Schlumberger (NYSE:SLB) Hits New 1-Year Low After Analyst Downgrade

Schlumberger Limited (NYSE:SLB)’s share price hit a new 52-week low during trading on Wednesday after Citigroup lowered their price target on the stock from $53.00 to $50.00. Citigroup currently has a buy rating on the stock. Schlumberger traded as low as $38.49 and last traded at $38.67, with a volume of 820819 shares. The stock had previously closed at $38.93.

Other research analysts have also issued research reports about the stock. Morgan Stanley cut their price target on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research note on Monday, September 16th. Piper Sandler initiated coverage on Schlumberger in a research note on Thursday. They issued a “neutral” rating and a $47.00 target price on the stock. Barclays lowered their price objective on shares of Schlumberger from $61.00 to $53.00 and set an “overweight” rating on the stock in a report on Wednesday. Royal Bank of Canada restated an “outperform” rating and set a $69.00 target price on shares of Schlumberger in a report on Thursday, October 3rd. Finally, Atb Cap Markets lowered shares of Schlumberger from a “strong-buy” rating to a “hold” rating in a research note on Tuesday, December 10th. Four equities research analysts have rated the stock with a hold rating, sixteen have given a buy rating and one has issued a strong buy rating to the company. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus price target of $58.85.

Insider Activity

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of Schlumberger 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 completion of the transaction, the executive vice president now directly owns 211,937 shares of the company’s stock, valued at $8,880,160.30. The trade was a 22.06 % decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Raymond James Financial Services Advisors Inc. increased its stake 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 acquiring an additional 18,826 shares during the last quarter. Hennessy Advisors Inc. raised its stake in Schlumberger by 68.4% during the second quarter. Hennessy Advisors Inc. now owns 12,310 shares of the oil and gas company’s stock worth $581,000 after acquiring an additional 5,000 shares in the last quarter. &PARTNERS lifted its holdings in shares of Schlumberger by 418.5% in the second quarter. &PARTNERS now owns 25,052 shares of the oil and gas company’s stock worth $1,182,000 after acquiring an additional 20,220 shares during the last quarter. LRI Investments LLC boosted its stake in shares of Schlumberger by 19.0% in the 2nd quarter. LRI Investments LLC now owns 1,745 shares of the oil and gas company’s stock valued at $82,000 after purchasing an additional 279 shares in the last quarter. Finally, Banque Pictet & Cie SA increased its position in Schlumberger by 25.9% during the 2nd quarter. Banque Pictet & Cie SA now owns 296,900 shares of the oil and gas company’s stock worth $14,008,000 after purchasing an additional 60,994 shares in the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Schlumberger Stock Performance

The company’s 50 day moving average is $42.22 and its 200 day moving average is $43.80. The firm has a market cap of $52.12 billion, a P/E ratio of 11.87, a P/E/G ratio of 1.42 and a beta of 1.51. The company has a debt-to-equity ratio of 0.52, a quick ratio of 1.12 and a current ratio of 1.48.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The business had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.27 billion. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. Schlumberger’s quarterly revenue was up 10.2% compared to the same quarter last year. During the same quarter in the previous year, the company posted $0.78 EPS. As a group, equities analysts predict that Schlumberger Limited will post 3.39 earnings per share for the current fiscal year.

Schlumberger Dividend Announcement

The firm also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be issued a $0.275 dividend. The ex-dividend date is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a yield of 2.98%. Schlumberger’s dividend payout ratio (DPR) is presently 35.37%.

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.