Evercore Issues Positive Forecast for SLB (NYSE:SLB) Stock Price

Key Points

• Evercore raised its SLB price target from $63 to $66, implying 34.9% upside from the stock’s $48.92 opening price. Other analysts also increased targets, and the stock holds a consensus “Moderate Buy” rating with an average target of $62.38.
• SLB exceeded quarterly expectations, reporting $0.55 in EPS versus the $0.51 consensus and revenue of $8.97 billion, up 5% year over year. Analysts expect full-year EPS of $2.49.
• Institutional investors own approximately 82% of SLB’s shares, with major holders including State Street, First Eagle Investment Management, Bank of New York Mellon, Amundi, and Dimensional Fund Advisors.

SLB (NYSE:SLB - Get Free Report) had its price objective raised by stock analysts at Evercore from $63.00 to $66.00 in a note issued to investors on Thursday. Evercore's price objective suggests a potential upside of 34.90% from the stock's current price.

A number of other research analysts also recently commented on the company. Piper Sandler increased their target price on SLB from $59.00 to $64.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. UBS Group upped their price target on SLB from $72.00 to $75.00 and gave the company a "buy" rating in a research report on Monday, September 14th. Barclays lifted their price objective on shares of SLB from $64.00 to $67.00 and gave the stock an "overweight" rating in a report on Monday, July 27th. Wolfe Research began coverage on shares of SLB in a research report on Wednesday, July 8th. They issued an "outperform" rating and a $62.00 price target on the stock. Finally, Stifel Nicolaus boosted their price objective on shares of SLB from $61.00 to $64.00 and gave the company a "buy" rating in a research report on Thursday, June 18th. Twenty-four research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to MarketBeat.com, the stock presently has a consensus rating of "Moderate Buy" and an average price target of $62.38.

SLB Price Performance

SLB opened at $48.92 on Thursday. The company has a 50-day moving average of $52.98 and a 200-day moving average of $52.24. The company has a market capitalization of $72.61 billion, a P/E ratio of 23.63, a PEG ratio of 2.68 and a beta of 0.83. SLB has a 1-year low of $31.64 and a 1-year high of $60.46. The company has a debt-to-equity ratio of 0.41, a quick ratio of 1.05 and a current ratio of 1.44.

SLB (NYSE:SLB - Get Free Report) last issued its quarterly earnings results on Saturday, July 25th. The oil and gas company reported $0.55 EPS for the quarter, topping the consensus estimate of $0.51 by $0.04. The business had revenue of $8.97 billion for the quarter, compared to analysts' expectations of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. The company's quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter last year, the company posted $0.74 earnings per share. Equities analysts expect that SLB will post 2.49 EPS for the current fiscal year.

Hedge Funds Weigh In On SLB

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. State Street Corp grew its stake in shares of SLB by 0.8% in the second quarter. State Street Corp now owns 91,222,641 shares of the oil and gas company's stock worth $4,267,269,000 after purchasing an additional 722,060 shares in the last quarter. First Eagle Investment Management LLC raised its stake in shares of SLB by 1.9% during the second quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company's stock valued at $1,344,199,000 after purchasing an additional 537,566 shares in the last quarter. Bank of New York Mellon Corp bought a new stake in shares of SLB during the second quarter valued at about $1,339,567,000. Amundi lifted its holdings in SLB by 15.8% in the second quarter. Amundi now owns 19,815,245 shares of the oil and gas company's stock worth $921,211,000 after purchasing an additional 2,698,766 shares during the period. Finally, Dimensional Fund Advisors LP lifted its holdings in SLB by 1.1% in the first quarter. Dimensional Fund Advisors LP now owns 15,901,998 shares of the oil and gas company's stock worth $817,246,000 after purchasing an additional 169,468 shares during the period. 81.99% of the stock is owned by institutional investors.

SLB Company Profile

SLB, formerly known as Schlumberger, is a global technology and services company serving the energy industry. The company provides equipment, technology, and technical expertise used to evaluate underground reservoirs, drill and complete wells, and optimize oil and natural gas production.

Its offerings include seismic and subsurface evaluation, well construction and drilling services, well completions, production systems, reservoir management, artificial lift, and related software and digital solutions.

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