SLB (NYSE:SLB) Upgraded by Zacks Research to “Hold” Rating

SLB (NYSE:SLB) was upgraded by equities research analysts at Zacks Research from a “strong sell” rating to a “hold” rating in a report issued on Tuesday,Zacks.com reports.

A number of other research firms have also recently commented on SLB. Raymond James Financial reduced their target price on SLB from $62.00 to $61.00 and set an “outperform” rating on the stock in a research note on Friday, July 10th. Morgan Stanley upped their price objective on SLB from $54.00 to $55.00 and gave the stock an “overweight” rating in a report on Monday, July 27th. Citigroup reduced their price objective on SLB from $68.00 to $63.00 and set a “buy” rating on the stock in a research report on Wednesday, July 1st. JPMorgan Chase & Co. increased their target price on shares of SLB from $54.00 to $61.00 and gave the company an “overweight” rating in a report on Monday, April 27th. Finally, Wolfe Research began coverage on SLB in a report on Wednesday, July 8th. They issued an “outperform” rating and a $62.00 price objective on the stock. Two equities research analysts have rated the stock with a Strong Buy rating, eighteen have assigned a Buy rating, two have assigned a Hold rating and one has assigned a Sell rating to the stock. According to data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and an average price target of $61.35.

SLB Price Performance

SLB stock opened at $53.66 on Tuesday. The company has a debt-to-equity ratio of 0.41, a current ratio of 1.44 and a quick ratio of 1.05. SLB has a one year low of $31.64 and a one year high of $58.82. The stock has a market cap of $79.64 billion, a PE ratio of 25.92, a P/E/G ratio of 3.52 and a beta of 0.73. The firm has a 50 day simple moving average of $49.38 and a two-hundred day simple moving average of $51.34.

SLB (NYSE:SLB) last posted its quarterly earnings data on Saturday, July 25th. The oil and gas company reported $0.55 earnings per share for the quarter, beating the consensus estimate of $0.51 by $0.04. SLB had a net margin of 8.53% and a return on equity of 14.05%. The firm had revenue of $8.97 billion for the quarter, compared to analysts’ expectations of $8.67 billion. During the same quarter last year, the company posted $0.74 EPS. The business’s quarterly revenue was up 5.0% on a year-over-year basis. On average, analysts predict that SLB will post 2.5 EPS for the current fiscal year.

Institutional Trading of SLB

Several institutional investors and hedge funds have recently modified their holdings of SLB. California State Teachers Retirement System lifted its stake in SLB by 2,891.7% in the 2nd quarter. California State Teachers Retirement System now owns 145,176,833 shares of the oil and gas company’s stock worth $6,749,271,000 after purchasing an additional 140,324,172 shares in the last quarter. State Street Corp raised its stake in SLB by 1.0% during the fourth quarter. State Street Corp now owns 84,417,217 shares of the oil and gas company’s stock valued at $3,263,998,000 after purchasing an additional 799,218 shares in the last quarter. Charles Schwab Investment Management Inc. lifted its position in SLB by 2.8% during the fourth quarter. Charles Schwab Investment Management Inc. now owns 54,006,438 shares of the oil and gas company’s stock valued at $2,072,844,000 after purchasing an additional 1,458,650 shares during the last quarter. Morgan Stanley grew its stake in shares of SLB by 1.3% in the 4th quarter. Morgan Stanley now owns 37,095,243 shares of the oil and gas company’s stock worth $1,423,716,000 after buying an additional 482,533 shares in the last quarter. Finally, Geode Capital Management LLC increased its holdings in shares of SLB by 1.5% in the 4th quarter. Geode Capital Management LLC now owns 33,840,883 shares of the oil and gas company’s stock worth $1,292,993,000 after buying an additional 510,747 shares during the last quarter. 81.99% of the stock is currently owned by institutional investors.

SLB News Roundup

Here are the key news stories impacting SLB this week:

• Positive Sentiment: New North Sea carbon-storage contract: SLB was selected as strategic reservoir partner for Norway’s Havstjerne carbon-storage project. The company will provide reservoir technology and engineering services during the concept and front-end engineering and design phases, strengthening its position in Europe’s emerging carbon-capture and storage market. SLB selected as reservoir partner for Havstjerne carbon storage project
• Positive Sentiment: Potential Venezuelan growth opportunity: A contract with Venezuela’s state-run PDVSA reportedly gives SLB access to the country’s oilfield data. Access to data from one of the world’s largest oil-reserve holders could create opportunities for future reservoir evaluation, production optimization and oilfield-services work, though the commercial benefits remain uncertain. SLB gains access to Venezuela’s coveted oilfield data through contract
• Neutral Sentiment: CEO share sale: Chief Executive Olivier Le Peuch sold 25,000 SLB shares under a prearranged Rule 10b5-1 trading plan. Because the transaction was scheduled in advance, it does not necessarily signal a change in management’s view of the company, but it can still attract investor attention. SLB CEO Olivier Le Peuch executes sale of 25,000 shares
• Negative Sentiment: Recent trading weakness: SLB declined in the prior session even as the broader market advanced, indicating some relative investor caution despite the new project announcements. SLB stock falls amid market uptick

SLB Company Profile

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.