Schlumberger (NYSE:SLB) Shares Down 1.2% Following Analyst Downgrade

Schlumberger Limited (NYSE:SLB)’s share price was down 1.2% during mid-day trading on Wednesday after Wells Fargo & Company lowered their price target on the stock from $53.00 to $49.00. Wells Fargo & Company currently has an equal weight rating on the stock. Schlumberger traded as low as $42.44 and last traded at $42.47. Approximately 2,781,078 shares traded hands during trading, a decline of 74% from the average daily volume of 10,894,420 shares. The stock had previously closed at $42.98.

Several other research analysts have also recently weighed in on SLB. Benchmark restated a “buy” rating and set a $68.00 target price on shares of Schlumberger in a report on Monday, July 22nd. StockNews.com downgraded Schlumberger from a “buy” rating to a “hold” rating in a research note on Thursday, June 6th. Bank of America reduced their price target on Schlumberger from $62.00 to $58.00 and set a “buy” rating on the stock in a report on Monday, July 15th. Royal Bank of Canada reissued an “outperform” rating and issued a $69.00 price objective on shares of Schlumberger in a report on Monday, July 22nd. Finally, Citigroup reduced their target price on shares of Schlumberger from $65.00 to $62.00 and set a “buy” rating on the stock in a research note on Friday, June 28th. Two analysts have rated the stock with a hold rating and eighteen have given a buy rating to the stock. According to MarketBeat, Schlumberger currently has a consensus rating of “Moderate Buy” and a consensus target price of $66.08.

Insider Buying and Selling at Schlumberger

In other news, EVP Mogharbel Khaled Al sold 120,668 shares of the stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total transaction of $6,056,326.92. Following the sale, the executive vice president now owns 247,699 shares of the company’s stock, valued at $12,432,012.81. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through the SEC website. In other Schlumberger news, CFO Stephane Biguet sold 50,048 shares of the company’s stock in a transaction dated Monday, July 22nd. The stock was sold at an average price of $49.94, for a total transaction of $2,499,397.12. Following the sale, the chief financial officer now owns 203,076 shares in the company, valued at approximately $10,141,615.44. The sale was disclosed in a document filed with the SEC, which is available through the SEC website. Also, EVP Mogharbel Khaled Al sold 120,668 shares of Schlumberger stock in a transaction dated Monday, July 22nd. The shares were sold at an average price of $50.19, for a total value of $6,056,326.92. Following the completion of the transaction, the executive vice president now owns 247,699 shares of the company’s stock, valued at approximately $12,432,012.81. The disclosure for this sale can be found here. Insiders sold a total of 180,716 shares of company stock valued at $9,048,624 in the last three months. 0.26% of the stock is owned by corporate insiders.

Institutional Trading of Schlumberger

Several hedge funds have recently added to or reduced their stakes in the company. Checchi Capital Advisers LLC raised its holdings in shares of Schlumberger by 1.9% in the 1st quarter. Checchi Capital Advisers LLC now owns 10,808 shares of the oil and gas company’s stock valued at $592,000 after purchasing an additional 204 shares in the last quarter. Financial Advocates Investment Management lifted its holdings in Schlumberger by 3.4% during the 2nd quarter. Financial Advocates Investment Management now owns 6,558 shares of the oil and gas company’s stock worth $309,000 after buying an additional 218 shares during the last quarter. Chilton Capital Management LLC lifted its holdings in Schlumberger by 0.8% during the 2nd quarter. Chilton Capital Management LLC now owns 26,202 shares of the oil and gas company’s stock worth $1,236,000 after buying an additional 219 shares during the last quarter. First PREMIER Bank boosted its position in shares of Schlumberger by 8.7% during the 2nd quarter. First PREMIER Bank now owns 2,842 shares of the oil and gas company’s stock worth $134,000 after acquiring an additional 227 shares in the last quarter. Finally, Team Hewins LLC increased its holdings in shares of Schlumberger by 3.0% in the 1st quarter. Team Hewins LLC now owns 7,924 shares of the oil and gas company’s stock valued at $436,000 after acquiring an additional 229 shares during the last quarter. Institutional investors and hedge funds own 81.99% of the company’s stock.

Schlumberger Stock Down 1.5 %

The firm has a 50-day moving average price of $44.12 and a two-hundred day moving average price of $47.22. The firm has a market cap of $58.85 billion, a price-to-earnings ratio of 13.68, a price-to-earnings-growth ratio of 0.92 and a beta of 1.51. The company has a debt-to-equity ratio of 0.55, a quick ratio of 1.13 and a current ratio of 1.49.

Schlumberger (NYSE:SLB) last released its quarterly earnings data on Friday, July 19th. The oil and gas company reported $0.85 earnings per share for the quarter, topping analysts’ consensus estimates of $0.83 by $0.02. Schlumberger had a net margin of 12.56% and a return on equity of 21.92%. The company had revenue of $9.14 billion for the quarter, compared to analysts’ expectations of $9.08 billion. During the same quarter last year, the company earned $0.72 earnings per share. The firm’s revenue for the quarter was up 12.8% on a year-over-year basis. On average, sell-side analysts forecast that Schlumberger Limited will post 3.49 earnings per share for the current year.

Schlumberger Announces Dividend

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, October 10th. Shareholders of record on Wednesday, September 4th will be paid a $0.275 dividend. The ex-dividend date of this dividend is Wednesday, September 4th. This represents a $1.10 annualized dividend and a yield of 2.67%. Schlumberger’s dividend payout ratio is presently 36.54%.

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.