Schlumberger (NYSE:SLB) was upgraded by Zacks Investment Research from a “strong sell” rating to a “hold” rating in a report issued on Wednesday.
According to Zacks, “Schlumberger is the largest oilfield services player in the world with presence in every energy market. Being the leading provider of technology for complex oilfield projects, Schlumberger is better placed than most peers to take up new offshore projects in the shallow water basins. The firm has a strong commitment of returning cash back to the shareholders through dividend payments and stock repurchases. However, the firm revealed that explorers and producers are getting more conservative about investing owing to volatile oil prices. Notably, producers in the American shale resources are not planning to allocate money for drilling new wells this year but will instead possibly allocate capital budget for drilled but uncompleted wells. Thus, conservative spending by explorers and producers is going to hurt demand for the company’s oilfield services in North America.”
Several other brokerages have also issued reports on SLB. Credit Suisse Group set a $44.00 price target on shares of Schlumberger and gave the stock a “hold” rating in a research note on Friday, January 18th. Royal Bank of Canada set a $58.00 price target on shares of Schlumberger and gave the stock a “buy” rating in a research note on Friday, January 18th. Citigroup decreased their price target on shares of Schlumberger from $57.00 to $54.00 and set a “buy” rating for the company in a research note on Friday, January 4th. Barclays set a $58.00 price target on shares of Schlumberger and gave the stock a “hold” rating in a research note on Monday, December 10th. Finally, JPMorgan Chase & Co. lowered shares of Schlumberger from an “overweight” rating to a “neutral” rating and decreased their price target for the stock from $73.00 to $48.00 in a research note on Tuesday, December 11th. One equities research analyst has rated the stock with a sell rating, nine have issued a hold rating and twelve have assigned a buy rating to the company’s stock. Schlumberger currently has a consensus rating of “Buy” and an average target price of $66.65.
NYSE:SLB traded down $0.75 on Wednesday, hitting $44.04. The stock had a trading volume of 207,121 shares, compared to its average volume of 11,657,606. The company has a debt-to-equity ratio of 0.40, a quick ratio of 0.87 and a current ratio of 1.17. The firm has a market cap of $61.33 billion, a price-to-earnings ratio of 27.19, a price-to-earnings-growth ratio of 2.39 and a beta of 1.36. Schlumberger has a 1 year low of $34.99 and a 1 year high of $75.43.
Schlumberger (NYSE:SLB) last posted its quarterly earnings data on Friday, January 18th. The oil and gas company reported $0.36 EPS for the quarter, meeting the Thomson Reuters’ consensus estimate of $0.36. The firm had revenue of $8.18 billion during the quarter, compared to analyst estimates of $8.10 billion. Schlumberger had a net margin of 6.51% and a return on equity of 6.12%. The company’s revenue for the quarter was up .0% on a year-over-year basis. During the same quarter last year, the business posted $0.48 EPS. As a group, sell-side analysts forecast that Schlumberger will post 1.59 earnings per share for the current year.
In related news, EVP Peuch Olivier Le sold 15,000 shares of the firm’s stock in a transaction that occurred on Tuesday, January 22nd. The shares were sold at an average price of $44.00, for a total value of $660,000.00. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, EVP Patrick Schorn acquired 10,000 shares of the business’s stock in a transaction that occurred on Thursday, December 20th. The stock was acquired at an average cost of $37.55 per share, with a total value of $375,500.00. Following the completion of the acquisition, the executive vice president now owns 35,000 shares in the company, valued at approximately $1,314,250. The disclosure for this purchase can be found here. 0.48% of the stock is currently owned by company insiders.
Institutional investors and hedge funds have recently added to or reduced their stakes in the stock. HC Financial Advisors Inc. boosted its holdings in Schlumberger by 44.0% in the 3rd quarter. HC Financial Advisors Inc. now owns 24,373 shares of the oil and gas company’s stock valued at $1,485,000 after purchasing an additional 7,444 shares during the period. Wedge Capital Management L L P NC boosted its holdings in Schlumberger by 12.3% in the 3rd quarter. Wedge Capital Management L L P NC now owns 223,472 shares of the oil and gas company’s stock valued at $13,614,000 after purchasing an additional 24,544 shares during the period. Engineers Gate Manager LP boosted its holdings in Schlumberger by 1,237.8% in the 3rd quarter. Engineers Gate Manager LP now owns 78,933 shares of the oil and gas company’s stock valued at $4,809,000 after purchasing an additional 73,033 shares during the period. Private Advisor Group LLC boosted its holdings in Schlumberger by 6.6% in the 3rd quarter. Private Advisor Group LLC now owns 30,880 shares of the oil and gas company’s stock valued at $1,881,000 after purchasing an additional 1,903 shares during the period. Finally, Welch Group LLC boosted its holdings in Schlumberger by 15.2% in the 3rd quarter. Welch Group LLC now owns 8,494 shares of the oil and gas company’s stock valued at $518,000 after purchasing an additional 1,123 shares during the period. 76.98% of the stock is owned by institutional investors.
Schlumberger Limited supplies technology for reservoir characterization, drilling, production, and processing to the oil and gas industry worldwide. The company's Reservoir Characterization segment offers reservoir interpretation and data processing services; open and cased-hole, and slickline services; exploration and production pressure and flow-rate measurement services; tubing-conveyed perforating services; integrated production systems; software, consulting, information management, and IT infrastructure services; reservoir characterization, field development planning, and production enhancement consulting services; petro technical data services and training solutions; and integrated management services.
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