SLB (NYSE:SLB) Given New $63.00 Price Target at Citigroup

SLB (NYSE:SLB) had its price objective reduced by Citigroup from $68.00 to $63.00 in a research note issued on Wednesday,Benzinga reports. The brokerage currently has a “buy” rating on the oil and gas company’s stock. Citigroup’s price target indicates a potential upside of 37.17% from the stock’s previous close.

Other research analysts also recently issued reports about the stock. JPMorgan Chase & Co. lifted their target price on shares of SLB from $54.00 to $61.00 and gave the stock an “overweight” rating in a research note on Monday, April 27th. Susquehanna upped their price objective on shares of SLB from $60.00 to $65.00 and gave the company a “positive” rating in a research note on Monday, April 27th. Weiss Ratings cut SLB from a “hold (c+)” rating to a “hold (c)” rating in a research note on Wednesday, May 6th. The Goldman Sachs Group boosted their price target on SLB from $53.00 to $60.00 and gave the company a “buy” rating in a report on Wednesday, March 4th. Finally, UBS Group set a $66.00 price objective on SLB in a report on Wednesday. Two equities research analysts have rated the stock with a Strong Buy rating, sixteen have given a Buy rating, three have given a Hold rating and one has assigned a Sell rating to the stock. According to MarketBeat, SLB currently has an average rating of “Moderate Buy” and a consensus target price of $60.39.

SLB Trading Down 1.2%

Shares of SLB traded down $0.56 during trading hours on Wednesday, hitting $45.93. The company had a trading volume of 4,809,408 shares, compared to its average volume of 17,934,826. The firm has a market cap of $68.67 billion, a P/E ratio of 20.04, a P/E/G ratio of 1.86 and a beta of 0.70. The stock’s 50 day moving average price is $53.99 and its 200 day moving average price is $49.56. The company has a quick ratio of 0.98, a current ratio of 1.34 and a debt-to-equity ratio of 0.35. SLB has a 52-week low of $31.64 and a 52-week high of $58.82.

SLB (NYSE:SLB) last issued its earnings results on Saturday, April 25th. The oil and gas company reported $0.52 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.01. SLB had a return on equity of 15.54% and a net margin of 9.26%.The company had revenue of $8.72 billion during the quarter, compared to analysts’ expectations of $8.76 billion. During the same period in the prior year, the business posted $0.72 EPS. SLB’s quarterly revenue was up 2.7% compared to the same quarter last year. On average, research analysts predict that SLB will post 2.62 EPS for the current year.

Insider Buying and Selling

In other news, EVP Steve Matthew Gassen sold 53,379 shares of the stock in a transaction that occurred on 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 completion of the transaction, the executive vice president owned 47,421 shares of the company’s stock, valued at approximately $2,664,111.78. This represents a 52.96% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, Director La Chevardiere Patrick De sold 2,000 shares of the firm’s stock in a transaction that occurred on Thursday, May 7th. The shares were sold at an average price of $54.33, for a total value of $108,660.00. Following the completion of the transaction, the director owned 16,953 shares of the company’s stock, valued at approximately $921,056.49. The trade was a 10.55% decrease in their position. The SEC filing for this sale provides additional information. 0.16% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

A number of large investors have recently bought and sold shares of the business. Norges Bank bought a new position in shares of SLB during the fourth quarter valued at approximately $809,557,000. Bank of New York Mellon Corp boosted its position in shares of SLB by 56.8% in the 1st quarter. Bank of New York Mellon Corp now owns 24,615,243 shares of the oil and gas company’s stock worth $1,264,977,000 after purchasing an additional 8,918,412 shares in the last quarter. Wellington Management Group LLP grew its stake in shares of SLB by 50.6% in the 4th quarter. Wellington Management Group LLP now owns 16,635,566 shares of the oil and gas company’s stock worth $638,473,000 after buying an additional 5,589,585 shares during the last quarter. State Street Corp grew its stake in shares of SLB by 7.0% in the 3rd quarter. State Street Corp now owns 83,617,999 shares of the oil and gas company’s stock worth $2,898,037,000 after buying an additional 5,466,786 shares during the last quarter. Finally, Capital International Investors increased its position in SLB by 86.9% during the 4th quarter. Capital International Investors now owns 11,627,072 shares of the oil and gas company’s stock valued at $446,247,000 after buying an additional 5,404,948 shares in the last quarter. 81.99% of the stock is owned by hedge funds and other institutional investors.

SLB News Summary

Here are the key news stories impacting SLB this week:

• Positive Sentiment: SLB won a seven-year contract from Kuwait Oil Company under the Ahmadi Innovation Valley initiative, expanding its role in applied research, technology deployment, and digital innovation. The deal suggests longer-term revenue visibility and reinforces SLB’s position as a key energy technology partner. Article Title
• Positive Sentiment: SLB also expanded its long-term lease at its Shreveport, Louisiana campus, signaling continued operational growth and ongoing use of the large industrial facility. Article Title
• Neutral Sentiment: Some coverage argues SLB may be oversold after a sharp recent pullback, with analysts still revising earnings estimates higher, which could set up a technical rebound if sentiment stabilizes. Article Title
• Negative Sentiment: Broader oil market weakness tied to easing geopolitical risk is weighing on SLB, since lower crude prices can pressure exploration and production spending by SLB’s customers. Article Title
• Negative Sentiment: Several reports describe SLB as facing a “cooler oil test,” highlighting investor concern that weaker energy-market conditions could limit near-term upside. Article Title

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.