Zacks Research Upgrades SLB (NYSE:SLB) to Hold

SLB (NYSE:SLB) was upgraded by investment analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a note issued to investors on Tuesday,Zacks.com reports.

Several other brokerages have also weighed in on SLB. Barclays raised their price objective on shares of SLB from $64.00 to $67.00 and gave the company an “overweight” rating in a research report on Monday, July 27th. JPMorgan Chase & Co. boosted their target price on shares of SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research report on Monday, April 27th. Wolfe Research initiated coverage on shares of SLB in a research note on Wednesday, July 8th. They set an “outperform” rating and a $62.00 price target on the stock. TD Cowen raised their price target on shares of SLB from $62.00 to $64.00 and gave the company a “buy” rating in a report on Monday, July 27th. Finally, Weiss Ratings reaffirmed a “hold (c)” rating on shares of SLB in a research note on Monday, August 3rd. Two analysts have rated the stock with a Strong Buy rating, eighteen have issued a Buy rating, two have given a Hold rating and one has given a Sell rating to the company’s stock. According to data from MarketBeat.com, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $61.35.

SLB Stock Performance

Shares of SLB stock opened at $53.66 on Tuesday. SLB has a fifty-two week low of $31.64 and a fifty-two week high of $58.82. The stock’s 50-day moving average is $49.38 and its two-hundred day moving average is $51.34. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The firm has a market cap of $79.64 billion, a P/E ratio of 25.92, a PEG ratio of 3.52 and a beta of 0.73.

SLB (NYSE:SLB) last announced its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The business had revenue of $8.97 billion during the quarter, compared to analyst estimates of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%.The firm’s revenue was up 5.0% on a year-over-year basis. During the same period in the previous year, the company earned $0.74 EPS. Analysts predict that SLB will post 2.5 earnings per share for the current fiscal year.

Institutional Investors Weigh In On SLB

A number of large investors have recently added to or reduced their stakes in SLB. California State Teachers Retirement System raised its holdings in SLB by 2,891.7% in the 2nd quarter. California State Teachers Retirement System now owns 145,176,833 shares of the oil and gas company’s stock worth $6,749,271,000 after acquiring an additional 140,324,172 shares during the period. Bank of New York Mellon Corp bought a new stake in SLB during the second quarter valued at about $1,339,567,000. Norges Bank bought a new stake in SLB during the fourth quarter valued at about $809,557,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC grew its position in shares of SLB by 6,358.2% in the second quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 10,134,731 shares of the oil and gas company’s stock valued at $471,164,000 after purchasing an additional 9,977,804 shares during the last quarter. Finally, Wellington Management Group LLP increased its stake in shares of SLB by 50.6% in the fourth quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after purchasing an additional 5,589,585 shares during the period. Institutional investors own 81.99% of the company’s stock.

Key SLB News

Here are the key news stories impacting SLB this week:

• Positive Sentiment: New North Sea carbon-storage contract: SLB was selected as strategic reservoir partner for Norway’s Havstjerne carbon-storage project. The company will provide reservoir technology and engineering services during the concept and front-end engineering and design phases, strengthening its position in Europe’s emerging carbon-capture and storage market. SLB selected as reservoir partner for Havstjerne carbon storage project
• Positive Sentiment: Potential Venezuelan growth opportunity: A contract with Venezuela’s state-run PDVSA reportedly gives SLB access to the country’s oilfield data. Access to data from one of the world’s largest oil-reserve holders could create opportunities for future reservoir evaluation, production optimization and oilfield-services work, though the commercial benefits remain uncertain. SLB gains access to Venezuela’s coveted oilfield data through contract
• Neutral Sentiment: CEO share sale: Chief Executive Olivier Le Peuch sold 25,000 SLB shares under a prearranged Rule 10b5-1 trading plan. Because the transaction was scheduled in advance, it does not necessarily signal a change in management’s view of the company, but it can still attract investor attention. SLB CEO Olivier Le Peuch executes sale of 25,000 shares
• Negative Sentiment: Recent trading weakness: SLB declined in the prior session even as the broader market advanced, indicating some relative investor caution despite the new project announcements. SLB stock falls amid market uptick

About SLB

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.