In a report issued on October 16, Kurt Hallead from RBC Capital maintained a Buy rating on Schlumberger (SLB), with a price target of $22.00. The company’s shares closed last Friday at $14.97, close to its 52-week low of $11.87.
According to TipRanks.com, Hallead ‘s ranking currently consits of 0 on a 0-5 ranking scale, with an average return of -18.6% and a 24.9% success rate. Hallead covers the Industrial Goods sector, focusing on stocks such as Independence Contract Drilling, Diamond Offshore Drilling, and Oceaneering International.
The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Schlumberger with a $23.33 average price target, which is a 49.4% upside from current levels. In a report issued on October 1, BMO Capital also initiated coverage with a Buy rating on the stock with a $21.00 price target.
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Based on Schlumberger’s latest earnings release for the quarter ending June 30, the company reported a quarterly revenue of $5.36 billion and GAAP net loss of $3.43 billion. In comparison, last year the company earned revenue of $8.27 billion and had a net profit of $492 million.
Based on the recent corporate insider activity of 120 insiders, corporate insider sentiment is positive on the stock. This means that over the past quarter there has been an increase of insiders buying their shares of SLB in relation to earlier this year.
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Schlumberger NV engages in the provision of technology for reservoir characterization, drilling, production and processing to the oil and gas industry. It operates through the following business segments: Reservoir Characterization, Drilling, Production, Cameron and Elimination and other. The Reservoir Characterization Group segment consists of the principal technologies involved in finding and defining hydrocarbon resources. The Drilling Group segment includes the drilling and positioning of oil and gas wells such as bits and drilling tolls, drilling and measurement, land rigs and integrated drilling services. The Production Group segment provides technologies in the lifetime production of oil and gas reservoirs such as well services, completions, artificial lift, well intervention, water service, integrated production services and others. The Cameron Group segment consists of the pressure and flow control for drilling and intervention rigs, oil and gas wells and production facilities. The company was founded by Conrad Schlumberger and Marcel Schlumberger in 1926 and is headquartered in Houston, TX.
