Royal Bank Of Canada Boosts SLB (NYSE:SLB) Price Target to $54.00

SLB (NYSE:SLB) had its target price increased by Royal Bank Of Canada from $51.00 to $54.00 in a report issued on Monday,Benzinga reports. The brokerage currently has an “outperform” rating on the oil and gas company’s stock. Royal Bank Of Canada’s price objective would indicate a potential upside of 9.02% from the company’s previous close.

A number of other equities research analysts have also commented on the company. TD Cowen increased their price target on SLB from $56.00 to $57.00 and gave the stock a “buy” rating in a research report on Thursday, December 11th. Rothschild Redb upgraded SLB to a “strong-buy” rating in a report on Monday, November 3rd. Piper Sandler raised their target price on shares of SLB from $42.00 to $45.00 and gave the company an “overweight” rating in a report on Thursday, December 18th. Bank of America lifted their target price on SLB from $50.00 to $55.00 and gave the stock a “buy” rating in a report on Monday. Finally, Sanford C. Bernstein lifted their price target on SLB from $47.60 to $52.30 and gave the company an “outperform” rating in a research note on Thursday, December 11th. Two equities research analysts have rated the stock with a Strong Buy rating, seventeen have issued a Buy rating and three have given a Hold rating to the company. According to MarketBeat, the stock presently has an average rating of “Moderate Buy” and an average price target of $50.96.

SLB Price Performance

Shares of NYSE SLB traded up $0.38 during midday trading on Monday, hitting $49.53. The company had a trading volume of 3,766,988 shares, compared to its average volume of 22,895,770. The company has a quick ratio of 0.98, a current ratio of 1.33 and a debt-to-equity ratio of 0.36. The business has a 50-day simple moving average of $40.14 and a two-hundred day simple moving average of $36.71. SLB has a twelve month low of $31.11 and a twelve month high of $51.67. The firm has a market capitalization of $74.00 billion, a price-to-earnings ratio of 20.91 and a beta of 0.72.

SLB (NYSE:SLB) last announced its quarterly earnings results on Friday, January 23rd. The oil and gas company reported $0.78 earnings per share for the quarter, beating analysts’ consensus estimates of $0.74 by $0.04. SLB had a net margin of 9.45% and a return on equity of 17.45%. The firm had revenue of $9.75 billion for the quarter, compared to analysts’ expectations of $9.54 billion. During the same period in the previous year, the company posted $0.92 earnings per share. SLB’s revenue was up 5.0% compared to the same quarter last year. Equities research analysts anticipate that SLB will post 3.38 earnings per share for the current year.

Insider Buying and Selling

In other SLB news, CFO Stephane Biguet sold 38,447 shares of the stock in a transaction that occurred on Thursday, November 13th. The stock was sold at an average price of $36.75, for a total transaction of $1,412,927.25. Following the transaction, the chief financial officer owned 175,690 shares in the company, valued at $6,456,607.50. This trade represents a 17.95% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at the SEC website. Also, Director Peter John Coleman sold 5,500 shares of the company’s stock in a transaction that occurred on Wednesday, November 26th. The shares were sold at an average price of $35.82, for a total value of $197,010.00. Following the completion of the transaction, the director directly owned 18,671 shares of the company’s stock, valued at approximately $668,795.22. This trade represents a 22.75% decrease in their position. The disclosure for this sale is available in the SEC filing. Over the last ninety days, insiders sold 103,947 shares of company stock worth $3,871,337. Corporate insiders own 0.22% of the company’s stock.

Hedge Funds Weigh In On SLB

A number of large investors have recently modified their holdings of SLB. LBP AM SA lifted its holdings in SLB by 125.1% during the fourth quarter. LBP AM SA now owns 265,306 shares of the oil and gas company’s stock valued at $10,182,000 after purchasing an additional 147,432 shares during the last quarter. Valmark Advisers Inc. bought a new stake in SLB in the 4th quarter worth about $200,000. Foster Victor Wealth Advisors LLC grew its holdings in shares of SLB by 3.0% in the fourth quarter. Foster Victor Wealth Advisors LLC now owns 8,281 shares of the oil and gas company’s stock worth $318,000 after acquiring an additional 238 shares during the period. Bridgewater Advisors Inc. purchased a new stake in shares of SLB during the 4th quarter valued at about $266,000. Finally, Farther Finance Advisors LLC increased its position in SLB by 29.1% in the fourth quarter. Farther Finance Advisors LLC now owns 25,899 shares of the oil and gas company’s stock worth $994,000 after buying an additional 5,845 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors and hedge funds.

SLB Company Profile

SLB (NYSE: SLB), historically known as Schlumberger, is a leading global provider of technology, integrated project management and information solutions for the energy industry. Founded by Conrad and Marcel Schlumberger in 1926, the company develops and supplies products and services used across the exploration, drilling, completion and production phases of oil and gas development. Its offerings are intended to help operators characterize reservoirs, drill and complete wells, optimize production and manage field operations throughout the asset lifecycle.

SLB’s product and service portfolio spans reservoir characterization and well testing, wireline and logging services, directional drilling and drilling tools, well construction and completion technologies, production systems, and subsea equipment.