Piper Sandler Lowers Schlumberger (NYSE:SLB) Price Target to $41.00

Key Points

• Piper Sandler has lowered Schlumberger's price target from $42.00 to $41.00 while maintaining a "neutral" rating on the stock, implying a potential upside of 26.23% from its previous close.
• Schlumberger recently reported $8.55 billion in revenue for the quarter, exceeding expectations, but its earnings per share declined 6.5% year-over-year.
• The stock currently holds a consensus rating of "Moderate Buy" among analysts, with the average target price of $52.00, reflecting mixed sentiments about its future performance.

Schlumberger (NYSE:SLB - Get Free Report) had its price target decreased by analysts at Piper Sandler from $42.00 to $41.00 in a research note issued to investors on Thursday,Benzinga reports. The firm presently has a "neutral" rating on the oil and gas company's stock. Piper Sandler's target price would suggest a potential upside of 26.23% from the company's previous close.

Several other equities analysts have also recently weighed in on SLB. Stifel Nicolaus lowered their price objective on shares of Schlumberger from $54.00 to $52.00 and set a "buy" rating on the stock in a research report on Wednesday, July 16th. Melius began coverage on shares of Schlumberger in a research note on Wednesday, August 20th. They issued a "buy" rating and a $82.00 price objective for the company. JPMorgan Chase & Co. reduced their price objective on shares of Schlumberger from $46.00 to $44.00 and set an "overweight" rating for the company in a research note on Monday, June 30th. UBS Group reduced their price objective on shares of Schlumberger from $45.00 to $44.00 and set a "buy" rating for the company in a research note on Wednesday, August 20th. Finally, Weiss Ratings reissued a "hold (c-)" rating on shares of Schlumberger in a research report on Wednesday, October 8th. Two investment analysts have rated the stock with a Strong Buy rating, twelve have given a Buy rating and six have issued a Hold rating to the company's stock. According to data from MarketBeat.com, the stock currently has a consensus rating of "Moderate Buy" and a consensus target price of $52.00.

Schlumberger Price Performance

Schlumberger stock traded down $0.09 during mid-day trading on Thursday, hitting $32.48. The company's stock had a trading volume of 9,015,584 shares, compared to its average volume of 16,282,332. The company has a quick ratio of 0.98, a current ratio of 1.31 and a debt-to-equity ratio of 0.51. The stock has a market capitalization of $48.51 billion, a P/E ratio of 11.12, a P/E/G ratio of 9.06 and a beta of 0.97. The stock's fifty day moving average price is $34.49 and its two-hundred day moving average price is $34.71. Schlumberger has a twelve month low of $31.11 and a twelve month high of $44.97.

Schlumberger (NYSE:SLB - Get Free Report) last issued its earnings results on Friday, July 18th. The oil and gas company reported $0.74 earnings per share (EPS) for the quarter, topping analysts' consensus estimates of $0.73 by $0.01. Schlumberger had a return on equity of 20.99% and a net margin of 11.53%.The business had revenue of $8.55 billion for the quarter, compared to analysts' expectations of $8.51 billion. During the same period in the previous year, the firm posted $0.85 EPS. The company's quarterly revenue was down 6.5% on a year-over-year basis. Research analysts forecast that Schlumberger will post 3.38 earnings per share for the current year.

Insider Activity

In other news, insider Dianne B. Ralston sold 39,727 shares of the business's stock in a transaction dated Friday, September 12th. The shares were sold at an average price of $36.08, for a total transaction of $1,433,350.16. Following the transaction, the insider owned 202,201 shares in the company, valued at approximately $7,295,412.08. The trade was a 16.42% decrease in their position. The transaction was disclosed in a document filed with the SEC, which can be accessed through the SEC website. Insiders own 0.22% of the company's stock.

Institutional Trading of Schlumberger

A number of institutional investors and hedge funds have recently added to or reduced their stakes in the business. Hedges Asset Management LLC increased its stake in Schlumberger by 0.9% in the third quarter. Hedges Asset Management LLC now owns 35,000 shares of the oil and gas company's stock valued at $1,203,000 after acquiring an additional 300 shares during the period. Legacy Wealth Asset Management LLC increased its stake in Schlumberger by 2.2% in the second quarter. Legacy Wealth Asset Management LLC now owns 14,382 shares of the oil and gas company's stock valued at $486,000 after acquiring an additional 308 shares during the period. EntryPoint Capital LLC increased its stake in Schlumberger by 4.5% in the first quarter. EntryPoint Capital LLC now owns 7,348 shares of the oil and gas company's stock valued at $307,000 after acquiring an additional 316 shares during the period. Heritage Wealth Management Inc. Texas increased its stake in Schlumberger by 2.2% in the first quarter. Heritage Wealth Management Inc. Texas now owns 14,736 shares of the oil and gas company's stock valued at $616,000 after acquiring an additional 318 shares during the period. Finally, Horizon Investments LLC increased its stake in Schlumberger by 1.5% in the first quarter. Horizon Investments LLC now owns 22,633 shares of the oil and gas company's stock valued at $946,000 after acquiring an additional 330 shares during the period. Institutional investors own 81.99% of the company's stock.

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.

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