What Hedge Funds Think of Stocks Upgraded by Analysts Today?

Finally, Schlumberger Limited. (NYSE:SLB)‘s stock jumped by over 2% in today’s trading session after Citigroup upgraded it to ‘Buy’ from ‘Neutral’, even though the analyst lowered the price target to $87.00, from $93.00. Even though, Citi considers that Schlumberger’s strategy will help its stock to outperform it peers, it has cut the earnings estimates. Later on, HSBC followed suit and cut its price target on the stock to $96 from $101, but kept the ‘Buy’ rating. The oilfield giant is popular among the funds from our database, but they are underweight the stock in an uncertain environment. At the end of June, 55 funds held $2.16 billion worth of Schlumberger Limited. (NYSE:SLB)’s stock, which represented 2% of the company. These numbers went up from 48 investors with stakes worth $1.79 billion in aggregate at the end of March. However, the largest shareholders among the funds we track, have allocated less than 1% of their equity portfolios to Schlumberger Limited. (NYSE:SLB). Among them are Ken Fisher’s Fisher Asset Management, David E. Shaw’s D.E. Shaw and Citadel Investment Group, which held 4.24 million shares, 4.17 million shares, and 3.46 million shares respectively.

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