc. lifted its holdings in shares of Schlumberger by 68.4% during the 2nd quarter. Hennessy Advisors Inc. now owns 12,310 shares of the oil and gas company’s stock valued at $581,000 after acquiring an additional 5,000 shares in the last quarter. &PARTNERS boosted its position in Schlumberger by 418.5% during the 2nd 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 period. My Legacy Advisors LLC acquired a new stake in Schlumberger in the 2nd quarter valued at $386,000. Finally, Cornerstone Wealth Group LLC purchased a new position in Schlumberger in the second quarter valued at about $2,759,000. 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.