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

Schlumberger N.V. (NYSE:SLB) was downgraded by Zacks Investment Research from a “hold” rating to a “sell” rating in a report released 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.”

SLB has been the topic of a number of other research reports. Scotiabank set a $90.00 price objective on Schlumberger N.V. and gave the company a “buy” rating in a report on Friday, July 7th. Stephens reaffirmed an “overweight” rating and issued a $89.00 price objective on shares of Schlumberger N.V. in a report on Monday, March 27th. Jefferies Group LLC reaffirmed an “equal weight” rating on shares of Schlumberger N.V. in a report on Friday, April 14th. Cowen and Company reaffirmed an “outperform” rating and issued a $99.00 price objective on shares of Schlumberger N.V. in a report on Tuesday, April 25th. Finally, Vetr raised Schlumberger N.V. from a “buy” rating to a “strong-buy” rating and set a $91.00 price objective on the stock in a report on Thursday, April 20th. Two analysts have rated the stock with a sell rating, eight have given a hold rating, nineteen have assigned a buy rating and two have given a strong buy rating to the company. Schlumberger N.V. currently has a consensus rating of “Buy” and a consensus target price of $86.40.

Schlumberger N.V. (SLB) traded down 0.89% during trading on Wednesday, reaching $63.83. The company had a trading volume of 4,627,489 shares. The firm has a 50-day moving average of $66.44 and a 200-day moving average of $73.68. Schlumberger N.V. has a 1-year low of $63.74 and a 1-year high of $87.84. The stock has a market capitalization of $88.37 billion, a price-to-earnings ratio of 502.60 and a beta of 1.02.

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

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In other news, President Aaron Gatt Floridia sold 40,000 shares of the stock in a transaction that occurred on Monday, June 12th. The shares were sold at an average price of $69.17, for a total value of $2,766,800.00. Following the completion of the transaction, the president now directly owns 96,175 shares in the company, valued at $6,652,424.75. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available at this hyperlink. Also, Director Peter L. S. Currie acquired 3,625 shares of the firm’s stock in a transaction dated Tuesday, May 30th. The stock was bought at an average price of $69.02 per share, with a total value of $250,197.50. Following the completion of the acquisition, the director now directly owns 31,550 shares of the company’s stock, valued at $2,177,581. The disclosure for this purchase can be found here. 0.38% of the stock is currently owned by company insiders.

A number of hedge funds have recently modified their holdings of SLB. Shelton Capital Management boosted its stake in shares of Schlumberger N.V. by 17.8% in the fourth quarter. Shelton Capital Management now owns 83,650 shares of the oil and gas company’s stock worth $7,022,000 after buying an additional 12,655 shares during the last quarter. National Pension Service boosted its stake in shares of Schlumberger N.V. by 4.5% in the first quarter. National Pension Service now owns 964,626 shares of the oil and gas company’s stock worth $75,086,000 after buying an additional 41,903 shares during the last quarter. Rathbone Brothers plc boosted its stake in shares of Schlumberger N.V. by 1.2% in the first quarter. Rathbone Brothers plc now owns 126,286 shares of the oil and gas company’s stock worth $9,863,000 after buying an additional 1,537 shares during the last quarter. Jackson Grant Investment Advisers Inc. acquired a new stake in shares of Schlumberger N.V. during the fourth quarter worth $160,000. Finally, First United Bank Trust boosted its stake in shares of Schlumberger N.V. by 9.8% in the first quarter. First United Bank Trust now owns 13,135 shares of the oil and gas company’s stock worth $1,026,000 after buying an additional 1,175 shares during the last quarter. Hedge funds and other institutional investors 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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