Bank of America Lowers Schlumberger (NYSE:SLB) Price Target to $62.00

Schlumberger (NYSE:SLB) had its price objective dropped by Bank of America from $63.00 to $62.00 in a note issued to investors on Monday, Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Bank of America‘s target price would suggest a potential upside of 25.13% from the company’s previous close.

Other equities analysts also recently issued research reports about the stock. HSBC reiterated a “buy” rating and issued a $71.00 price target on shares of Schlumberger in a report on Thursday, April 4th. Susquehanna reaffirmed a “positive” rating and set a $77.00 price objective on shares of Schlumberger in a research note on Monday, April 8th. Wells Fargo & Company raised their price objective on shares of Schlumberger from $69.00 to $70.00 and gave the stock an “overweight” rating in a research note on Monday, January 22nd. The Goldman Sachs Group reaffirmed a “buy” rating on shares of Schlumberger in a research note on Monday, April 1st. Finally, Benchmark reaffirmed a “buy” rating and set a $68.00 price objective on shares of Schlumberger in a research note on Wednesday, April 3rd. One research analyst has rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to MarketBeat, the company presently has an average rating of “Moderate Buy” and a consensus target price of $69.67.

Schlumberger Price Performance

Shares of NYSE:SLB opened at $49.55 on Monday. Schlumberger has a twelve month low of $42.73 and a twelve month high of $62.12. The company’s 50 day moving average is $51.68 and its 200 day moving average is $52.28. The company has a current ratio of 1.37, a quick ratio of 1.02 and a debt-to-equity ratio of 0.49. The company has a market cap of $70.73 billion, a PE ratio of 16.46, a price-to-earnings-growth ratio of 0.95 and a beta of 1.60.

Schlumberger (NYSE:SLB) last issued its quarterly earnings results on Friday, April 19th. The oil and gas company reported $0.75 earnings per share for the quarter, hitting the consensus estimate of $0.75. Schlumberger had a net margin of 12.72% and a return on equity of 21.88%. The company had revenue of $8.71 billion for the quarter, compared to the consensus estimate of $8.70 billion. During the same quarter in the prior year, the company earned $0.63 EPS. Schlumberger’s quarterly revenue was up 12.6% on a year-over-year basis. On average, sell-side analysts forecast that Schlumberger will post 3.51 EPS for the current year.

Insider Buying and Selling at Schlumberger

In other Schlumberger news, CFO Stephane Biguet sold 6,250 shares of the firm’s stock in a transaction on Monday, January 29th. The stock was sold at an average price of $52.78, for a total value of $329,875.00. Following the transaction, the chief financial officer now owns 249,182 shares in the company, valued at approximately $13,151,825.96. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. In other news, VP Kevin Fyfe sold 20,223 shares of Schlumberger stock in a transaction on Thursday, January 25th. The stock was sold at an average price of $52.05, for a total transaction of $1,052,607.15. Following the transaction, the vice president now owns 31,198 shares in the company, valued at approximately $1,623,855.90. The transaction was disclosed in a legal filing with the SEC, which can be accessed through this hyperlink. Also, CFO Stephane Biguet sold 6,250 shares of Schlumberger stock in a transaction on Monday, January 29th. The stock was sold at an average price of $52.78, for a total value of $329,875.00. Following the transaction, the chief financial officer now owns 249,182 shares in the company, valued at approximately $13,151,825.96. The disclosure for this sale can be found here. In the last 90 days, insiders have sold 110,768 shares of company stock worth $5,511,037. Corporate insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. BluePath Capital Management LLC acquired a new stake in shares of Schlumberger during the 3rd quarter worth about $25,000. Turtle Creek Wealth Advisors LLC acquired a new stake in shares of Schlumberger during the 4th quarter worth about $26,000. Register Financial Advisors LLC acquired a new stake in shares of Schlumberger during the 1st quarter worth about $27,000. MCF Advisors LLC increased its position in shares of Schlumberger by 1,355.9% during the 3rd quarter. MCF Advisors LLC now owns 495 shares of the oil and gas company’s stock worth $29,000 after purchasing an additional 461 shares during the last quarter. Finally, Transcendent Capital Group LLC acquired a new stake in shares of Schlumberger during the 4th quarter worth about $32,000. Hedge funds and other institutional investors own 81.99% of the company’s stock.

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.