Institutional ticker directory tracking stock mentions, long/short ideas, and high-conviction pitches extracted from quarterly hedge fund letters.
| Ticker | Company | Sector | Industry | Pitches | Stance |
|---|---|---|---|---|---|
| Fund / Manager | Thesis Excerpt | Stance | Period / Date | Action |
|---|---|---|---|---|
Hardman Johnston Global Equity Cassandra A. Hardman | “We initiated a position in SLB, the largest global oil services provider, a name with which we are familiar. The company is the most international of the major oil services companies. Prior to the Ira” | BULL | Q1 2026 Apr 12, 2026 | View Pitch |
Ariel Focus Fund Ariel Investments, LLC | “Schlumberger Limited (SLB) traded lower during the quarter, pressured by a challenging macroeconomic environment. OPEC+ supply increases and heightened geopolitical uncertainty weighed on oil prices, dampening upstream investment activity. Revenue softness and margin pressure in the Reservoir Performance and Well Construction segments impacted results, despite solid contributions from Digital and Production Systems services. Looking ahead, we see medium-term tailwinds as national oil companies accelerate investment in long-cycle projects to offset expected production declines. With unmatched scale, broad technical capabilities, and strong exposure to resilient international markets, we believe SLB remains the best-positioned oilfield services provider to meet rising global energy demand. BSD Analysis: Schlumberger is benefiting from one of the most robust global upstream cycles in years, with international spending and offshore development driving strong, diversified growth. Its technology lead in digital drilling, subsurface imaging, and integrated production systems positions SLB as the premium provider in an industry increasingly prioritizing efficiency. Margins continue to expand as higher-value services gain mix share, and the company's capital-light digital platform provides incremental earnings leverage. The balance sheet is strong, buybacks are accelerating, and cash conversion is trending at peak-cycle levels. Despite strong fundamentals, the stock trades at a modest multiple given macro energy noise. With a multi-year international and offshore upcycle intact, Schlumberger remains one of the highest-quality compounders in energy services.” | BULL | Q3 2025 Sep 30, 2025 | View Pitch |
Pelican Bay Capital Management Tyler Hardt, CFA | “Schlumberger (SLB) was our worst performer, falling 18%. We increased our position in SLB during its weakness and continue to believe the company is worth $50-$96 per share. SLB is currently trading for $36 per share, which is a substantial discount to our estimated intrinsic value. BSD Analysis: Schlumberger is the undisputed, high-quality oilfield services giant successfully pivoting to a high-margin, digital-led business model. The core thesis is driven by the structural stability of its balance sheet, relying more on equity than debt, which is rare in the cyclical energy sector. Crucially, its Digital division revenue is hitting $658 million with 11% sequential growth, demonstrating a clear decoupling from traditional upstream spending cycles. The stock is undervalued, with an estimated forward P/E of 12.3x (historically closer to 20x) and an exceptionally lean EV/EBITDA of 6.32x. This suggests a robust operating cash flow relative to its enterprise value, making it a high-conviction value play on the non-cyclical, high-margin technology required to run modern oil and gas operations.” | BULL | Q2 2025 Jul 11, 2025 | View Pitch |
First Eagle Global Fund First Eagle Investment Management, LLC | “SLB is the world's largest oilfield service company. In addition to commodity price weakness during the quarter, share performance was dampened by concerns that tariffs and trade uncertainty could negatively impact oilfield service providers. While rig counts and drilling activity have declined this year, the majority of the slowdown has been in North America. In contrast, OPEC+ has increased production, which should benefit SLB given that it derives approximately 80% of its revenue from international and offshore markets. BSD Analysis: Recent quarterly results show SLB growing EPS modestly year over year while generating more than $1 billion of quarterly free cash flow, even as North American activity has softened. International revenue still represents about 80% of total, where investment in offshore and Middle East capacity remains relatively robust versus North American shale. The balance sheet is solid, supporting dividends and opportunistic buybacks while funding technology investments and digital initiatives that can lift margins over time. Trading at a low-to-mid-teens forward P/E and single-digit EV/EBITDA, SLB offers attractive exposure to a multi-year international oil and gas investment cycle, albeit with inherent commodity and policy risk.” | BULL | Q2 2025 Jun 30, 2025 | View Pitch |
Ariel Appreciation Fund John W. Rogers | “Schlumberger was purchased during a period of weak oil prices and transition concerns, offering an attractive entry point. The company's massive scale and technical expertise differentiate it as national oil companies continue to invest in long-cycle projects to increase capacity.” | BULL | Q1 2025 Mar 31, 2025 | View Pitch |
Each excerpt above is the manager's commentary on this ticker specifically. The full letter has the rest of their portfolio thinking, risk discussion, and broader institutional context.
