Schlumberger (NYSE:SLB) Stock Price Down 2.2% Following Analyst Downgrade

Schlumberger Limited (NYSE:SLB) shares were down 2.2% during mid-day trading on Tuesday after Barclays lowered their price target on the stock from $67.00 to $63.00. Barclays currently has an overweight rating on the stock. Schlumberger traded as low as $43.06 and last traded at $43.71. Approximately 2,889,086 shares traded hands during trading, a decline of 74% from the average daily volume of 10,997,774 shares. The stock had previously closed at $44.70.

Other analysts also recently issued research reports about the stock. Susquehanna decreased their price target on shares of Schlumberger from $70.00 to $60.00 and set a “positive” rating for the company in a research note on Friday, October 11th. BMO Capital Markets decreased their target price on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, October 10th. TD Cowen upped their target price on Schlumberger from $62.00 to $64.00 and gave the stock a “buy” rating in a report on Monday, July 22nd. Bank of America cut their price target on Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a research note on Monday. Finally, Royal Bank of Canada reaffirmed an “outperform” rating and issued a $69.00 price objective on shares of Schlumberger in a research note on Thursday, October 3rd. Two investment analysts have rated the stock with a hold rating and eighteen have issued a buy rating to the company. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus price target of $62.97.

Insiders Place Their Bets

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the company’s stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the transaction, the executive vice president now owns 247,699 shares in the company, valued at $12,432,012.81. This represents a 0.00 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Stephane Biguet sold 50,048 shares of the firm’s stock in a transaction on Monday, July 22nd. The stock was sold at an average price of $49.94, for a total value of $2,499,397.12. Following the completion of the transaction, the chief financial officer now owns 203,076 shares in the company, valued at $10,141,615.44. This trade represents a 0.00 % decrease in their position. The sale was disclosed in a legal filing with the SEC, which is available at this link. Also, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger 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 sale, the executive vice president now directly owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. This represents a 0.00 % decrease in their position. The disclosure for this sale can be found here. Over the last 90 days, insiders sold 180,716 shares of company stock valued at $9,048,624. 0.26% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently modified their holdings of SLB. Inlet Private Wealth LLC acquired a new position in Schlumberger in the 3rd quarter worth approximately $453,000. nVerses Capital LLC boosted its holdings in shares of Schlumberger by 26.6% in the 3rd quarter. nVerses Capital LLC now owns 13,800 shares of the oil and gas company’s stock valued at $579,000 after acquiring an additional 2,900 shares during the last quarter. One Wealth Advisors LLC increased its stake in shares of Schlumberger by 22.3% in the third quarter. One Wealth Advisors LLC now owns 6,402 shares of the oil and gas company’s stock worth $270,000 after acquiring an additional 1,167 shares during the period. McCollum Christoferson Group LLC raised its holdings in shares of Schlumberger by 2.2% during the third quarter. McCollum Christoferson Group LLC now owns 95,860 shares of the oil and gas company’s stock worth $4,021,000 after purchasing an additional 2,042 shares during the last quarter. Finally, Culbertson A N & Co. Inc. lifted its position in Schlumberger by 29.2% during the third quarter. Culbertson A N & Co. Inc. now owns 8,625 shares of the oil and gas company’s stock valued at $362,000 after purchasing an additional 1,949 shares during the period. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

Schlumberger Stock Performance

The firm’s fifty day simple moving average is $43.13 and its 200 day simple moving average is $46.18. The company has a market capitalization of $62.42 billion, a PE ratio of 14.51, a price-to-earnings-growth ratio of 0.96 and a beta of 1.51. The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13.

Schlumberger (NYSE:SLB) last issued its earnings results on Friday, July 19th. The oil and gas company reported $0.85 EPS for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. The firm had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.08 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The company’s revenue was up 12.8% compared to the same quarter last year. During the same quarter in the prior year, the business earned $0.72 earnings per share. On average, research analysts predict that Schlumberger Limited will post 3.47 EPS for the current year.

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.