Citigroup Has Lowered Expectations for Schlumberger (NYSE:SLB) Stock Price

Schlumberger (NYSE:SLB - Free Report) had its price target cut by Citigroup from $53.00 to $50.00 in a report published on Thursday morning,Benzinga reports. They currently have a buy rating on the oil and gas company's stock.

SLB has been the topic of a number of other reports. Wells Fargo & Company dropped their target price on Schlumberger from $49.00 to $46.00 and set an "equal weight" rating on the stock in a research report on Tuesday. Piper Sandler initiated coverage on shares of Schlumberger in a research report on Thursday. They set a "neutral" rating and a $47.00 price target for the company. Atb Cap Markets downgraded shares of Schlumberger from a "strong-buy" rating to a "hold" rating in a research note on Tuesday, December 10th. Susquehanna dropped their target price on shares of Schlumberger from $60.00 to $56.00 and set a "positive" rating for the company in a research report on Monday, October 21st. Finally, BMO Capital Markets reduced their price target on shares of Schlumberger from $60.00 to $58.00 and set an "outperform" rating on the stock in a research report on Thursday, October 10th. Four equities research analysts have rated the stock with a hold rating, sixteen have issued a buy rating and one has issued a strong buy rating to the company. According to MarketBeat, the stock currently has a consensus rating of "Moderate Buy" and a consensus price target of $58.85.

Schlumberger Trading Down 1.1 %

SLB traded down $0.42 during trading on Thursday, hitting $36.91. The company's stock had a trading volume of 16,156,003 shares, compared to its average volume of 11,223,708. Schlumberger has a twelve month low of $36.52 and a twelve month high of $55.69. The stock has a market cap of $52.12 billion, a PE ratio of 11.87, a PEG ratio of 1.42 and a beta of 1.51. The firm's 50 day moving average price is $42.38 and its 200-day moving average price is $43.85. The company has a debt-to-equity ratio of 0.52, a current ratio of 1.48 and a quick ratio of 1.12.

Schlumberger (NYSE:SLB - Get Free Report) last issued its earnings results on Friday, October 18th. The oil and gas company reported $0.89 earnings per share for the quarter, beating analysts' consensus estimates of $0.88 by $0.01. Schlumberger had a return on equity of 21.84% and a net margin of 12.44%. The firm had revenue of $9.16 billion for the quarter, compared to analysts' expectations of $9.27 billion. During the same quarter last year, the firm earned $0.78 earnings per share. The firm's revenue for the quarter was up 10.2% compared to the same quarter last year. On average, analysts expect that Schlumberger will post 3.39 earnings per share for the current year.

Schlumberger Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, January 9th. Investors of record on Wednesday, December 4th will be paid a dividend of $0.275 per share. The ex-dividend date of this dividend is Wednesday, December 4th. This represents a $1.10 dividend on an annualized basis and a dividend yield of 2.98%. Schlumberger's dividend payout ratio is presently 35.37%.

Insiders Place Their Bets

In related news, EVP Abdellah Merad sold 60,000 shares of the stock in a transaction that occurred on Thursday, October 24th. The shares were sold at an average price of $41.90, for a total transaction of $2,514,000.00. Following the completion of the sale, the executive vice president now directly owns 211,937 shares of the company's stock, valued at $8,880,160.30. This represents a 22.06 % decrease in their ownership of the stock. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at the SEC website. 0.26% of the stock is currently owned by insiders.

Institutional Inflows and Outflows

Institutional investors have recently modified their holdings of the stock. Ceredex Value Advisors LLC purchased a new stake in shares of Schlumberger in the 2nd quarter valued at approximately $92,944,000. 1832 Asset Management L.P. purchased a new stake in shares of Schlumberger in the second quarter valued at $91,364,000. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC boosted its position in shares of Schlumberger by 20.6% in the third quarter. UBS AM a distinct business unit of UBS ASSET MANAGEMENT AMERICAS LLC now owns 11,213,944 shares of the oil and gas company's stock worth $470,425,000 after buying an additional 1,916,851 shares during the period. Legal & General Group Plc grew its holdings in shares of Schlumberger by 14.0% during the second quarter. Legal & General Group Plc now owns 12,686,384 shares of the oil and gas company's stock valued at $598,544,000 after buying an additional 1,560,684 shares in the last quarter. Finally, Dimensional Fund Advisors LP raised its position in Schlumberger by 14.9% during the second quarter. Dimensional Fund Advisors LP now owns 7,067,465 shares of the oil and gas company's stock valued at $333,445,000 after buying an additional 915,705 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.