Susquehanna Issues Pessimistic Forecast for SLB (NYSE:SLB) Stock Price

Key Points

• Susquehanna cut its price target on SLB from $65 to $55, though it kept a “positive” rating. The new target still implies about 18.36% upside from the stock’s current price.
• Analyst sentiment remains mostly constructive overall, with SLB holding a “Moderate Buy” consensus and a consensus price target of $59.61. Recent calls from other firms were mixed, including target cuts from Citigroup and boosts from Piper Sandler, Stifel Nicolaus, and Bernstein.
• SLB last reported better-than-expected EPS of $0.52 on revenue of $8.72 billion, while revenue grew 2.7% year over year. The company also saw notable insider selling, including a large share sale by EVP Steve Matthew Gassen.

SLB (NYSE:SLB - Get Free Report) had its price target cut by Susquehanna from $65.00 to $55.00 in a note issued to investors on Wednesday,Benzinga reports. The firm currently has a "positive" rating on the oil and gas company's stock. Susquehanna's target price suggests a potential upside of 18.36% from the company's current price.

Several other analysts have also issued reports on the company. Jefferies Financial Group reiterated a "buy" rating and set a $65.00 price objective on shares of SLB in a report on Sunday, April 26th. Citigroup dropped their target price on SLB from $68.00 to $63.00 and set a "buy" rating on the stock in a research report on Wednesday, July 1st. Piper Sandler lifted their price target on SLB from $53.00 to $59.00 and gave the company an "overweight" rating in a report on Wednesday, April 15th. Stifel Nicolaus boosted their price target on SLB from $61.00 to $64.00 and gave the company a "buy" rating in a research note on Thursday, June 18th. Finally, Sanford C. Bernstein raised their price objective on shares of SLB from $56.10 to $71.00 and gave the company an "outperform" rating in a research report on Monday, May 11th. Two investment analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have issued a Hold rating and one has issued a Sell rating to the company. According to MarketBeat.com, the company presently has a consensus rating of "Moderate Buy" and a consensus price target of $59.61.

SLB Price Performance

Shares of SLB opened at $46.47 on Wednesday. The business's 50-day moving average is $53.13 and its 200-day moving average is $49.79. The company has a debt-to-equity ratio of 0.35, a current ratio of 1.34 and a quick ratio of 0.98. The company has a market capitalization of $69.48 billion, a price-to-earnings ratio of 20.29, a P/E/G ratio of 1.85 and a beta of 0.72. SLB has a fifty-two week low of $31.64 and a fifty-two week high of $58.82.

SLB (NYSE:SLB - Get Free Report) last announced its quarterly earnings data on Saturday, April 25th. The oil and gas company reported $0.52 EPS for the quarter, beating analysts' consensus estimates of $0.51 by $0.01. The firm had revenue of $8.72 billion for the quarter, compared to the consensus estimate of $8.76 billion. SLB had a net margin of 9.26% and a return on equity of 15.54%. The firm's revenue was up 2.7% on a year-over-year basis. During the same period in the previous year, the firm posted $0.72 earnings per share. Equities research analysts expect that SLB will post 2.6 EPS for the current fiscal year.

Insider Transactions at SLB

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

Hedge Funds Weigh In On SLB

A number of hedge funds have recently made changes to their positions in SLB. Evanson Financial LLC bought a new stake in shares of SLB in the 2nd quarter valued at approximately $393,000. Foster Group Inc. bought a new position in shares of SLB during the 2nd quarter worth approximately $544,000. Hamlin Capital Management LLC boosted its stake in SLB by 53.4% in the 2nd quarter. Hamlin Capital Management LLC now owns 1,644,026 shares of the oil and gas company's stock valued at $76,431,000 after buying an additional 572,287 shares in the last quarter. Mirador Capital Partners LP grew its position in SLB by 9.4% in the second quarter. Mirador Capital Partners LP now owns 14,758 shares of the oil and gas company's stock valued at $686,000 after acquiring an additional 1,268 shares during the period. Finally, Balefire LLC bought a new stake in SLB in the second quarter valued at $539,000. Institutional investors and hedge funds own 81.99% of the company's stock.

About SLB

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.

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