Schlumberger (NYSE:SLB) Trading Down 2.3% Following Analyst Downgrade

Schlumberger Limited (NYSE:SLB) shares dropped 2.3% on Thursday after Wells Fargo & Company lowered their price target on the stock from $53.00 to $49.00. Wells Fargo & Company currently has an equal weight rating on the stock. Schlumberger traded as low as $40.79 and last traded at $40.85. Approximately 5,242,577 shares changed hands during trading, a decline of 52% from the average daily volume of 10,916,567 shares. The stock had previously closed at $41.81.

Several other equities research analysts have also issued reports on the stock. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 target price on shares of Schlumberger in a report on Monday, July 22nd. Benchmark restated a “buy” rating and issued a $68.00 price objective on shares of Schlumberger in a research report on Monday, July 22nd. Bank of America dropped their price objective on Schlumberger from $62.00 to $58.00 and set a “buy” rating for the company in a research note on Monday, July 15th. Citigroup decreased their target price on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Finally, Susquehanna decreased their price objective on Schlumberger from $77.00 to $70.00 and set a “positive” rating on the stock in a report on Thursday, July 11th. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to data from MarketBeat.com, the company presently has an average rating of “Moderate Buy” and a consensus target price of $66.08.

Insider Transactions at Schlumberger

In related news, EVP Mogharbel Khaled Al sold 120,668 shares of the company’s stock in a transaction that occurred 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 sale, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. The sale was disclosed in a legal filing with the SEC, which is available through this link. In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the business’s stock in a transaction dated 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 sale was disclosed in a legal filing with the SEC, which is accessible through this link. Also, Director Vijay Kasibhatla sold 10,000 shares of the firm’s stock in a transaction on Monday, July 22nd. The shares were sold at an average price of $49.29, for a total transaction of $492,900.00. Following the sale, the director now owns 62,354 shares in the company, valued at approximately $3,073,428.66. The disclosure for this sale can be found here. Over the last three months, insiders have sold 180,716 shares of company stock valued at $9,048,624. Corporate insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Schlumberger

Hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. Checchi Capital Advisers LLC grew its position in Schlumberger by 1.9% in the first quarter. Checchi Capital Advisers LLC now owns 10,808 shares of the oil and gas company’s stock valued at $592,000 after acquiring an additional 204 shares in the last quarter. Financial Advocates Investment Management lifted its stake in Schlumberger by 3.4% during the second quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock worth $309,000 after purchasing an additional 218 shares during the last quarter. Hilltop Holdings Inc. boosted its holdings in Schlumberger by 2.1% in the fourth quarter. Hilltop Holdings Inc. now owns 10,761 shares of the oil and gas company’s stock worth $560,000 after purchasing an additional 219 shares during the period. Chilton Capital Management LLC increased its stake in Schlumberger by 0.8% during the second quarter. Chilton Capital Management LLC now owns 26,202 shares of the oil and gas company’s stock valued at $1,236,000 after purchasing an additional 219 shares during the last quarter. Finally, First PREMIER Bank boosted its stake in Schlumberger by 8.7% in the second quarter. First PREMIER Bank now owns 2,842 shares of the oil and gas company’s stock valued at $134,000 after acquiring an additional 227 shares during the period. 81.99% of the stock is owned by hedge funds and other institutional investors.

Schlumberger Trading Down 2.8 %

The firm has a 50-day moving average of $44.12 and a 200 day moving average of $47.22. The stock has a market capitalization of $57.72 billion, a price-to-earnings ratio of 13.57, a PEG ratio of 0.92 and a beta of 1.51. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55.

Schlumberger (NYSE:SLB) last released its quarterly earnings results on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business had revenue of $9.14 billion for the quarter, compared to analyst estimates of $9.08 billion. During the same quarter in the previous year, the business earned $0.72 earnings per share. The firm’s revenue was up 12.8% compared to the same quarter last year. As a group, equities analysts predict that Schlumberger Limited will post 3.49 EPS for the current fiscal year.

Schlumberger Announces Dividend

The company also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.71%. Schlumberger’s dividend payout ratio (DPR) is currently 36.54%.

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.