Zacks Investment Research Lowers Schlumberger N.V. (NYSE:SLB) to Sell

Schlumberger N.V. (NYSE:SLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a research note issued on Wednesday, July 12th.

According to Zacks, “Oilfield services behemoth Schlumberger Limited’s long-term debt has been on the rise since 2014 that is a matter of concern. Also, the company’s cash balance has been on the decline over the last five quarters. With crude prices drastically since June 2014, most of the drillers are planning to significantly curb this year’s capital expenditures. This is expected to hamper Schlumberger’s business in 2017, as it assists the drilling firms in setting up oil wells. Furthermore, we expect Schlumberger shares to remain soft as the company will also be affected by seasonal activity slowdown and lower pricing due to excess capacity in the U.S. Moreover, the company has lesser exposure to the U.S shale plays where drillers have been gathering constantly. Hence, the oilfield services player is losing the opportunity to get many profitable contracts from the shale drillers of late.”

Several other brokerages have also commented on SLB. Barclays PLC reiterated an “overweight” rating and issued a $107.00 price target on shares of Schlumberger N.V. in a research note on Monday, April 24th. Wells Fargo & Company restated an “outperform” rating on shares of Schlumberger N.V. in a research report on Monday, July 10th. Royal Bank Of Canada restated a “buy” rating and set a $103.00 target price on shares of Schlumberger N.V. in a research report on Tuesday, March 28th. Guggenheim lowered shares of Schlumberger N.V. from a “buy” rating to a “neutral” rating in a research report on Tuesday, June 27th. Finally, Sanford C. Bernstein upgraded shares of Schlumberger N.V. from a “market perform” rating to an “outperform” rating and lowered their target price for the stock from $94.00 to $80.00 in a research report on Thursday, July 6th. They noted that the move was a valuation call. Two equities research analysts have rated the stock with a sell rating, eight have issued a hold rating, nineteen have given a buy rating and two have assigned a strong buy rating to the stock. The company has an average rating of “Buy” and a consensus price target of $86.40.

Shares of Schlumberger N.V. (SLB) traded down 1.59% on Wednesday, reaching $65.49. 8,700,109 shares of the company were exchanged. The firm’s 50 day moving average price is $66.69 and its 200 day moving average price is $74.44. Schlumberger N.V. has a 52 week low of $64.15 and a 52 week high of $87.84. The stock has a market capitalization of $90.67 billion, a price-to-earnings ratio of 515.67 and a beta of 1.02.

Schlumberger N.V. (NYSE:SLB) last announced its quarterly earnings results on Friday, July 21st. The oil and gas company reported $0.35 EPS for the quarter, beating the Thomson Reuters’ consensus estimate of $0.30 by $0.05. The company had revenue of $7.46 billion for the quarter, compared to analyst estimates of $7.25 billion. Schlumberger N.V. had a net margin of 0.62% and a return on equity of 3.80%. The firm’s revenue was up 4.2% on a year-over-year basis. During the same period in the prior year, the firm posted $0.23 earnings per share. Equities research analysts anticipate that Schlumberger N.V. will post $1.51 EPS for the current year.

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In other news, Director Peter L. S. Currie bought 3,625 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was acquired at an average price of $69.02 per share, for a total transaction of $250,197.50. Following the acquisition, the director now owns 31,550 shares of the company’s stock, valued at $2,177,581. The transaction was disclosed in a document filed with the SEC, which is accessible through this link. Also, Director Tore I. Sandvold sold 5,000 shares of the business’s stock in a transaction dated Wednesday, June 7th. The stock was sold at an average price of $69.82, for a total value of $349,100.00. Following the sale, the director now owns 5,000 shares of the company’s stock, valued at approximately $349,100. The disclosure for this sale can be found here. 0.38% of the stock is currently owned by insiders.

Several hedge funds have recently modified their holdings of the company. Frontier Wealth Management LLC raised its position in Schlumberger N.V. by 3.8% in the fourth quarter. Frontier Wealth Management LLC now owns 8,194 shares of the oil and gas company’s stock valued at $688,000 after buying an additional 300 shares during the period. Marshall Wace LLP raised its position in Schlumberger N.V. by 93.1% in the fourth quarter. Marshall Wace LLP now owns 543,019 shares of the oil and gas company’s stock valued at $45,586,000 after buying an additional 261,792 shares during the period. Elkfork Partners LLC bought a new position in Schlumberger N.V. during the fourth quarter valued at approximately $45,530,000. Wilkins Investment Counsel Inc. raised its position in Schlumberger N.V. by 3.5% in the fourth quarter. Wilkins Investment Counsel Inc. now owns 101,510 shares of the oil and gas company’s stock valued at $8,522,000 after buying an additional 3,470 shares during the period. Finally, Grand Jean Capital Management Inc. raised its position in Schlumberger N.V. by 26.1% in the fourth quarter. Grand Jean Capital Management Inc. now owns 194,369 shares of the oil and gas company’s stock valued at $16,317,000 after buying an additional 40,284 shares during the period. Institutional investors and hedge funds own 79.14% of the company’s stock.

About Schlumberger N.V.

Schlumberger N.V. provides technology for reservoir characterization, drilling, production and processing to the oil and gas industry. The Company’s segments include Reservoir Characterization Group, Drilling Group, Production Group and Cameron Group. The Reservoir Characterization Group consists of the principal technologies involved in finding and defining hydrocarbon resources.

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