Schlumberger (NYSE:SLB) Stock Price Down 2.3% After Analyst Downgrade

Schlumberger Limited (NYSE:SLB) shares fell 2.3% during mid-day trading on Thursday after Wells Fargo & Company lowered their price target on the stock from $53.00 to $49.00. Wells Fargo & Company currently has an equal weight rating on the stock. Schlumberger traded as low as $40.79 and last traded at $40.85. 5,242,577 shares traded hands during trading, a decline of 52% from the average session volume of 10,916,567 shares. The stock had previously closed at $41.81.

A number of other equities research analysts have also recently commented on SLB. Barclays reduced their price objective on Schlumberger from $70.00 to $67.00 and set an “overweight” rating for the company in a research note on Tuesday, July 23rd. TD Cowen boosted their target price on Schlumberger from $62.00 to $64.00 and gave the company a “buy” rating in a research note on Monday, July 22nd. Royal Bank of Canada reiterated an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a research note on Monday, July 22nd. UBS Group decreased their price objective on Schlumberger from $63.00 to $57.00 and set a “buy” rating on the stock in a research note on Wednesday, September 18th. Finally, Citigroup decreased their target price on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Two equities research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. According to data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus price target of $66.08.

Insider Buying and Selling at Schlumberger

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction that occurred on Monday, July 22nd. The stock was sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CFO Stephane Biguet sold 50,048 shares of the firm’s stock in a transaction that occurred on Monday, July 22nd. The shares were sold at an average price of $49.94, for a total value of $2,499,397.12. Following the transaction, the chief financial officer now directly owns 203,076 shares of the company’s stock, valued at approximately $10,141,615.44. The disclosure for this sale can be found here. Insiders sold 180,716 shares of company stock valued at $9,048,624 in the last 90 days. Insiders own 0.26% of the company’s stock.

Institutional Trading of Schlumberger

Institutional investors and hedge funds have recently modified their holdings of the business. Clifford Capital Partners LLC grew its holdings in shares of Schlumberger by 21.1% in the second quarter. Clifford Capital Partners LLC now owns 220,832 shares of the oil and gas company’s stock worth $10,419,000 after acquiring an additional 38,403 shares during the period. Newbridge Financial Services Group Inc. lifted its position in shares of Schlumberger by 379.4% in the second quarter. Newbridge Financial Services Group Inc. now owns 2,402 shares of the oil and gas company’s stock valued at $113,000 after acquiring an additional 1,901 shares in the last quarter. SS&H Financial Advisors Inc. lifted its position in shares of Schlumberger by 279.8% in the second quarter. SS&H Financial Advisors Inc. now owns 32,441 shares of the oil and gas company’s stock valued at $1,531,000 after acquiring an additional 23,900 shares in the last quarter. Sanctuary Advisors LLC purchased a new stake in shares of Schlumberger in the second quarter worth about $15,603,000. Finally, Brown Financial Advisors purchased a new stake in shares of Schlumberger in the second quarter worth about $788,000. Institutional investors own 81.99% of the company’s stock.

Schlumberger Stock Up 2.7 %

The company has a debt-to-equity ratio of 0.55, a current ratio of 1.49 and a quick ratio of 1.13. The company has a market capitalization of $60.05 billion, a PE ratio of 13.95, a P/E/G ratio of 0.92 and a beta of 1.51. The business has a 50-day moving average of $43.97 and a 200 day moving average of $47.18.

Schlumberger (NYSE:SLB) last issued its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.83 by $0.02. Schlumberger had a return on equity of 21.92% and a net margin of 12.56%. The business had revenue of $9.14 billion for the quarter, compared to the consensus estimate of $9.08 billion. During the same period in the prior year, the business posted $0.72 earnings per share. The company’s quarterly revenue was up 12.8% compared to the same quarter last year. Equities research analysts predict that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

The firm also recently announced a quarterly dividend, which will be paid on Thursday, October 10th. Stockholders of record on Wednesday, September 4th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.60%. Schlumberger’s dividend payout ratio is 36.54%.

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.