Schlumberger (NYSE:SLB) Price Target Lowered to $63.00 at TD Cowen

Schlumberger (NYSE:SLB) had its price objective cut by TD Cowen from $64.00 to $63.00 in a report published on Monday, MarketBeat.com reports. They currently have a buy rating on the oil and gas company’s stock.

Several other equities analysts also recently issued reports on the company. Stifel Nicolaus lifted their price objective on Schlumberger from $63.00 to $64.00 and gave the company a buy rating in a research report on Monday, January 22nd. Barclays cut their price objective on Schlumberger from $74.00 to $70.00 and set an overweight rating for the company in a research report on Thursday, April 4th. Bank of America cut their price objective on Schlumberger from $63.00 to $62.00 and set a buy rating for the company in a research report on Monday. Wells Fargo & Company lifted their price objective on Schlumberger from $69.00 to $70.00 and gave the company an overweight rating in a research report on Monday, January 22nd. Finally, Royal Bank of Canada lifted their price objective on Schlumberger from $66.00 to $69.00 and gave the company an outperform rating in a research report on Wednesday, April 3rd. One equities research analyst has rated the stock with a hold rating and eighteen have given a buy rating to the company. According to data from MarketBeat, Schlumberger currently has an average rating of Moderate Buy and an average target price of $69.67.

Schlumberger Price Performance

Shares of SLB stock opened at $49.11 on Monday. The stock’s fifty day simple moving average is $51.71 and its 200 day simple moving average is $52.25. The company has a debt-to-equity ratio of 0.49, a current ratio of 1.37 and a quick ratio of 1.02. The firm has a market cap of $70.10 billion, a price-to-earnings ratio of 16.32, a P/E/G ratio of 0.95 and a beta of 1.60. Schlumberger has a one year low of $42.73 and a one year high of $62.12.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 EPS for the quarter, meeting the consensus estimate of $0.75. The business had revenue of $8.71 billion for the quarter, compared to analyst estimates of $8.70 billion. Schlumberger had a return on equity of 21.88% and a net margin of 12.72%. Schlumberger’s quarterly revenue was up 12.6% on a year-over-year basis. During the same quarter in the previous year, the firm earned $0.63 EPS. On average, analysts expect that Schlumberger will post 3.5 earnings per share for the current fiscal year.

Schlumberger Increases Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 11th. Investors of record on Wednesday, June 5th will be issued a $0.275 dividend. This represents a $1.10 dividend on an annualized basis and a yield of 2.24%. The ex-dividend date of this dividend is Wednesday, June 5th. This is an increase from Schlumberger’s previous quarterly dividend of $0.25. Schlumberger’s dividend payout ratio is currently 36.54%.

Insider Activity at Schlumberger

In related news, EVP Abdellah Merad sold 50,000 shares of the company’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now owns 261,507 shares in the company, valued at $12,688,319.64. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at the SEC website. In other Schlumberger news, EVP Abdellah Merad sold 50,000 shares of the business’s stock in a transaction dated Monday, February 26th. The stock was sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the transaction, the executive vice president now directly owns 261,507 shares of the company’s stock, valued at $12,688,319.64. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Stephane Biguet sold 6,250 shares of the business’s stock in a transaction dated Monday, January 29th. The shares were sold at an average price of $52.78, for a total value of $329,875.00. Following the completion of the transaction, the chief financial officer now directly owns 249,182 shares of the company’s stock, valued at $13,151,825.96. The disclosure for this sale can be found here. Over the last quarter, insiders sold 90,545 shares of company stock worth $4,458,430. 0.26% of the stock is owned by insiders.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently modified their holdings of the company. Vanguard Group Inc. boosted its position in shares of Schlumberger by 1.3% during the fourth quarter. Vanguard Group Inc. now owns 132,281,480 shares of the oil and gas company’s stock worth $6,883,928,000 after buying an additional 1,753,108 shares during the period. Price T Rowe Associates Inc. MD boosted its position in shares of Schlumberger by 12.9% during the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock worth $3,922,768,000 after buying an additional 8,617,971 shares during the period. Capital World Investors boosted its position in shares of Schlumberger by 2.2% during the fourth quarter. Capital World Investors now owns 51,617,471 shares of the oil and gas company’s stock worth $2,686,173,000 after buying an additional 1,133,686 shares during the period. FMR LLC boosted its position in shares of Schlumberger by 1.1% during the third quarter. FMR LLC now owns 27,171,516 shares of the oil and gas company’s stock worth $1,584,099,000 after buying an additional 282,709 shares during the period. Finally, Norges Bank acquired a new position in shares of Schlumberger during the fourth quarter worth about $1,000,292,000. 81.99% of the stock is owned by institutional investors and hedge funds.

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.