Schlumberger (NYSE:SLB) Given New $44.00 Price Target at Wells Fargo & Co
Schlumberger (NYSE:SLB) had its target price trimmed by Wells Fargo & Co from $48.00 to $44.00 in a research report sent to investors on Thursday morning, BenzingaRatingsTable reports. The firm currently has an outperform rating on the oil and gas company’s stock.
Several other research firms also recently weighed in on SLB. Bank of America cut their price target on Schlumberger from $51.00 to $45.00 and set a buy rating on the stock in a research note on Wednesday, August 28th. Stifel Nicolaus upgraded Schlumberger from a hold rating to a buy rating and set a $50.00 price target on the stock in a research note on Friday, June 7th. Gabelli initiated coverage on Schlumberger in a research note on Thursday, June 27th. They issued a buy rating and a $55.00 price target on the stock. Raymond James restated a hold rating on shares of Schlumberger in a research note on Friday, June 21st. Finally, Royal Bank of Canada cut their price target on Schlumberger to $51.00 and set an outperform rating on the stock in a research note on Wednesday, May 15th. Two analysts have rated the stock with a sell rating, nine have issued a hold rating and fourteen have assigned a buy rating to the company. Schlumberger has a consensus rating of Hold and an average price target of $51.05.
Shares of SLB stock traded up $0.36 during midday trading on Thursday, reaching $37.26. 731,852 shares of the stock were exchanged, compared to its average volume of 11,425,570. Schlumberger has a 1 year low of $31.03 and a 1 year high of $63.65. The company’s 50 day moving average is $34.94 and its two-hundred day moving average is $39.43. The company has a current ratio of 1.39, a quick ratio of 1.01 and a debt-to-equity ratio of 0.47. The firm has a market cap of $51.81 billion, a PE ratio of 23.04, a price-to-earnings-growth ratio of 2.63 and a beta of 1.49.
The firm also recently disclosed a quarterly dividend, which will be paid on Friday, October 11th. Investors of record on Wednesday, September 4th will be given a $0.50 dividend. The ex-dividend date of this dividend is Tuesday, September 3rd. This represents a $2.00 annualized dividend and a yield of 5.37%. Schlumberger’s dividend payout ratio (DPR) is presently 123.46%.
In related news, EVP Patrick Schorn sold 12,151 shares of the company’s stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $38.93, for a total value of $473,038.43. Following the transaction, the executive vice president now directly owns 130,000 shares of the company’s stock, valued at approximately $5,060,900. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, insider Stephanie Cox sold 24,057 shares of the company’s stock in a transaction that occurred on Thursday, July 25th. The shares were sold at an average price of $40.59, for a total value of $976,473.63. Following the completion of the transaction, the insider now directly owns 46,354 shares in the company, valued at $1,881,508.86. The disclosure for this sale can be found here. Corporate insiders own 0.48% of the company’s stock.
A number of hedge funds have recently added to or reduced their stakes in the stock. Lenox Wealth Management Inc. raised its holdings in Schlumberger by 41.1% in the 1st quarter. Lenox Wealth Management Inc. now owns 879 shares of the oil and gas company’s stock worth $38,000 after purchasing an additional 256 shares during the period. Tokio Marine Asset Management Co. Ltd. raised its holdings in Schlumberger by 1.0% in the 2nd quarter. Tokio Marine Asset Management Co. Ltd. now owns 25,410 shares of the oil and gas company’s stock worth $1,010,000 after purchasing an additional 262 shares during the period. Pendal Group Ltd raised its holdings in Schlumberger by 1.5% in the 2nd quarter. Pendal Group Ltd now owns 18,636 shares of the oil and gas company’s stock worth $703,000 after purchasing an additional 269 shares during the period. Monarch Capital Management Inc. raised its holdings in Schlumberger by 1.3% in the 1st quarter. Monarch Capital Management Inc. now owns 21,414 shares of the oil and gas company’s stock worth $933,000 after purchasing an additional 285 shares during the period. Finally, Cetera Advisor Networks LLC raised its holdings in Schlumberger by 2.7% in the 1st quarter. Cetera Advisor Networks LLC now owns 10,746 shares of the oil and gas company’s stock worth $471,000 after purchasing an additional 286 shares during the period. 76.94% of the stock is currently owned by institutional investors and hedge funds.
Schlumberger Company Profile
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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