Evercore Forecasts Strong Price Appreciation for SLB (NYSE:SLB) Stock

SLB (NYSE:SLB) had its price target hoisted by Evercore from $63.00 to $66.00 in a research report issued on Thursday. Evercore’s price target points to a potential upside of 34.90% from the stock’s current price.

Several other equities research analysts have also commented on SLB. Royal Bank Of Canada reissued an “outperform” rating and set a $61.00 price objective on shares of SLB in a research note on Tuesday, June 16th. Wolfe Research began coverage on shares of SLB in a report on Wednesday, July 8th. They set an “outperform” rating and a $62.00 target price for the company. Raymond James Financial dropped their price target on SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a research report on Friday, July 10th. Stifel Nicolaus upped their price target on SLB from $61.00 to $64.00 and gave the stock a “buy” rating in a research note on Thursday, June 18th. Finally, Jefferies Financial Group reaffirmed a “buy” rating and set a $66.00 price objective (up from $65.00) on shares of SLB in a research report on Sunday, July 26th. Twenty-four equities research analysts have rated the stock with a Buy rating, two have assigned a Hold rating and one has issued a Sell rating to the stock. According to data from MarketBeat.com, the stock currently has a consensus rating of “Moderate Buy” and a consensus target price of $62.38.

SLB Trading Down 0.1%

NYSE SLB opened at $48.92 on Thursday. The firm has a market capitalization of $72.61 billion, a PE ratio of 23.63, a P/E/G ratio of 2.68 and a beta of 0.83. The stock’s 50 day moving average is $52.98 and its 200 day moving average is $52.24. SLB has a twelve month low of $31.64 and a twelve month high of $60.46. The company has a quick ratio of 1.05, a current ratio of 1.44 and a debt-to-equity ratio of 0.41.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.51 by $0.04. The business had revenue of $8.97 billion during the quarter, compared to the consensus estimate of $8.67 billion. SLB had a return on equity of 14.05% and a net margin of 8.53%. The firm’s quarterly revenue was up 5.0% compared to the same quarter last year. During the same quarter in the prior year, the company earned $0.74 earnings per share. Research analysts forecast that SLB will post 2.49 earnings per share for the current fiscal year.

Institutional Inflows and Outflows

A number of hedge funds have recently made changes to their positions in SLB. State Street Corp raised its position in shares of SLB by 0.8% during the 2nd quarter. State Street Corp now owns 91,222,641 shares of the oil and gas company’s stock valued at $4,267,269,000 after purchasing an additional 722,060 shares during the period. First Eagle Investment Management LLC boosted its holdings in SLB by 1.9% in the 2nd quarter. First Eagle Investment Management LLC now owns 28,913,733 shares of the oil and gas company’s stock worth $1,344,199,000 after buying an additional 537,566 shares during the period. Bank of New York Mellon Corp bought a new position in SLB in the 2nd quarter worth $1,339,567,000. Amundi increased its stake in SLB by 15.8% in the 2nd quarter. Amundi now owns 19,815,245 shares of the oil and gas company’s stock worth $921,211,000 after buying an additional 2,698,766 shares in the last quarter. Finally, Dimensional Fund Advisors LP increased its stake in SLB by 1.1% in the 1st quarter. Dimensional Fund Advisors LP now owns 15,901,998 shares of the oil and gas company’s stock worth $817,246,000 after buying an additional 169,468 shares in the last quarter. 81.99% of the stock is currently owned by institutional investors.

SLB Company Profile

SLB, formerly known as Schlumberger, is a global technology and services company serving the energy industry. The company provides equipment, technology, and technical expertise used to evaluate underground reservoirs, drill and complete wells, and optimize oil and natural gas production.

Its offerings include seismic and subsurface evaluation, well construction and drilling services, well completions, production systems, reservoir management, artificial lift, and related software and digital solutions.