Schlumberger NV (SLB) Stock Rating Lowered by Zacks Investment Research
Schlumberger NV (NYSE:SLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research report issued on Tuesday.
According to Zacks, “Oil prices have been weak for a considerable length of time owing to oversupplied commodity markets. According to OPEC, non-OPEC members will likely continue to produce more oil than expected during 2016 and 2017. Moreover, IEA recently announced its anticipation of a decline in global oil demand for both 2016 and 2017. IEA also expects the oil market to remain oversupplied at least till the first half of 2017. Hence, the oversupplied crude market might keep oil prices low in the coming months. Weakness in oil prices translates to lower incentives for drilling, in turn, lesser income for the likes of Schlumberger that support the drilling players in setting up oil wells. Considering these issues, we expect Schlumberger to perform below the industry levels, which gives investors little reason to hold the stock. “
A number of other research firms have also recently commented on SLB. Howard Weil increased their price target on Schlumberger NV from $80.00 to $90.00 and gave the company a “sector outperform” rating in a research note on Monday, July 25th. Scotiabank reissued a “sector outperform” rating and issued a $90.00 price objective (up from $80.00) on shares of Schlumberger NV in a report on Tuesday, July 26th. Goldman Sachs Group Inc. set a $100.00 price objective on Schlumberger NV and gave the company a “buy” rating in a report on Monday, July 25th. Simmons reissued an “outperform” rating and issued a $84.00 price objective (down from $86.00) on shares of Schlumberger NV in a report on Monday, June 20th. Finally, Seaport Global Securities reissued a “buy” rating on shares of Schlumberger NV in a report on Friday, August 19th. One research analyst has rated the stock with a sell rating, three have given a hold rating, thirty have issued a buy rating and one has given a strong buy rating to the company. The stock currently has an average rating of “Buy” and an average target price of $90.69.
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Schlumberger NV (NYSE:SLB) traded up 0.51% on Tuesday, reaching $81.39. The company had a trading volume of 3,956,658 shares. The stock’s 50 day moving average is $78.67 and its 200-day moving average is $78.24. Schlumberger NV has a 1-year low of $59.60 and a 1-year high of $83.97. The stock’s market capitalization is $113.19 billion.
Schlumberger NV (NYSE:SLB) last released its quarterly earnings results on Thursday, July 21st. The company reported $0.23 EPS for the quarter, beating analysts’ consensus estimates of $0.21 by $0.02. Schlumberger NV had a positive return on equity of 6.88% and a negative net margin of 5.64%. The company earned $7.16 billion during the quarter, compared to analysts’ expectations of $7.09 billion. On average, equities analysts predict that Schlumberger NV will post $1.12 EPS for the current fiscal year.
The firm also recently declared a quarterly dividend, which was paid on Friday, October 14th. Shareholders of record on Wednesday, September 7th were issued a dividend of $0.50 per share. This represents a $2.00 dividend on an annualized basis and a yield of 2.46%. The ex-dividend date of this dividend was Friday, September 2nd. Schlumberger NV’s dividend payout ratio (DPR) is -168.07%.
In other Schlumberger NV news, insider Howard Guild sold 11,900 shares of Schlumberger NV stock in a transaction dated Monday, July 25th. The stock was sold at an average price of $81.32, for a total transaction of $967,708.00. Following the completion of the sale, the insider now directly owns 19,781 shares of the company’s stock, valued at approximately $1,608,590.92. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through this link. Also, Director Tore I. Sandvold sold 2,500 shares of Schlumberger NV stock in a transaction dated Friday, September 30th. The stock was sold at an average price of $78.09, for a total value of $195,225.00. Following the sale, the director now directly owns 17,750 shares of the company’s stock, valued at $1,386,097.50. The disclosure for this sale can be found here. Company insiders own 0.36% of the company’s stock.
Several hedge funds have recently bought and sold shares of the stock. Exxonmobil Investment Management Inc. TX increased its stake in Schlumberger NV by 17.9% in the second quarter. Exxonmobil Investment Management Inc. TX now owns 359,677 shares of the company’s stock valued at $28,443,000 after buying an additional 54,547 shares during the last quarter. Geode Capital Management LLC increased its stake in Schlumberger NV by 0.3% in the first quarter. Geode Capital Management LLC now owns 10,381,557 shares of the company’s stock valued at $764,118,000 after buying an additional 25,983 shares during the last quarter. PGGM Investments increased its stake in Schlumberger NV by 37.7% in the second quarter. PGGM Investments now owns 414,592 shares of the company’s stock valued at $32,786,000 after buying an additional 113,523 shares during the last quarter. Candriam Luxembourg S.C.A. increased its stake in Schlumberger NV by 20.6% in the second quarter. Candriam Luxembourg S.C.A. now owns 335,053 shares of the company’s stock valued at $26,497,000 after buying an additional 57,346 shares during the last quarter. Finally, RNC Capital Management LLC increased its stake in Schlumberger NV by 1.5% in the second quarter. RNC Capital Management LLC now owns 330,717 shares of the company’s stock valued at $26,153,000 after buying an additional 4,920 shares during the last quarter. 78.32% of the stock is owned by institutional investors and hedge funds.
About Schlumberger NV
Schlumberger N.V. is a supplier of technology, integrated project management and information solutions to the international oil and gas exploration and production industry. The Company operates in the oilfield service markets through three groups: Reservoir Characterization, Drilling and Production. Reservoir Characterization Group consists of the principal technologies involved in finding and defining hydrocarbon resources.
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