TD Cowen Lowers Schlumberger (NYSE:SLB) Price Target to $53.00

Schlumberger (NYSE:SLB) had its price target cut by stock analysts at TD Cowen from $65.00 to $53.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price objective would suggest a potential upside of 37.13% from the company’s previous close.

SLB has been the topic of several other research reports. Stifel Nicolaus decreased their target price on Schlumberger from $60.00 to $59.00 and set a “buy” rating on the stock in a research note on Monday, December 23rd. Piper Sandler initiated coverage on shares of Schlumberger in a research note on Thursday, December 19th. They issued a “neutral” rating and a $47.00 target price on the stock. Wells Fargo & Company dropped their price target on shares of Schlumberger from $49.00 to $46.00 and set an “equal weight” rating for the company in a research note on Tuesday, December 17th. Atb Cap Markets lowered shares of Schlumberger from a “strong-buy” rating to a “hold” rating in a research report on Tuesday, December 10th. Finally, Evercore ISI dropped their target price on Schlumberger from $74.00 to $62.00 and set an “outperform” rating for the company in a research report on Monday, October 21st. Five research analysts have rated the stock with a hold rating, seventeen have given a buy rating and one has given a strong buy rating to the company’s stock. Based on data from MarketBeat, the company currently has a consensus rating of “Moderate Buy” and an average target price of $57.58.

Schlumberger Stock Performance

SLB stock traded down $0.72 during midday trading on Wednesday, reaching $38.65. 6,773,589 shares of the company’s stock traded hands, compared to its average volume of 9,201,872. The stock’s 50-day moving average is $41.05 and its 200 day moving average is $43.22. The stock has a market cap of $54.58 billion, a P/E ratio of 12.43, a PEG ratio of 1.42 and a beta of 1.52. Schlumberger has a 52-week low of $36.52 and a 52-week high of $55.69. The company has a current ratio of 1.48, a quick ratio of 1.12 and a debt-to-equity ratio of 0.52.

Schlumberger (NYSE:SLB) last announced its earnings results on Friday, October 18th. The oil and gas company reported $0.89 EPS for the quarter, topping analysts’ consensus estimates of $0.88 by $0.01. The company had revenue of $9.16 billion for the quarter, compared to analysts’ expectations of $9.27 billion. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. Schlumberger’s revenue for the quarter was up 10.2% compared to the same quarter last year. During the same period last year, the firm earned $0.78 EPS. As a group, analysts anticipate that Schlumberger will post 3.39 EPS for the current year.

Insiders Place Their Bets

In other news, EVP Abdellah Merad sold 60,000 shares of Schlumberger stock in a transaction dated Thursday, October 24th. The shares were sold at an average price of $41.90, for a total value of $2,514,000.00. Following the sale, the executive vice president now owns 211,937 shares in the company, valued at $8,880,160.30. This trade represents a 22.06 % decrease in their ownership of the stock. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is available through this link. Insiders own 0.26% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the stock. ORG Partners LLC raised its holdings in shares of Schlumberger by 393.5% during the third quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock valued at $25,000 after acquiring an additional 484 shares during the last quarter. Prospera Private Wealth LLC purchased a new stake in shares of Schlumberger during the third quarter worth approximately $29,000. Ashton Thomas Securities LLC purchased a new position in Schlumberger in the 3rd quarter valued at $37,000. DiNuzzo Private Wealth Inc. boosted its stake in Schlumberger by 1,068.3% during the 3rd quarter. DiNuzzo Private Wealth Inc. now owns 958 shares of the oil and gas company’s stock worth $40,000 after purchasing an additional 876 shares during the last quarter. Finally, J. Stern & Co. LLP purchased a new stake in shares of Schlumberger during the third quarter worth $47,000. 81.99% of the stock is owned by hedge funds and other institutional investors.

About Schlumberger

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.