Schlumberger (NYSE:SLB) Price Target Cut to $65.00 by Analysts at TD Cowen

Schlumberger (NYSE:SLB) had its target price cut by equities research analysts at TD Cowen from $68.00 to $65.00 in a report issued on Monday, Briefing.com reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. TD Cowen’s price objective would indicate a potential upside of 55.06% from the company’s previous close.

A number of other research analysts have also recently commented on the stock. Piper Sandler cut their price target on shares of Schlumberger from $71.00 to $66.00 and set an “overweight” rating for the company in a research note on Monday, July 15th. Royal Bank of Canada restated an “outperform” rating and set a $69.00 target price on shares of Schlumberger in a research report on Thursday, October 3rd. Citigroup lowered their price target on Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research report on Friday, June 28th. Wells Fargo & Company cut their price objective on Schlumberger from $53.00 to $49.00 and set an “equal weight” rating for the company in a report on Wednesday, September 25th. Finally, BMO Capital Markets lowered their target price on shares of Schlumberger from $60.00 to $58.00 and set an “outperform” rating on the stock in a report on Thursday, October 10th. Two research analysts have rated the stock with a hold rating and eighteen have assigned a buy rating to the stock. Based on data from MarketBeat, the company currently has an average rating of “Moderate Buy” and an average target price of $63.03.

Schlumberger Stock Performance

SLB opened at $41.92 on Monday. The stock’s 50 day simple moving average is $43.10 and its 200-day simple moving average is $45.95. The company has a current ratio of 1.49, a quick ratio of 1.13 and a debt-to-equity ratio of 0.55. The stock has a market cap of $59.92 billion, a PE ratio of 13.93, a P/E/G ratio of 0.96 and a beta of 1.51. Schlumberger has a 1 year low of $38.66 and a 1 year high of $60.85.

Schlumberger (NYSE:SLB) last announced its quarterly earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.88 by $0.01. The firm had revenue of $9.16 billion for the quarter, compared to analyst estimates of $9.27 billion. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The business’s revenue for the quarter was up 10.2% on a year-over-year basis. During the same quarter in the previous year, the firm posted $0.78 EPS. Sell-side analysts forecast that Schlumberger will post 3.46 EPS for the current year.

Institutional Inflows and Outflows

Several hedge funds have recently modified their holdings of the business. Register Financial Advisors LLC acquired a new position in Schlumberger in the first quarter valued at approximately $27,000. Manchester Capital Management LLC lifted its stake in shares of Schlumberger by 297.9% in the 1st quarter. Manchester Capital Management LLC now owns 569 shares of the oil and gas company’s stock valued at $31,000 after purchasing an additional 426 shares during the period. Bruce G. Allen Investments LLC boosted its position in shares of Schlumberger by 204.2% in the 2nd quarter. Bruce G. Allen Investments LLC now owns 584 shares of the oil and gas company’s stock worth $28,000 after purchasing an additional 392 shares during the last quarter. ORG Partners LLC grew its stake in shares of Schlumberger by 393.5% during the third quarter. ORG Partners LLC now owns 607 shares of the oil and gas company’s stock worth $25,000 after purchasing an additional 484 shares during the period. Finally, Unique Wealth Strategies LLC bought a new stake in Schlumberger in the second quarter valued at about $30,000. Institutional investors own 81.99% of the company’s stock.

Schlumberger Company Profile

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.