Citigroup Cuts Schlumberger (NYSE:SLB) Price Target to $54.00

Schlumberger (NYSE:SLB) had its price objective decreased by investment analysts at Citigroup from $60.00 to $54.00 in a note issued to investors on Tuesday, Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price target suggests a potential upside of 28.17% from the company’s previous close.

Several other equities analysts have also weighed in on SLB. UBS Group dropped their price objective 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. Wells Fargo & Company cut their price target on Schlumberger from $53.00 to $49.00 and set an “equal weight” rating on the stock in a report on Wednesday, September 25th. BMO Capital Markets lowered their target price on Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a research report on Thursday, October 10th. Susquehanna reduced their price target on shares of Schlumberger from $60.00 to $56.00 and set a “positive” rating for the company in a research report on Monday. Finally, JPMorgan Chase & Co. dropped their price objective on shares of Schlumberger from $64.00 to $60.00 and set an “overweight” rating on the stock in a research note on Tuesday, October 1st. Two research analysts have rated the stock with a hold rating and seventeen have issued a buy rating to the stock. According to MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and an average price target of $60.97.

Schlumberger Stock Up 0.5 %

Shares of Schlumberger stock opened at $42.13 on Tuesday. The stock’s 50-day moving average is $43.00 and its 200 day moving average is $45.75. Schlumberger has a one year low of $38.66 and a one year high of $59.05. The firm has a market cap of $59.82 billion, a price-to-earnings ratio of 13.55, a PEG ratio of 1.27 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 posted its quarterly earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The firm had revenue of $9.16 billion for the quarter, compared to analysts’ expectations of $9.27 billion. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The company’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period in the prior year, the business earned $0.78 EPS. Equities research analysts anticipate that Schlumberger will post 3.44 EPS for the current year.

Hedge Funds Weigh In On Schlumberger

Institutional investors have recently added to or reduced their stakes in the stock. Capital World Investors boosted its stake in Schlumberger by 72.3% in the first quarter. Capital World Investors now owns 88,950,956 shares of the oil and gas company’s stock valued at $4,875,402,000 after acquiring an additional 37,333,485 shares during the last quarter. Price T Rowe Associates Inc. MD lifted its stake in Schlumberger by 14.1% in the first quarter. Price T Rowe Associates Inc. MD now owns 85,986,039 shares of the oil and gas company’s stock valued at $4,712,897,000 after purchasing an additional 10,606,191 shares during the last quarter. Boston Partners grew its holdings in Schlumberger by 35.8% during the first quarter. Boston Partners now owns 11,640,827 shares of the oil and gas company’s stock valued at $635,883,000 after purchasing an additional 3,069,395 shares during the period. Ceredex Value Advisors LLC purchased a new stake in Schlumberger in the second quarter worth $92,944,000. Finally, 1832 Asset Management L.P. bought a new stake in shares of Schlumberger in the second quarter valued at $91,364,000. Institutional investors 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.