SLB (NYSE:SLB) Price Target Raised to $69.00

SLB (NYSE:SLB) had its price objective lifted by UBS Group from $61.00 to $69.00 in a report released on Wednesday morning,Benzinga reports. They currently have a buy rating on the oil and gas company’s stock.

A number of other research firms also recently commented on SLB. Morgan Stanley set a $57.00 target price on SLB in a research report on Monday. Susquehanna boosted their target price on SLB from $60.00 to $65.00 and gave the stock a “positive” rating in a research report on Monday. Piper Sandler boosted their target price on SLB from $53.00 to $59.00 and gave the stock an “overweight” rating in a research report on Wednesday, April 15th. BMO Capital Markets boosted their target price on SLB from $55.00 to $63.00 and gave the stock an “outperform” rating in a research report on Monday, April 27th. Finally, Citigroup boosted their target price on SLB from $53.00 to $56.00 and gave the stock a “buy” rating in a research report on Monday, January 26th. Three research 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 given a Sell rating to the stock. According to MarketBeat.com, SLB presently has a consensus rating of “Moderate Buy” and an average target price of $58.95.

SLB Price Performance

Shares of NYSE:SLB traded up $0.12 during mid-day trading on Wednesday, reaching $57.00. The stock had a trading volume of 9,710,382 shares, compared to its average volume of 14,052,723. The company has a current ratio of 1.34, a quick ratio of 0.98 and a debt-to-equity ratio of 0.35. The company has a market cap of $85.65 billion, a P/E ratio of 24.89, a price-to-earnings-growth ratio of 4.02 and a beta of 0.69. SLB has a 1 year low of $31.64 and a 1 year high of $57.20. The business’s 50 day moving average price is $50.67 and its 200 day moving average price is $44.29.

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

SLB Dividend Announcement

The business also recently disclosed a quarterly dividend, which will be paid on Thursday, July 9th. Shareholders of record on Wednesday, June 3rd will be given a dividend of $0.295 per share. The ex-dividend date is Wednesday, June 3rd. This represents a $1.18 dividend on an annualized basis and a yield of 2.1%. SLB’s dividend payout ratio is 51.53%.

Insider Transactions at SLB

In other SLB news, EVP Steve Matthew Gassen sold 53,379 shares of the company’s stock in a transaction that occurred on Friday, May 1st. The stock was sold at an average price of $56.18, for a total transaction of $2,998,832.22. Following the sale, the executive vice president directly owned 47,421 shares in the company, valued at $2,664,111.78. This represents a 52.96% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which is available at this link. 0.16% of the stock is currently owned by company insiders.

Institutional Investors Weigh In On SLB

A number of hedge funds and other institutional investors have recently added to or reduced their stakes in the stock. LGT Fund Management Co Ltd. purchased a new stake in SLB during the first quarter valued at approximately $267,000. International Assets Investment Management LLC bought a new position in shares of SLB during the first quarter valued at approximately $217,000. Associated Banc Corp grew its stake in shares of SLB by 7.1% during the first quarter. Associated Banc Corp now owns 38,102 shares of the oil and gas company’s stock valued at $1,958,000 after buying an additional 2,539 shares during the last quarter. Diversify Wealth Management LLC bought a new position in shares of SLB during the first quarter valued at approximately $755,000. Finally, Carnegie Investment Counsel grew its stake in shares of SLB by 23.3% during the first quarter. Carnegie Investment Counsel now owns 6,657 shares of the oil and gas company’s stock valued at $342,000 after buying an additional 1,260 shares during the last quarter. 81.99% of the stock is currently owned by hedge funds and other institutional investors.

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.