Piper Sandler Cuts Schlumberger (NYSE:SLB) Price Target to $44.00

Schlumberger (NYSE:SLB) had its price target lowered by Piper Sandler from $46.00 to $44.00 in a research note issued to investors on Tuesday morning,Benzinga reports. The firm currently has a neutral rating on the oil and gas company’s stock.

Several other research firms also recently commented on SLB. Evercore ISI reissued an “in-line” rating and set a $44.00 target price (down from $62.00) on shares of Schlumberger in a research report on Wednesday, January 15th. Citigroup increased their price target on Schlumberger from $50.00 to $54.00 and gave the company a “buy” rating in a report on Tuesday, January 21st. Royal Bank of Canada reaffirmed an “outperform” rating and issued a $57.00 price target on shares of Schlumberger in a research report on Tuesday, January 21st. BMO Capital Markets cut their price target on Schlumberger from $53.00 to $48.00 in a report on Thursday, January 16th. Finally, Stifel Nicolaus dropped their target price on shares of Schlumberger from $58.00 to $54.00 and set a “buy” rating on the stock in a research report on Monday. Five research analysts have rated the stock with a hold rating, fifteen have assigned a buy rating and one has assigned a strong buy rating to the stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and a consensus target price of $53.32.

Schlumberger Price Performance

SLB opened at $33.76 on Tuesday. The stock has a fifty day moving average price of $37.95 and a 200 day moving average price of $40.12. The company has a current ratio of 1.45, a quick ratio of 1.11 and a debt-to-equity ratio of 0.49. Schlumberger has a 1 year low of $31.11 and a 1 year high of $50.94. The stock has a market cap of $45.91 billion, a price-to-earnings ratio of 10.86, a PEG ratio of 10.10 and a beta of 1.11.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, April 25th. The oil and gas company reported $0.72 EPS for the quarter, missing the consensus estimate of $0.73 by ($0.01). The firm had revenue of $8.49 billion during the quarter, compared to the consensus estimate of $8.64 billion. Schlumberger had a net margin of 12.29% and a return on equity of 21.90%. The company’s quarterly revenue was down 2.5% compared to the same quarter last year. During the same period in the previous year, the firm posted $0.75 EPS. Analysts forecast that Schlumberger will post 3.38 EPS for the current fiscal year.

Schlumberger Announces Dividend

The firm also recently declared a quarterly dividend, which will be paid on Thursday, July 10th. Investors of record on Wednesday, June 4th will be issued a $0.285 dividend. The ex-dividend date is Wednesday, June 4th. This represents a $1.14 dividend on an annualized basis and a dividend yield of 3.38%. Schlumberger’s dividend payout ratio is 38.64%.

Insider Buying and Selling at Schlumberger

In other news, insider Aparna Raman sold 25,133 shares of the company’s stock in a transaction on Friday, March 28th. The stock was sold at an average price of $42.28, for a total transaction of $1,062,623.24. Following the transaction, the insider now owns 31,031 shares of the company’s stock, valued at $1,311,990.68. This represents a 44.75 % decrease in their ownership of the stock. The sale was disclosed in a legal filing with the SEC, which is available through this link. Also, insider Gavin Rennick sold 26,990 shares of Schlumberger stock in a transaction dated Wednesday, February 26th. The stock was sold at an average price of $40.92, for a total value of $1,104,430.80. Following the completion of the sale, the insider now owns 53,584 shares of the company’s stock, valued at approximately $2,192,657.28. The trade was a 33.50 % decrease in their ownership of the stock. The disclosure for this sale can be found here. Corporate insiders own 0.26% of the company’s stock.

Institutional Investors Weigh In On Schlumberger

A number of institutional investors and hedge funds have recently modified their holdings of the business. Price T Rowe Associates Inc. MD grew its position in shares of Schlumberger by 7.4% during the 4th quarter. Price T Rowe Associates Inc. MD now owns 75,986,195 shares of the oil and gas company’s stock worth $2,913,312,000 after buying an additional 5,225,828 shares during the period. Geode Capital Management LLC grew its holdings in shares of Schlumberger by 4.8% in the 4th quarter. Geode Capital Management LLC now owns 29,985,360 shares of the oil and gas company’s stock valued at $1,146,195,000 after buying an additional 1,377,134 shares during the period. Deutsche Bank AG raised its stake in Schlumberger by 12.2% during the 4th quarter. Deutsche Bank AG now owns 28,737,703 shares of the oil and gas company’s stock worth $1,101,804,000 after buying an additional 3,119,543 shares during the period. First Eagle Investment Management LLC grew its stake in Schlumberger by 1.2% in the fourth quarter. First Eagle Investment Management LLC now owns 27,836,555 shares of the oil and gas company’s stock valued at $1,067,254,000 after acquiring an additional 343,261 shares during the period. Finally, Norges Bank bought a new stake in shares of Schlumberger in the fourth quarter worth about $735,398,000. 81.99% of the stock is owned by institutional investors.

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.