Schlumberger Limited (SLB) Seeks Expansion Into New Major Addressable Markets

ClearBridge Investments, a leading global asset manager, has released its ‘Global Growth Strategy’ investor letter for the second quarter of 2022. You can download it here. In the second quarter, the strategy underperformed the MSCI ACWI benchmark index. The financials, materials and consumer staples sectors contributed positively to the fund’s performance, while the IT, industrials and consumer discretionary sectors detracted most from the fund. You can check out the fund’s top five holdings to learn more about the top picks in 2022.

ClearBridge Investments discussed stocks such as Schlumberger Limited (NYSE:SLB) in its second quarter investor letter. Schlumberger Limited (NYSE:SLB), based in Houston, Texas, is an energy services company. Schlumberger Limited (NYSE:SLB) stock closed at $35.40 per share on August 17, 2022. Schlumberger Limited (NYSE:SLB) returned 5.26% in one month and its stock gained 33.89% of its value over the past 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $50.069 billion.

This is what ClearBridge Investments specifically said about Schlumberger Limited (NYSE:SLB) in its Q2 2022 letter.

“We further strengthened our positioning for the accelerating energy transition with the purchase of Schlumberger Limited (NYSE:SLB), a global provider of oilfield services. As a technology leader, Schlumberger should generate strong free cash flow for years to come as the industry recovers, using the excess cash to gain market share from smaller players and expand into new growth areas. Through its scale, presence, partnerships and technology, Schlumberger is looking to expand into new major addressable markets such as carbon capture, hydrogen, geothermal and lithium mining.”

Photo by Robin Sommer on Unsplash

Although ClearBridge Investments is invested in Schlumberger Limited (NYSE:SLB), the stock is not on the list of the 30 most popular stocks among hedge funds. According to our database, Schlumberger Limited (NYSE:SLB) held 64 hedge fund portfolios at the end of the first quarter and 58 in the previous quarter.

We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of energy stocks to watch suggested by Goldman Sachs. For more investor letters from hedge funds and other prominent investors, please see our Q2 2022 letters from hedge fund investors page.

Disclosure: none. This article was originally published on Insider Monkey.

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