Citigroup Lowers SLB (NYSE:SLB) Price Target to $63.00

Key Points

• Citigroup cut its price target on SLB from $68 to $63 while keeping a buy rating, implying about 37% upside from the current share price.
• Other analysts remain broadly positive, with recent target raises from Barclays, Goldman Sachs, Piper Sandler, JPMorgan, and RBC. The stock’s consensus rating is now “Moderate Buy” with an average target of $60.39.
• SLB recently reported better-than-expected EPS of $0.52 for the quarter, though revenue came in slightly below estimates. The company also saw insider sales and a recent stock pullback, even as it continues to win new long-term contracts.

SLB (NYSE:SLB - Get Free Report) had its target price reduced by equities research analysts at Citigroup from $68.00 to $63.00 in a research note issued to investors on Wednesday,Benzinga reports. The firm presently has a "buy" rating on the oil and gas company's stock. Citigroup's price target would indicate a potential upside of 37.17% from the stock's current price.

Several other equities analysts have also recently weighed in on SLB. Barclays lifted their price target on SLB from $49.00 to $51.00 and gave the company an "overweight" rating in a research report on Monday, April 27th. The Goldman Sachs Group raised their target price on SLB from $53.00 to $60.00 and gave the stock a "buy" rating in a research note on Wednesday, March 4th. Piper Sandler upped their price target on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a research report on Wednesday, April 15th. JPMorgan Chase & Co. increased their price target on shares of SLB from $54.00 to $61.00 and gave the stock an "overweight" rating in a report on Monday, April 27th. Finally, Royal Bank Of Canada restated an "outperform" rating and issued a $61.00 price objective on shares of SLB in a research report on Tuesday, June 16th. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have assigned a Buy rating, three have given a Hold rating and one has issued a Sell rating to the company. Based on data from MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and an average price target of $60.39.

SLB Stock Performance

SLB stock traded down $0.56 during trading on Wednesday, hitting $45.93. The stock had a trading volume of 4,809,408 shares, compared to its average volume of 17,934,826. The stock's 50 day moving average is $53.99 and its two-hundred day moving average is $49.56. SLB has a 1 year low of $31.64 and a 1 year high of $58.82. The stock has a market cap of $68.67 billion, a price-to-earnings ratio of 20.04, a price-to-earnings-growth ratio of 1.86 and a beta of 0.70. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35.

SLB (NYSE:SLB - Get Free Report) last issued its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The firm had revenue of $8.72 billion for the quarter, compared to analyst estimates of $8.76 billion. During the same period in the previous year, the company posted $0.72 earnings per share. The business's revenue was up 2.7% on a year-over-year basis. As a group, analysts predict that SLB will post 2.62 EPS for the current year.

Insider Transactions at SLB

In related news, Director La Chevardiere Patrick De sold 2,000 shares of the firm's stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $54.33, for a total value of $108,660.00. Following the sale, the director directly owned 16,953 shares of the company's stock, valued at $921,056.49. This trade represents a 10.55% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Steve Matthew Gassen sold 53,379 shares of SLB stock in a transaction that occurred on Friday, May 1st. The shares were sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president owned 47,421 shares of the company's stock, valued at approximately $2,664,111.78. The trade was a 52.96% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. Company insiders own 0.16% of the company's stock.

Institutional Trading of SLB

A number of hedge funds have recently made changes to their positions in the stock. Evergreen Advisors LLC purchased a new stake in SLB during the first quarter valued at about $26,000. Costello Asset Management INC increased its position in shares of SLB by 93.3% during the 1st quarter. Costello Asset Management INC now owns 580 shares of the oil and gas company's stock valued at $30,000 after purchasing an additional 280 shares during the last quarter. MV Capital Management Inc. purchased a new position in shares of SLB during the 4th quarter valued at about $28,000. Sound Income Strategies LLC raised its holdings in shares of SLB by 71.1% during the 1st quarter. Sound Income Strategies LLC now owns 780 shares of the oil and gas company's stock valued at $39,000 after buying an additional 324 shares in the last quarter. Finally, Steph & Co. lifted its position in SLB by 97.5% in the 4th quarter. Steph & Co. now owns 798 shares of the oil and gas company's stock worth $31,000 after buying an additional 394 shares during the last quarter. 81.99% of the stock is owned by institutional investors.

SLB News Roundup

Here are the key news stories impacting SLB this week:

• Positive Sentiment: SLB won a seven-year contract from Kuwait Oil Company under the Ahmadi Innovation Valley initiative, expanding its role in applied research, technology deployment, and digital innovation. The deal suggests longer-term revenue visibility and reinforces SLB’s position as a key energy technology partner. Article Title
• Positive Sentiment: SLB also expanded its long-term lease at its Shreveport, Louisiana campus, signaling continued operational growth and ongoing use of the large industrial facility. Article Title
• Neutral Sentiment: Some coverage argues SLB may be oversold after a sharp recent pullback, with analysts still revising earnings estimates higher, which could set up a technical rebound if sentiment stabilizes. Article Title
• Negative Sentiment: Broader oil market weakness tied to easing geopolitical risk is weighing on SLB, since lower crude prices can pressure exploration and production spending by SLB’s customers. Article Title
• Negative Sentiment: Several reports describe SLB as facing a “cooler oil test,” highlighting investor concern that weaker energy-market conditions could limit near-term upside. Article Title

SLB Company Profile

SLB NYSE: SLB, historically known as Schlumberger, is a leading global provider of technology, integrated project management and information solutions for the energy industry. Founded by Conrad and Marcel Schlumberger in 1926, the company develops and supplies products and services used across the exploration, drilling, completion and production phases of oil and gas development. Its offerings are intended to help operators characterize reservoirs, drill and complete wells, optimize production and manage field operations throughout the asset lifecycle.

SLB's product and service portfolio spans reservoir characterization and well testing, wireline and logging services, directional drilling and drilling tools, well construction and completion technologies, production systems, and subsea equipment.

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.