JPMorgan Chase & Co. Cuts Schlumberger (NYSE:SLB) Price Target to $48.00

Schlumberger (NYSE:SLB) had its target price decreased by JPMorgan Chase & Co. from $55.00 to $48.00 in a research note issued to investors on Thursday morning,Benzinga reports. JPMorgan Chase & Co. currently has an overweight rating on the oil and gas company’s stock.

SLB has been the subject of a number of other research reports. Royal Bank of Canada reiterated an “outperform” rating and set a $69.00 price objective on shares of Schlumberger in a report on Thursday, October 3rd. Susquehanna decreased their price objective on shares of Schlumberger from $60.00 to $56.00 and set a “positive” rating for the company in a report on Monday, October 21st. TD Cowen cut their target price on shares of Schlumberger from $68.00 to $65.00 and set a “buy” rating on the stock in a research report on Monday, October 21st. Morgan Stanley cut their target price on shares of Schlumberger from $65.00 to $60.00 and set an “overweight” rating on the stock in a research report on Monday, September 16th. Finally, Dbs Bank started coverage on shares of Schlumberger in a research report on Wednesday, September 18th. They set a “buy” rating and a $64.50 target price on the stock. Five research analysts have rated the stock with a hold rating, seventeen have issued a buy rating and one has given a strong buy rating to the company’s stock. According to data from MarketBeat.com, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $58.25.

Schlumberger Price Performance

Schlumberger stock opened at $38.59 on Thursday. The firm has a 50-day moving average price of $41.12 and a 200-day moving average price of $43.33. The firm has a market capitalization of $54.50 billion, a PE ratio of 12.41, a price-to-earnings-growth ratio of 1.42 and a beta of 1.52. 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 has a 12-month low of $36.52 and a 12-month high of $55.69.

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

Schlumberger Dividend Announcement

The company also recently announced a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be paid a $0.275 dividend. This represents a $1.10 annualized dividend and a dividend yield of 2.85%. The ex-dividend date is Wednesday, December 4th. Schlumberger’s dividend payout ratio is currently 35.37%.

Insider Activity at Schlumberger

In other Schlumberger news, EVP Abdellah Merad sold 60,000 shares of the company’s stock in a transaction on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the transaction, the executive vice president now directly owns 211,937 shares in the company, valued at approximately $8,880,160.30. This represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is accessible through this hyperlink. Company insiders own 0.26% of the company’s stock.

Hedge Funds Weigh In On Schlumberger

A number of large investors have recently added to or reduced their stakes in the stock. Modus Advisors LLC purchased a new stake in shares of Schlumberger during the fourth quarter worth $50,000. Versant Capital Management Inc grew its holdings in shares of Schlumberger by 98.9% during the fourth quarter. Versant Capital Management Inc now owns 1,498 shares of the oil and gas company’s stock worth $57,000 after buying an additional 745 shares in the last quarter. Principal Financial Group Inc. grew its holdings in shares of Schlumberger by 8.0% during the third quarter. Principal Financial Group Inc. now owns 4,487,067 shares of the oil and gas company’s stock worth $188,232,000 after buying an additional 332,500 shares in the last quarter. Syntax Research Inc. purchased a new stake in shares of Schlumberger during the third quarter worth $3,491,000. Finally, Copley Financial Group Inc. purchased a new stake in shares of Schlumberger during the third quarter worth $515,000. 81.99% of the stock is currently owned by institutional investors and hedge funds.

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.