The Goldman Sachs Group Boosts SLB (NYSE:SLB) Price Target to $60.00

SLB (NYSE:SLB) had its price objective lifted by stock analysts at The Goldman Sachs Group from $53.00 to $60.00 in a research report issued to clients and investors on Wednesday,Benzinga reports. The brokerage presently has a “buy” rating on the oil and gas company’s stock. The Goldman Sachs Group’s price objective suggests a potential upside of 26.80% from the stock’s current price.

Several other research firms have also recently commented on SLB. BMO Capital Markets boosted their target price on SLB from $53.00 to $55.00 and gave the company an “outperform” rating in a research note on Monday, January 26th. Susquehanna boosted their price objective on shares of SLB from $52.00 to $58.00 and gave the stock a “positive” rating in a research report on Monday, January 26th. Stifel Nicolaus set a $56.00 target price on shares of SLB in a report on Monday, January 26th. Morgan Stanley reaffirmed an “overweight” rating and issued a $50.00 target price on shares of SLB in a research report on Wednesday, January 21st. Finally, Piper Sandler boosted their price target on shares of SLB from $42.00 to $45.00 and gave the stock an “overweight” rating in a research report on Thursday, December 18th. Three 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 issued a Sell rating to the stock. Based on data from MarketBeat, the company has an average rating of “Moderate Buy” and a consensus target price of $52.96.

SLB Stock Down 1.2%

NYSE:SLB opened at $47.32 on Wednesday. SLB has a 1 year low of $31.11 and a 1 year high of $52.45. The stock has a 50-day moving average price of $47.55 and a two-hundred day moving average price of $39.89. The stock has a market cap of $71.10 billion, a price-to-earnings ratio of 19.97, a PEG ratio of 3.26 and a beta of 0.68. The company has a current ratio of 1.33, a quick ratio of 0.98 and a debt-to-equity ratio of 0.36.

SLB (NYSE:SLB) last released its quarterly earnings results on Friday, January 23rd. The oil and gas company reported $0.78 earnings per share for the quarter, beating the consensus estimate of $0.74 by $0.04. The company had revenue of $9.75 billion during the quarter, compared to analysts’ expectations of $9.54 billion. SLB had a net margin of 9.45% and a return on equity of 17.45%. The business’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 $0.92 earnings per share. As a group, equities analysts expect that SLB will post 3.38 earnings per share for the current year.

Insider Activity at SLB

In other news, insider Dianne B. Ralston sold 18,617 shares of the company’s stock in a transaction dated Monday, January 26th. The shares were sold at an average price of $49.50, for a total value of $921,541.50. Following the sale, the insider directly owned 224,097 shares of the company’s stock, valued at approximately $11,092,801.50. This represents a 7.67% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director La Chevardiere Patrick De sold 4,000 shares of SLB stock in a transaction dated Monday, January 26th. The stock was sold at an average price of $50.29, for a total value of $201,160.00. Following the transaction, the director owned 19,525 shares of the company’s stock, valued at $981,912.25. The trade was a 17.00% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders sold 156,902 shares of company stock worth $7,796,666 over the last ninety days. Company insiders own 0.22% of the company’s stock.

Institutional Inflows and Outflows

Several hedge funds have recently made changes to their positions in SLB. Twin Peaks Wealth Advisors LLC bought a new stake in shares of SLB during the 2nd quarter valued at $25,000. MV Capital Management Inc. acquired a new position in SLB in the fourth quarter valued at about $28,000. Root Financial Partners LLC bought a new stake in SLB during the third quarter worth about $29,000. Strategic Wealth Advisors LLC bought a new stake in SLB during the fourth quarter worth about $30,000. Finally, Corsicana & Co. acquired a new stake in SLB during the third quarter worth about $31,000. 81.99% of the stock is owned by 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.