The Vanguard Group, Inc. recently announced the acquisition of new stake in Schlumberger Limited (NYSE:SLB). The institutional investor has increased its shareholding in the Energy company by 1.19% to 117.74 million shares with purchase of 1.38 million shares. This fresh investment now brings its stake to 8.30% valued currently at $6.13 billion. In addition, SSgA Funds Management, Inc. raised its holdings by 1.54 million to 91.25 million shares. And Wellington Management Co. LLP has lifted its position by 49.22% or 13.72 million shares – to 41.59 million shares.
With over 12.12 million Schlumberger Limited (SLB) shares trading Friday and a closing price of $53.44 on the day, the dollar volume was approximately $647.94 million. The shares have shown a positive half year performance of 29.96% and its price on 11/18/22 gained nearly 1.15%. Currently, there are 1.42B common shares owned by the public and among those 1.42B shares have been available to trade.
An analysis of what Wall Street brokers have to say about the expected price targets for this stock gives us this picture: 30 analysts who have offered their price forecasts for SLB have a consensus price objective of $58.95. The analysts have set the share’s price value over the next 12 months at a high of $69.00 and a low of $46.00. The average price target is 8.49% above its recent price level and a downside to the estimated low will see the stock lose -16.17% over that period. But an upside of 22.55% will see the stock hit the forecast high price target while median target price for the stock is $60.00.
Insiders at the company have transacted a total of 110 times over the past 12 months, according to data filed with the U.S. Securities and Exchange Commission (SEC). 68 of these insider trades were purchases, accounting for 2,351,677 shares. Insider sales of the common stock occurred on 42 occasions, with total insider shares sold totaling 1,018,944 shares.
The top 3 mutual fund holders in Schlumberger Limited are Vanguard Total Stock Market Index, SPDR Series – Energy Select Secto, and Vanguard 500 Index Fund. Vanguard Total Stock Market Index owns 42.46 million shares of the company’s stock, all valued at over $2.21 billion. The company bought an additional 0.23 million shares recently to bring their total holdings to about 2.99% of the shares outstanding. SPDR Series – Energy Select Secto bought 4348.0 shares to see its total holdings expand to 41.37 million shares valued at over $2.15 billion and representing 2.92% of the shares outstanding. Vanguard 500 Index Fund bought 0.32 million shares to bring its total holdings to over 32.37 million shares at a value of $1.68 billion. Vanguard 500 Index Fund now owns shares totaling to 2.28% of the shares outstanding.
Shares of Schlumberger Limited (NYSE: SLB) opened at $51.85, down -$0.98 from a prior closing price of $52.83. However, the script later moved the day high at 53.61, up 1.15%. The company’s stock has a 5-day price change of -2.52% and 44.75% over the past three months. SLB shares are trading 78.43% year to date (YTD), with the 12-month market performance up to 67.73% higher. It has a 12-month low price of $27.65 and touched a high of $56.04 over the same period. SLB has an average intraday trading volume of 13.87 million shares. The stock is trading above its simple moving averages at the SMA20, SMA50, and SMA200, as the current price level is off by 1.40%, 18.88%, and 30.73% respectively.
Institutional ownership of Schlumberger Limited (NYSE: SLB) shares accounts for 85.60% of the company’s 1.42B shares outstanding. Mutual fund holders own 35.33%, while other institutional holders and individual stakeholders account for 49.66% and 2.86% respectively.
It has a market capitalization of $74.91B and a beta (3y monthly) value of 1.90. The stock’s trailing 12-month PE ratio is 25.80, while the earnings-per-share (ttm) stands at $2.07. The company has a PEG of 0.58 and a Quick Ratio of 1.00 with the debt-to-equity ratio at 0.78. Price movements for the stock have been influenced by the stock’s volatility, which stands at 3.73% over the week and 3.72% over the month.
Analysts forecast that Schlumberger Limited (SLB) will achieve an EPS of $0.55 for the current quarter, $0.67 for the next quarter and $2.89 for 2023. The lowest estimate earnings-per-share for the quarter is $0.54 while analysts give the company a high EPS estimate of $0.55. Comparatively, EPS for the current quarter was $0.32 a year ago. Earnings per share for the fiscal year are expected to increase by 117.40%, and 38.86% over the next financial year. EPS should grow at an annualized rate of 44.40% over the next five years, compared to 25.10% over the past 5-year period.
Looking at the support for the SLB, a number of firms have released research notes about the stock. Jefferies stated their Buy rating for the stock in a research note on October 19, 2022, with the firm’s price target at $59. Piper Sandler coverage for the Schlumberger Limited (SLB) stock in a research note released on October 07, 2022 offered a Overweight rating with a price target of $50. The Benchmark Company was of a view on July 27, 2022 that the stock is Buy, while HSBC Securities gave the stock Buy rating on April 27, 2022, issuing a price target of $4.60- $44.20. Piper Sandler on their part issued Overweight rating on April 11, 2022.