Wells Fargo & Company Cuts Schlumberger (NYSE:SLB) Price Target to $46.00

Schlumberger (NYSE:SLB) had its target price decreased by Wells Fargo & Company from $49.00 to $46.00 in a note issued to investors on Tuesday,Benzinga reports. The brokerage currently has an “equal weight” rating on the oil and gas company’s stock. Wells Fargo & Company‘s price target points to a potential upside of 23.23% from the company’s previous close.

SLB has been the topic of several other reports. Morgan Stanley reduced their price target on Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. JPMorgan Chase & Co. reduced their target price on Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a report on Tuesday, October 1st. Citigroup lowered their price target on Schlumberger from $54.00 to $53.00 and set a “buy” rating for the company in a research note on Monday, December 9th. Royal Bank of Canada reissued an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a research note on Thursday, October 3rd. Finally, UBS Group cut their target price on shares of Schlumberger from $63.00 to $57.00 and set a “buy” rating on the stock in a report on Wednesday, September 18th. Three investment analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has issued a strong buy rating to the company’s stock. According to data from MarketBeat, the stock has a consensus rating of “Moderate Buy” and an average price target of $60.15.

Schlumberger Price Performance

Schlumberger stock opened at $37.33 on Tuesday. The stock has a market cap of $52.72 billion, a price-to-earnings ratio of 12.00, a P/E/G 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. The company has a quick ratio of 1.12, a current ratio of 1.48 and a debt-to-equity ratio of 0.52. The business’s 50-day simple moving average is $42.38 and its 200 day simple moving average is $43.85.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, topping 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 company had revenue of $9.16 billion during the quarter, compared to analysts’ expectations of $9.27 billion. During the same quarter in the previous year, the company earned $0.78 EPS. Schlumberger’s revenue was up 10.2% on a year-over-year basis. As a group, research analysts anticipate that Schlumberger will post 3.39 earnings per share for the current year.

Insider Activity at Schlumberger

In related news, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction dated 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 document filed with the SEC, which is available through the SEC website. 0.26% of the stock is currently owned by corporate insiders.

Institutional Investors Weigh In On Schlumberger

Large investors have recently modified their holdings of the business. Ceredex Value Advisors LLC acquired a new position in shares of Schlumberger during the second quarter worth $92,944,000. 1832 Asset Management L.P. bought a new position in Schlumberger during the second quarter worth $91,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC increased its stake in Schlumberger by 20.6% during the 3rd quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,213,944 shares of the oil and gas company’s stock valued at $470,425,000 after purchasing an additional 1,916,851 shares in the last quarter. Legal & General Group Plc raised 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 last quarter. Finally, Dimensional Fund Advisors LP lifted its holdings in shares of Schlumberger by 14.9% in the second quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company’s stock valued at $333,445,000 after purchasing an additional 915,705 shares in the last quarter. Institutional investors and hedge funds 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.