Schlumberger (NYSE:SLB) Given New $50.00 Price Target at Citigroup

Schlumberger (NYSE:SLB) had its target price reduced by Citigroup from $53.00 to $50.00 in a research report released on Thursday morning,Benzinga reports. Citigroup currently has a buy rating on the oil and gas company’s stock.

Several other equities research analysts have also issued reports on the stock. Dbs Bank began coverage on shares of Schlumberger in a research note on Wednesday, September 18th. They issued a “buy” rating and a $64.50 price objective for the company. BMO Capital Markets reduced their price target on Schlumberger from $60.00 to $58.00 and set an “outperform” rating for the company in a research report on Thursday, October 10th. Stifel Nicolaus reissued a “buy” rating and set a $60.00 price objective (down previously from $62.00) on shares of Schlumberger in a report on Monday, October 21st. Atb Cap Markets lowered Schlumberger from a “strong-buy” rating to a “hold” rating in a report on Tuesday, December 10th. Finally, Sanford C. Bernstein raised Schlumberger to a “strong-buy” rating in a research report on Tuesday, November 12th. Four equities research analysts have rated the stock with a hold rating, sixteen have assigned a buy rating and one has issued a strong buy rating to the stock. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average target price of $58.85.

Schlumberger Stock Performance

Shares of SLB stock opened at $36.91 on Thursday. The firm has a market cap of $52.12 billion, a P/E ratio of 11.87, a PEG ratio of 1.42 and a beta of 1.51. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12. Schlumberger has a fifty-two week low of $36.52 and a fifty-two week high of $55.69. The stock’s 50-day moving average is $42.22 and its two-hundred day moving average is $43.80.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, beating the consensus estimate of $0.88 by $0.01. The firm had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.27 billion. Schlumberger had a net margin of 12.44% and a return on equity of 21.84%. The company’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter last year, the firm earned $0.78 earnings per share. Analysts predict that Schlumberger will post 3.39 earnings per share for the current fiscal year.

Schlumberger Announces Dividend

The company also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Shareholders of record on Wednesday, December 4th will be given a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.98%. Schlumberger’s dividend payout ratio is currently 35.37%.

Insider Transactions at Schlumberger

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the firm’s stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the transaction, the executive vice president now owns 211,937 shares in the company, valued at $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. 0.26% of the stock is owned by insiders.

Hedge Funds Weigh In On Schlumberger

A number of hedge funds have recently modified their holdings of SLB. ORG Partners LLC raised its stake in Schlumberger by 393.5% during the third quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock worth $25,000 after acquiring an additional 484 shares in the last quarter. Prospera Private Wealth LLC bought a new stake in shares of Schlumberger in the 3rd quarter worth about $29,000. Ashton Thomas Securities LLC acquired a new stake in shares of Schlumberger during the 3rd quarter worth about $37,000. DiNuzzo Private Wealth Inc. lifted its holdings in Schlumberger by 1,068.3% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 958 shares of the oil and gas company’s stock valued at $40,000 after purchasing an additional 876 shares during the last quarter. Finally, J. Stern & Co. LLP bought a new stake in Schlumberger during the third quarter worth about $47,000. 81.99% of the stock is owned by institutional investors and hedge funds.

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.