SLB (NYSE:SLB) Raised to “Hold” at Freedom Broker

SLB (NYSE:SLB) was upgraded by analysts at Freedom Broker from a “sell” rating to a “hold” rating in a research report issued on Monday, Marketbeat Ratings reports. The firm presently has a $48.00 target price on the oil and gas company’s stock. Freedom Broker‘s price target would indicate a potential downside of 9.76% from the company’s previous close.

SLB has been the topic of a number of other research reports. Susquehanna upped their target price on SLB from $55.00 to $62.00 and gave the company a “positive” rating in a research report on Monday, July 27th. Citigroup dropped their target price on SLB from $63.00 to $62.00 and set a “buy” rating on the stock in a research report on Monday, October 19th. Barclays dropped their target price on SLB from $66.00 to $63.00 and set an “overweight” rating on the stock in a research report on Monday. Wolfe Research began coverage on SLB in a research report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 target price on the stock. Finally, UBS Group dropped their target price on SLB from $75.00 to $70.00 and set a “buy” rating on the stock in a research report on Monday. Twenty-four analysts have rated the stock with a Buy rating, three have assigned a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat, SLB currently has an average rating of “Moderate Buy” and an average target price of $61.52.

SLB Stock Performance

Shares of SLB stock opened at $53.19 on Monday. SLB has a fifty-two week low of $34.65 and a fifty-two week high of $60.46. The stock’s 50-day simple moving average is $52.49 and its 200-day simple moving average is $51.23.

SLB (NYSE:SLB) last issued its earnings results on Friday, October 23rd. The oil and gas company reported $0.64 EPS for the quarter, beating analysts’ consensus estimates of $0.62 by $0.02. The firm had revenue of $9.45 billion during the quarter, compared to analysts’ expectations of $9.27 billion. SLB’s quarterly revenue was up 5.8% on a year-over-year basis. During the same quarter in the prior year, the company earned $0.69 EPS. Equities analysts anticipate that SLB will post 2.47 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

Several large investors have recently made changes to their positions in SLB. Bank of New York Mellon Corp acquired a new position in shares of SLB during the 2nd quarter worth approximately $1,339,567,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC raised its stake in shares of SLB by 6,358.2% during the 2nd 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 worth $471,164,000 after buying an additional 9,977,804 shares during the period. Cardano Risk Management B.V. acquired a new position in shares of SLB during the 2nd quarter worth approximately $185,474,000. Canoe Financial LP raised its stake in shares of SLB by 82.3% during the 2nd quarter. Canoe Financial LP now owns 7,730,966 shares of the oil and gas company’s stock worth $358,936,000 after buying an additional 3,489,344 shares during the period. Finally, Danske Bank A S raised its stake in shares of SLB by 2,928.3% during the 2nd quarter. Danske Bank A S now owns 2,825,743 shares of the oil and gas company’s stock worth $131,369,000 after buying an additional 2,732,433 shares during the period. 81.99% of the stock is owned by institutional investors and hedge funds.

About SLB

SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.