Bank of America Raises Schlumberger (NYSE:SLB) Price Target to $63.00

Schlumberger (NYSE:SLB) had its price objective boosted by Bank of America from $62.00 to $63.00 in a research note issued to investors on Monday morning, Benzinga reports. Bank of America currently has a buy rating on the oil and gas company’s stock.

SLB has been the subject of several other reports. Benchmark restated a buy rating and set a $68.00 price objective on shares of Schlumberger in a research note on Wednesday, April 3rd. HSBC restated a buy rating and set a $71.00 price objective on shares of Schlumberger in a research note on Thursday, April 4th. Wells Fargo & Company lifted their price objective on shares of Schlumberger from $69.00 to $70.00 and gave the company an overweight rating in a research note on Monday, January 22nd. Royal Bank of Canada lifted their price objective on shares of Schlumberger from $66.00 to $69.00 and gave the company an outperform rating in a research note on Wednesday, April 3rd. Finally, The Goldman Sachs Group restated a buy rating on shares of Schlumberger in a research note on Monday, April 1st. One research analyst has rated the stock with a hold rating and sixteen have issued a buy rating to the company’s stock. According to MarketBeat, the company presently has an average rating of Moderate Buy and an average price target of $70.31.

Schlumberger Stock Down 1.2 %

Shares of Schlumberger stock opened at $50.81 on Monday. The firm’s 50 day moving average price is $51.50 and its 200-day moving average price is $52.50. The company has a quick ratio of 1.00, a current ratio of 1.32 and a debt-to-equity ratio of 0.51. Schlumberger has a 52-week low of $42.73 and a 52-week high of $62.12. The company has a market cap of $72.53 billion, a P/E ratio of 17.40, a PEG ratio of 0.93 and a beta of 1.60.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, January 19th. The oil and gas company reported $0.86 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.84 by $0.02. Schlumberger had a net margin of 12.68% and a return on equity of 21.97%. The firm had revenue of $8.99 billion for the quarter, compared to the consensus estimate of $8.96 billion. During the same quarter in the previous year, the firm earned $0.71 EPS. The company’s quarterly revenue was up 14.1% compared to the same quarter last year. On average, sell-side analysts predict that Schlumberger will post 3.52 EPS for the current fiscal year.

Insider Buying and Selling

In related news, EVP Abdellah Merad sold 50,000 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $48.52, for a total value of $2,426,000.00. Following the completion of the sale, the executive vice president now owns 261,507 shares of the company’s stock, valued at approximately $12,688,319.64. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. In related news, CFO Stephane Biguet sold 6,250 shares of the business’s stock in a transaction on Monday, February 26th. The shares were sold at an average price of $48.64, for a total value of $304,000.00. Following the completion of the sale, the chief financial officer now owns 242,932 shares of the company’s stock, valued at approximately $11,816,212.48. The sale was disclosed in a legal filing with the SEC, which is available through this hyperlink. Also, EVP Abdellah Merad sold 50,000 shares of the company’s stock in a transaction on Monday, February 26th. The stock was sold at an average price of $48.52, for a total transaction of $2,426,000.00. Following the sale, the executive vice president now directly owns 261,507 shares of the company’s stock, valued at approximately $12,688,319.64. The disclosure for this sale can be found here. In the last quarter, insiders sold 172,191 shares of company stock valued at $8,636,322. 0.26% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On Schlumberger

A number of large investors have recently modified their holdings of the business. Norges Bank purchased a new stake in shares of Schlumberger in the fourth quarter valued at about $1,000,292,000. Price T Rowe Associates Inc. MD grew its holdings in shares of Schlumberger by 12.9% in the fourth quarter. Price T Rowe Associates Inc. MD now owns 75,379,848 shares of the oil and gas company’s stock valued at $3,922,768,000 after purchasing an additional 8,617,971 shares during the period. Winslow Capital Management LLC grew its holdings in shares of Schlumberger by 123,063.5% in the fourth quarter. Winslow Capital Management LLC now owns 4,347,671 shares of the oil and gas company’s stock valued at $226,253,000 after purchasing an additional 4,344,141 shares during the period. Legal & General Group Plc grew its holdings in shares of Schlumberger by 25.9% in the fourth quarter. Legal & General Group Plc now owns 11,742,455 shares of the oil and gas company’s stock valued at $611,077,000 after purchasing an additional 2,412,610 shares during the period. Finally, Royal Bank of Canada grew its holdings in shares of Schlumberger by 79.7% in the third quarter. Royal Bank of Canada now owns 4,919,990 shares of the oil and gas company’s stock valued at $286,835,000 after purchasing an additional 2,182,706 shares during the period. Hedge funds and other institutional investors own 81.99% of the company’s stock.

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.