SLB (NYSE:SLB) Stock Gets Price Target Cut from Piper Sandler

Key Points

• Piper Sandler cut SLB’s price target from $64 to $63 but maintained an “overweight” rating, implying approximately 27% upside from the stock’s $49.48 opening price.
• Analyst sentiment remains positive overall: 24 analysts rate SLB a Buy, two rate it Hold and one rates it Sell, producing a “Moderate Buy” consensus and average price target of $62.31.
• SLB exceeded quarterly expectations with adjusted EPS of $0.55 versus $0.51 expected and revenue of $8.97 billion versus $8.67 billion forecast; revenue increased 5% year over year.

SLB (NYSE:SLB - Get Free Report) had its price objective reduced by stock analysts at Piper Sandler from $64.00 to $63.00 in a research note issued on Monday, Benzinga reports. The brokerage currently has an "overweight" rating on the oil and gas company's stock. Piper Sandler's price target points to a potential upside of 27.32% from the stock's current price.

Other equities research analysts have also issued reports about the stock. Zacks Research upgraded shares of SLB from a "strong sell" rating to a "hold" rating in a research report on Tuesday, August 25th. Barclays reduced their price objective on shares of SLB from $67.00 to $66.00 and set an "overweight" rating for the company in a research note on Thursday. TD Cowen increased their target price on shares of SLB from $62.00 to $64.00 in a report on Wednesday, August 5th. Rothschild & Co Redburn boosted their price target on SLB from $66.00 to $68.00 and gave the stock a "buy" rating in a research note on Friday, September 25th. Finally, JPMorgan Chase & Co. boosted their price target on SLB from $61.00 to $62.00 and gave the stock an "overweight" rating in a research note on Monday, July 27th. Twenty-four equities research analysts have rated the stock with a Buy rating, two have given a Hold rating and one has issued a Sell rating to the company. According to data from MarketBeat.com, the company currently has an average rating of "Moderate Buy" and an average price target of $62.31.

SLB Price Performance

Shares of NYSE:SLB opened at $49.48 on Monday. The company's fifty day moving average price is $52.81 and its 200 day moving average price is $52.15. SLB has a 12 month low of $31.64 and a 12 month high of $60.46. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. The firm has a market capitalization of $73.44 billion, a P/E ratio of 23.90, a P/E/G ratio of 2.72 and a beta of 0.83.

SLB (NYSE:SLB - Get Free Report) last released its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.04. The company had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. SLB had a net margin of 8.53% and a return on equity of 14.05%. SLB's revenue for the quarter was up 5.0% on a year-over-year basis. During the same quarter in the prior year, the firm posted $0.74 earnings per share. As a group, sell-side analysts predict that SLB will post 2.48 earnings per share for the current fiscal year.

Hedge Funds Weigh In On SLB

Several institutional investors and hedge funds have recently modified their holdings of the company. Banque Pictet & Cie SA boosted its holdings in shares of SLB by 5.0% during the third quarter. Banque Pictet & Cie SA now owns 622,963 shares of the oil and gas company's stock valued at $30,351,000 after acquiring an additional 29,768 shares during the period. V Square Quantitative Management LLC grew its position in SLB by 4.8% in the 3rd quarter. V Square Quantitative Management LLC now owns 29,465 shares of the oil and gas company's stock worth $1,436,000 after purchasing an additional 1,345 shares during the last quarter. Fortitude Advisory Group L.L.C. grew its position in SLB by 1.7% in the 3rd quarter. Fortitude Advisory Group L.L.C. now owns 22,264 shares of the oil and gas company's stock worth $1,085,000 after purchasing an additional 378 shares during the last quarter. Vertrix Wealth Management LLC acquired a new stake in shares of SLB in the third quarter valued at approximately $2,917,000. Finally, QRG Capital Management Inc. increased its stake in shares of SLB by 29.5% in the second quarter. QRG Capital Management Inc. now owns 149,030 shares of the oil and gas company's stock valued at $6,928,000 after purchasing an additional 33,951 shares during the period. Hedge funds and other institutional investors own 81.99% of the company's stock.

About SLB

SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.