Bank of America Cuts Schlumberger (NYSE:SLB) Price Target to $62.00

Schlumberger (NYSE:SLB) had its target price reduced by Bank of America from $63.00 to $62.00 in a research report report published on Monday morning, Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

Other equities analysts have also recently issued reports about the stock. Benchmark reissued a buy rating and set a $68.00 price target on shares of Schlumberger in a research report on Wednesday, April 3rd. Susquehanna reissued a positive rating and set a $77.00 price target on shares of Schlumberger in a research report on Monday, April 8th. Barclays reduced their price target on shares of Schlumberger from $74.00 to $70.00 and set an overweight rating on the stock in a research report on Thursday, April 4th. Stifel Nicolaus boosted their price objective on shares of Schlumberger from $63.00 to $64.00 and gave the company a buy rating in a research report on Monday, January 22nd. Finally, Royal Bank of Canada boosted their price objective on shares of Schlumberger from $66.00 to $69.00 and gave the company an outperform rating in a research report on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and eighteen have issued a buy rating to the stock. Based on data from MarketBeat, the stock presently has a consensus rating of Moderate Buy and an average price target of $69.67.

Schlumberger Price Performance

SLB opened at $49.11 on Monday. The company has a fifty day moving average price of $51.71 and a two-hundred day moving average price of $52.25. The company has a debt-to-equity ratio of 0.49, a quick ratio of 1.02 and a current ratio of 1.37. Schlumberger has a 52 week low of $42.73 and a 52 week high of $62.12. The firm has a market capitalization of $70.10 billion, a PE ratio of 16.32, a P/E/G ratio of 0.95 and a beta of 1.60.

Schlumberger (NYSE:SLB) last released its earnings results on Friday, April 19th. The oil and gas company reported $0.75 EPS for the quarter, hitting analysts’ consensus estimates of $0.75. The firm had revenue of $8.71 billion during the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The business’s quarterly revenue was up 12.6% compared to the same quarter last year. During the same quarter in the previous year, the business earned $0.63 EPS. As a group, analysts anticipate that Schlumberger will post 3.5 earnings per share for the current year.

Schlumberger Increases Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Stockholders of record on Wednesday, June 5th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, June 5th. This is a positive change from Schlumberger’s previous quarterly dividend of $0.25. This represents a $1.10 annualized dividend and a dividend yield of 2.24%. Schlumberger’s payout ratio is currently 36.54%.

Insider Transactions at Schlumberger

In other news, insider Katharina Beumelburg sold 8,000 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $52.62, for a total transaction of $420,960.00. Following the transaction, the insider now directly owns 15,581 shares in the company, valued at approximately $819,872.22. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. In related news, insider Katharina Beumelburg sold 8,000 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $52.62, for a total value of $420,960.00. Following the transaction, the insider now owns 15,581 shares in the company, valued at approximately $819,872.22. The sale was disclosed in a document filed with the SEC, which can be accessed through this link. Also, CFO Stephane Biguet sold 6,250 shares of the company’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $52.78, for a total transaction of $329,875.00. Following the completion of the transaction, the chief financial officer now owns 249,182 shares in the company, valued at approximately $13,151,825.96. The disclosure for this sale can be found here. Insiders have sold 90,545 shares of company stock worth $4,458,430 in the last ninety days. Insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

A number of institutional investors and hedge funds have recently bought and sold shares of the stock. Investment Advisory Services Inc. TX ADV grew its stake in Schlumberger by 1.4% in the 3rd quarter. Investment Advisory Services Inc. TX ADV now owns 11,968 shares of the oil and gas company’s stock valued at $698,000 after buying an additional 171 shares during the last quarter. Miller Howard Investments Inc. NY grew its position in shares of Schlumberger by 0.5% during the 3rd quarter. Miller Howard Investments Inc. NY now owns 32,845 shares of the oil and gas company’s stock worth $1,915,000 after purchasing an additional 176 shares in the last quarter. Stonegate Investment Group LLC grew its position in shares of Schlumberger by 1.7% during the 3rd quarter. Stonegate Investment Group LLC now owns 10,864 shares of the oil and gas company’s stock worth $633,000 after purchasing an additional 177 shares in the last quarter. CI Investments Inc. grew its position in shares of Schlumberger by 4.9% during the 3rd quarter. CI Investments Inc. now owns 4,142 shares of the oil and gas company’s stock worth $241,000 after purchasing an additional 192 shares in the last quarter. Finally, Montgomery Investment Management Inc. grew its position in shares of Schlumberger by 1.9% during the 3rd quarter. Montgomery Investment Management Inc. now owns 10,920 shares of the oil and gas company’s stock worth $637,000 after purchasing an additional 200 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

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.