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SLB N.V. is upgraded from neutral to bullish after Q3 results signal an end to earnings declines and renewed growth momentum. Q3 delivered double beats on revenue and EPS, with all four divisions expanding margins sequentially and strong performance outside the Middle East. SLB guides for ~$10B Q4 revenue despite flat Middle East activity, with 2027 EPS projected to grow 30% YoY and valuation returning to historical norms.

SLB N.V. (SLB) Q3 2026 Earnings Call October 23, 2026 9:30 AM EDT

Company Participants

James McDonald - Senior Vice President of Investor Relations & Industry Affairs
Olivier Le Peuch - CEO & Director
Stephane Biguet - Executive VP & CFO

Conference Call Participants

James West - Melius Research LLC
Scott Gruber - Citigroup Inc., Research Division
Saurabh Pant - BofA Securities, Research Division
Arun Jayaram - JPMorgan Chase & Co, Research Division
Sebastian Erskine - Rothschild & Co Redburn, Research Division
Marc Bianchi - TD Cowen, Research Division
Derek Podhaizer - Piper Sandler & Co., Research Division

Presentation

Operator

Good morning. My name is Sarah, and I will be your conference operator today. I would like to welcome everyone to the Third Quarter SLB Earnings Call. [Operator Instructions] As a reminder, this call is being recorded.

I will now turn the call over to James R. McDonald, Senior Vice President of Investor Relations and Industry Affairs. Please go ahead.

James McDonald
Senior Vice President of Investor Relations & Industry Affairs

Thank you, Sarah. Good morning, and welcome to the SLB Third Quarter 2026 Earnings Conference Call. Today's call is being hosted from New York City following our Board meeting held earlier this week. Joining us on the call are Olivier Le Peuch, Chief Executive Officer; and Stephane Biguet, Chief Financial Officer.

Before we begin, I would like to remind all participants that some of the statements we will be making today are forward-looking. These matters involve risks and uncertainties that could cause our results to differ materially from those projected in these statements. For more information, please refer to our latest 10-K filing and other SEC filings, which can be found on our website.

Our comments today also include non-GAAP financial measures. Additional details and reconciliations to the most directly comparable GAAP financial measures can be

SLB’s Kelvion Deal Could Change How Investors Value the Oilfield GiantSLB NYSE: SLB reported third-quarter 2026 revenue of $9.45 billion, up 5% sequentially, as growth in the Middle East, North America land and international deepwater activity supported results. The company said pre-tax segment operating margins expanded across all four divisions, while adjusted EBITDA margin increased 71 basis points from the second quarter to 21.9%.

Earnings per share, excluding charges and credits, were $0.64, up $0.09 sequentially but down $0.05 from the prior-year quarter. The company recorded $0.03 per share in merger and integration charges related to its ChampionX acquisition, along with a $0.12 per-share, or $187 million, non-cash pension settlement charge.

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AI’s Power Crunch Fuels a Pivot for These 2 Oilfield StocksChief Financial Officer Stephane Biguet said the pension settlement, funded by plan assets, reduced both pension obligations and assets by nearly $900 million. He said the action was intended to reduce volatility and future pension costs, while the pension plan remains well funded.

Production Systems and Middle East Recovery Drive Growth Chief Executive Officer Olivier Le Peuch said all geographic areas and core divisions delivered sequential revenue growth. Production Systems led the company’s divisions, supported by higher OneSubsea revenue and stronger sales of production chemicals and artificial lift in North America and the Middle East.

MarketBeat Week in Review – 05/04 - 05/08Production Systems revenue rose 6% sequentially to $4 billion, while its pre-tax operating margin increased 60 basis points to 16.1%. Biguet said the division saw broad-based growth in OneSubsea, artificial lift, completions and production chemicals.

The acquired ChampionX businesses delivered their highest quarterly revenue and margin since joining SLB, according to management. Le Peuch said ChampionX had expanded margins for a fourth consecutive quarter, while Biguet said its EBITDA margin had reached the mid-20% range. The company expects to achieve its approximately $200 million interim synergy target from the acquisition by the end of 2026.

Well Construction revenue increased 5% sequentially to $2.9 billion, with growth tied primarily to higher drilling activity in the Middle East. Reservoir Performance revenue also rose 5% to $1.6 billion, driven by the gradual Middle East recovery. Operating margins for Well Construction and Reservoir Performance expanded to 16.4% and 16.3%, respectively.

Middle East revenue totaled $1.9 billion in the third quarter, up 13% from the prior quarter. Le Peuch said activity improved during the quarter in the United Arab Emirates, Kuwait, Qatar and, to a lesser extent, Saudi Arabia, supported by intervention, stimulation and drilling work. He said Iraq did not experience the same increase in activity, while Oman was steady.

SLB said uncertainty remains due to heightened regional tensions. Its fourth-quarter outlook assumes Middle East revenue remains flat sequentially at approximately $1.9 billion, or about 83% of first-quarter 2025 revenue.

Despite the near-term uncertainty, SLB cited Saudi Aramco’s award of four integrated Well Construction contracts covering more than 450 wells over an initial three-year term. Le Peuch said the contracts cover both oil and gas assets, with mobilization beginning in the fourth quarter and activity expected to reach full capacity in 2027.

Digital and Data Center Businesses Continue to Expand Digital revenue was essentially flat sequentially at $693 million, as stronger platform, application, digital operations and professional-services sales were offset by lower digital exploration revenue following a strong second quarter. Digital’s pre-tax operating margin increased 27 basis points to 28%.

Le Peuch said SLB delivered more than 750,000 automated drilling feet during the quarter, nearly 50% above the year-earlier level. The company’s Hellops predictive analytics system monitored more than 20% of active international rigs, representing year-over-year growth of more than 60%.

SLB expects a significant increase in digital exploration revenue during the fourth quarter, supported by typical year-end sales. The company said it expects the Digital division to finish 2026 with double-digit year-over-year revenue growth and adjusted EBITDA margins above 35%.

Revenue in the company’s All Other category rose 8% sequentially, led by Data Center Solutions. However, pre-tax operating income declined slightly because of ramp-up costs for new data-center projects. SLB said it opened a manufacturing center in Canada to support a Meta data center project and has begun expanding its operations into Asia.

The company remains on track to close its planned Kelvion acquisition during the first half of 2027. Management said the combination is expected to expand SLB’s thermal and heat-management offerings for data-center infrastructure.

Fourth-Quarter and 2027 Outlook For the fourth quarter, SLB expects revenue of about $10 billion, representing sequential growth of 5% to 7%, supported by deepwater activity, year-end Digital sales and product sales. The company expects adjusted EBITDA margin to expand by 100 to 150 basis points.

Combined core-division revenue is expected to rise by low single digits sequentially. Production Systems revenue is expected to grow by high single digits. Well Construction and Reservoir Performance revenue are expected to be essentially flat sequentially. Digital revenue is expected to rise in line with historical fourth-quarter trends. Looking to 2027, SLB said it expects global oilfield-services market activity to grow at a mid-single-digit rate, assuming Middle East activity remains at second-half 2026 levels and regional conflict does not materially escalate. The company said normalization in the Middle East would provide additional upside.

Le Peuch pointed to deepwater developments, renewed exploration, production-recovery investments and activity in Venezuela as major growth drivers. He said SLB’s Venezuela revenue is on track to more than double in 2026, with potential for multifold growth in 2027. The company has previously identified $1 billion as a historical revenue level and long-term ambition for the country.

SLB also highlighted OneSubsea backlog growth, including a recent award to provide subsea production systems for the first phase of ExxonMobil’s deepwater Rovuma LNG development in Mozambique. Management said it expects to surpass its $9 billion booking target across 2025 and 2026, supporting revenue visibility through 2027 and beyond.

The company generated $1.5 billion in cash flow from operations and $828 million in free cash flow during the quarter. It ended the period with net debt of $9.2 billion, repurchased $656 million of stock, and said it remains on track to repurchase approximately $2.4 billion in shares for the full year. SLB expects total shareholder returns in 2026 to be slightly above $4 billion.

About SLB (NYSE:SLB)SLB, formerly known as Schlumberger, is a global energy technology company that provides products, services and digital solutions to the oil and gas industry. Its offerings support the exploration, development and production of hydrocarbon resources across the life cycle of an oil or gas field.

The company provides reservoir characterization, drilling and well-construction services, well completion and production technologies, and equipment for subsea and surface operations. SLB also develops software, data and automation solutions designed to help energy companies improve operational efficiency, manage reservoirs and reduce emissions.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to [email protected].

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HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) today announced results for the third-quarter 2026. Third-Quarter Results (Stated in millions, except per share amounts) Three Months Ended Change Sept. 30,2026 Jun. 30,2026 Sept. 30,2025 Sequential Year-on-year Revenue $9,449 $8,972 $8,928 5%   6% Income before taxes - GAAP basis $1,019 $1,018 $1,000 0%   2% Income before taxes margin - GAAP basis 10.8% 11.4% 11.2% -57 bps   -42 bps Net income attributable to SLB - GAAP basis $735 $786 $739 -6%   -1% D.

The company beats earnings estimates as its emerging data center business surges 76% year over year.

SLB (SLB - Free Report) came out with quarterly earnings of $0.64 per share, beating the Zacks Consensus Estimate of $0.62 per share. This compares to earnings of $0.69 per share a year ago. These figures are adjusted for non-recurring items.

This quarterly report represents an earnings surprise of +3.23%. A quarter ago, it was expected that this world's largest oilfield services company would post earnings of $0.51 per share when it actually produced earnings of $0.55, delivering a surprise of +7.84%.

Over the last four quarters, the company has surpassed consensus EPS estimates four times.

SLB, which belongs to the Zacks Technology Services industry, posted revenues of $9.45 billion for the quarter ended September 2026, surpassing the Zacks Consensus Estimate by 1.72%. This compares to year-ago revenues of $8.93 billion. The company has topped consensus revenue estimates four times over the last four quarters.

The sustainability of the stock's immediate price movement based on the recently-released numbers and future earnings expectations will mostly depend on management's commentary on the earnings call.

SLB shares have added about 29.1% since the beginning of the year versus the S&P 500's gain of 12%.

What's Next for SLB?While SLB has outperformed the market so far this year, the question that comes to investors' minds is: what's next for the stock?

There are no easy answers to this key question, but one reliable measure that can help investors address this is the company's earnings outlook. Not only does this include current consensus earnings expectations for the coming quarter(s), but also how these expectations have changed lately.

Empirical research shows a strong correlation between near-term stock movements and trends in earnings estimate revisions. Investors can track such revisions by themselves or rely on a tried-and-tested rating tool like the Zacks Rank, which has an impressive track record of harnessing the power of earnings estimate revisions.

Ahead of this earnings release, the estimate revisions trend for SLB was unfavorable. While the magnitude and direction of estimate revisions could change following the company's just-released earnings report, the current status translates into a Zacks Rank #4 (Sell) for the stock. So, the shares are expected to underperform the market in the near future. You can see the complete list of today's Zacks #1 Rank (Strong Buy) stocks here.

It will be interesting to see how estimates for the coming quarters and the current fiscal year change in the days ahead. The current consensus EPS estimate is $0.78 on $10 billion in revenues for the coming quarter and $2.47 on $37 billion in revenues for the current fiscal year.

Investors should be mindful of the fact that the outlook for the industry can have a material impact on the performance of the stock as well. In terms of the Zacks Industry Rank, Technology Services is currently in the top 41% of the 250 plus Zacks industries. Our research shows that the top 50% of the Zacks-ranked industries outperform the bottom 50% by a factor of more than 2 to 1.

One other stock from the same industry, Climb Global Solutions (CLMB - Free Report) , is yet to report results for the quarter ended September 2026. The results are expected to be released on October 28.

This computer software reseller is expected to post quarterly earnings of $0.39 per share in its upcoming report, which represents a year-over-year change of +18.2%. The consensus EPS estimate for the quarter has remained unchanged over the last 30 days.

Climb Global Solutions' revenues are expected to be $178.13 million, up 10.4% from the year-ago quarter.

SLB N.V. (NYSE:SLB) will release its third quarter earnings report before the opening bell on Friday, Oct. 23.

Key Takeaways SLB is set to report Q3 earnings on Oct. 23, following four consecutive earnings beats averaging 4.94%.Q3 earnings are projected to fall 10.1% to 62 cents per share, while revenues are expected to rise 4.04%.Higher oil prices may boost demand for SLB's services, but its Earnings ESP of -1.45% signals caution. SLB (SLB - Free Report) is set to report third-quarter 2026 results on Oct. 23, before the opening bell.

In the last reported quarter, its earnings of 55 cents per share beat the Zacks Consensus Estimate of 51 cents, driven by growth in Digital and Production Systems, along with broad-based gains outside the Middle East. The oilfield service player’s earnings beat the Zacks Consensus Estimate in each of the trailing four quarters, delivering an average surprise of 4.94%. This is depicted in the graph below:

Estimate Trend for SLBThe Zacks Consensus Estimate for third-quarter earnings per share of 62 cents hasn’t seen any revisions over the past seven days. The estimated figure indicates a 10.1% decline from the prior-year reported number.

The Zacks Consensus Estimate for revenues of $9.3 billion implies a 4.04% increase from the year-ago recorded figure.

Factors to Consider Ahead of SLB Q3 EarningsTo have an idea of how oil prices behaved in the September quarter, let's analyze the commodity prices from the data provided by the U.S. Energy Information Administration (“EIA”). The average Cushing, OK, WTI spot prices for July, August and September of this year were $80.46, $83.90 and $97.31 per barrel, respectively, per EIA data. Commodity prices were $68.39, $64.86 and $63.96 per barrel, respectively, in prior-year, respective quarters, according to the EIA.

A constructive oil-price backdrop, driven by the Middle East conflicts, aided the exploration and production businesses in the September quarter of this year. This, in turn, is expected to have backed demand for SLB’s oilfield services.

Earnings WhispersOur proven model doesn’t indicate an earnings beat for SLB this time around. The combination of a positive Earnings ESP and a Zacks Rank #1 (Strong Buy), 2 (Buy), or 3 (Hold) increases the chances of an earnings beat. That isn’t the case here, as you will see below.

Earnings ESP: SLB currently has an Earnings ESP of -1.45%. You can uncover the best stocks to buy or sell before they are reported with our Earnings ESP Filter.

Zacks Rank: SLB currently carries a Zacks Rank #3 at present.

Stocks to ConsiderHere are some stocks that you may want to consider, as these have the right combination of elements to post an earnings beat this reporting cycle.

Baker Hughes Company (BKR - Free Report) has an Earnings ESP of +1.15% and currently sports a Zacks Rank #1. You can see the complete list of today’s Zacks #1 Rank stocks here.

Baker Hughes is scheduled to release third-quarter 2026 earnings on Oct. 27. The Zacks Consensus Estimate for BKR’s earnings is pegged at 65 cents per share, indicating a 4.4% decline from the prior-year reported figure.

EOG Resources (EOG - Free Report) has an Earnings ESP of +0.59% and flaunts a Zacks Rank #1 at present. EOG is scheduled to release third-quarter 2026 earnings on Nov. 5.

The Zacks Consensus Estimate for EOG’s earnings is pegged at $4.39 per share, suggesting a 62% improvement from the prior-year reported figure.

BP plc (BP - Free Report) has an Earnings ESP of +7.29% and a Zacks Rank #1. BP is scheduled to release third-quarter 2026 earnings on Oct. 30.

The Zacks Consensus Estimate for BP’s earnings is pegged at $2.09 per share, suggesting a 146% increase from the prior-year reported figure.

SLB (SLB - Free Report) closed the most recent trading day at $49.46, moving +2.24% from the previous trading session. This move outpaced the S&P 500's daily loss of 1.09%. Meanwhile, the Dow experienced a drop of 0.34%, and the technology-dominated Nasdaq saw a decrease of 2.15%.

The world's largest oilfield services company's stock has dropped by 7.12% in the past month, falling short of the Business Services sector's gain of 1.51% and the S&P 500's gain of 2.44%.

Analysts and investors alike will be keeping a close eye on the performance of SLB in its upcoming earnings disclosure. The company's earnings report is set to go public on October 23, 2026. It is anticipated that the company will report an EPS of $0.62, marking a 10.14% fall compared to the same quarter of the previous year. Simultaneously, our latest consensus estimate expects the revenue to be $9.29 billion, showing a 4.04% escalation compared to the year-ago quarter.

For the full year, the Zacks Consensus Estimates project earnings of $2.48 per share and a revenue of $37.04 billion, demonstrating changes of -15.36% and +3.73%, respectively, from the preceding year.

Investors should also take note of any recent adjustments to analyst estimates for SLB. These revisions help to show the ever-changing nature of near-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Within the past 30 days, our consensus EPS projection has moved 0.73% lower. SLB is currently a Zacks Rank #3 (Hold).

Looking at its valuation, SLB is holding a Forward P/E ratio of 19.48. Its industry sports an average Forward P/E of 15.59, so one might conclude that SLB is trading at a premium comparatively.

Meanwhile, SLB's PEG ratio is currently 2.66. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. As of the close of trade yesterday, the Technology Services industry held an average PEG ratio of 1.22.

The Technology Services industry is part of the Business Services sector. At present, this industry carries a Zacks Industry Rank of 90, placing it within the top 37% of over 250 industries.

The strength of our individual industry groups is measured by the Zacks Industry Rank, which is calculated based on the average Zacks Rank of the individual stocks within these groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Don't forget to use Zacks.com to keep track of all these stock-moving metrics, and others, in the upcoming trading sessions.

Key Takeaways AI is helping energy companies analyze geological data faster and improve planning.Faster computing reduces costs, but financial gains depend on adoption, efficiency and implementation.SLB, TTE, BP and SHEL are leveraging NVIDIA technology for energy AI, seismic imaging and subsurface analysis.
Artificial intelligence (AI) is changing how oil and gas companies explore resources, manage production and control operating costs. Energy producers handle large amounts of geological and operational data, making faster computing increasingly useful for business decisions. NVIDIA (NVDA - Free Report) , known for its advanced computing technology, is working with energy companies to bring AI into their operations.

Among the energy companies working with NVIDIA are SLB Limited (SLB - Free Report) , TotalEnergies (TTE - Free Report) , BP plc (BP - Free Report) and Shell plc (SHEL - Free Report) . These companies are using AI and advanced computing in different areas of their businesses.

How NVIDIA's Technology Benefits Oil and Gas CompaniesOil and gas companies depend on detailed geological studies and reservoir data before making expensive drilling decisions. Analyzing this information can take considerable time, especially when dealing with complex underground formations. NVIDIA's computing technology helps process large datasets faster, giving engineers more information to evaluate potential resources and plan development activities.

AI also has practical applications beyond exploration. Energy companies are using advanced computing to model reservoir behavior, monitor equipment and improve production planning. Faster analysis can help identify operating problems earlier and reduce unnecessary spending.

From an investment standpoint, these developments offer opportunities to improve cost efficiency and make better use of existing assets. Companies that successfully integrate AI into daily operations may benefit from lower operating expenses and more effective capital spending. However, the financial impact will depend on how widely these technologies are adopted and whether they deliver measurable improvements.

SLB Expands Energy AI Offerings With NVIDIASLB expanded its partnership with NVIDIA in March 2026 to develop AI technology for the energy industry. As part of the agreement, the oilfield services giant will help NVIDIA design modular data centers that can handle complex AI tasks. The companies also plan to develop an AI Factory for Energy, which will bring AI tools designed specifically for oil and gas operations into SLB's existing digital platforms. The partnership will help SLB expand its technology offerings, reach more customers and create new revenue opportunities as energy companies increasingly adopt AI to improve their operations.

TotalEnergies Invests in Faster Exploration ComputingIn May 2026, France-based multinational TotalEnergies announced plans to develop Pangea 5, a next-generation supercomputer, in collaboration with NVIDIA and Dell Technologies. The system is expected to provide six times the computing capacity of its predecessor, with initial commissioning planned for 2027. TotalEnergies intends to use the technology for seismic imaging, exploration studies and AI research. Faster processing of geological data will help TotalEnergies evaluate underground formations and plan drilling activities more efficiently. Better subsurface information can reduce exploration uncertainty and support more disciplined spending on future energy projects.

BP Applies NVIDIA AI to Subsurface AnalysisBritish energy giant BP has been working with NVIDIA to use advanced computing technology to improve oil and gas exploration, as discussed at NVIDIA's GTC conference in March 2026. The technology helps BP study underground rock formations and identify potential oil and gas reserves more accurately. BP is also investing in powerful computing systems to analyze large amounts of geological data faster. This could help the Zacks Rank #1 (Strong Buy) company make better drilling decisions, shorten the time needed to assess oil and gas fields and plan projects more efficiently. For BP, these improvements could lower exploration costs, reduce unnecessary spending and improve profitability over time. You can see the complete list of today’s Zacks #1 Rank stocks here.

Shell Advances Reservoir Analysis With AIAnother European supermajor, Shell, has worked with NVIDIA on advanced computing applications involving reservoir modeling, digital rock analysis and underground carbon storage studies. Shell previously reported a 40% reduction in processing time for certain digital rock analysis workflows using NVIDIA-powered technology. The companies have also explored machine learning applications to improve the evaluation of carbon dioxide storage sites. These tools help Shell process geological information faster and improve its understanding of subsurface conditions. For Shell, better reservoir analysis and shorter computing times offer opportunities to reduce technical costs and improve decisions across energy projects.

What NVIDIA Collaborations Mean for Energy InvestorsFor investors, the potential benefits include more efficient exploration, better production planning and tighter control over operating costs. However, improved computing capabilities do not automatically translate into higher earnings. The financial value of these collaborations will depend on implementation costs, actual efficiency gains and how effectively each company puts the technology to work. Stronger cash generation and disciplined capital spending will remain important measures of their long-term investment appeal.

Key Takeaways SLB adds Chevron to Arena, broadening operator-backed development of digital subsurface technologies.Chevron contributes investment, intellectual property and expertise in uncertainty analysis & field planning.Arena deepens SLB's exposure to AI-enabled workflows and digital technology needs across upstream operations. SLB N.V. (SLB - Free Report) has expanded its long-term digital subsurface collaboration with TotalEnergies SE (TTE - Free Report) by adding Chevron Technical Center, a division of Chevron U.S.A. Inc. (Chevron), as the second global operator in the initiative. The move broadens SLB’s operator-backed development model for next-generation reservoir engineering and geoscience technologies, and strengthens the investment appeal for its growing digital business.

A Broader Digital Collaboration of SLBSLB and TotalEnergies established the collaboration known as Arena in 2024. Chevron will contribute investment, intellectual property and technical expertise while adding capabilities in uncertainty analysis, optimization and field development planning.

For SLB, the addition of Chevron brings another major operator directly into the technology-development process, expanding the practical input used to shape scalable digital subsurface tools.

SLB’s AI & Subsurface WorkflowsArena focuses on improving decisions across reservoir engineering and geoscience as operators handle more complex reservoirs and larger volumes of subsurface data. SLB plans to combine its digital and subsurface expertise with technical input from TotalEnergies and Chevron.

Embedded experts from Chevron and TTE at SLB technology centers are designed to shorten feedback cycles and bring operational requirements directly into product development.

Investment Relevance for SLBArena reinforces SLB’s strategy of moving beyond traditional oilfield services toward higher-value digital solutions. Chevron’s participation adds credibility to the collaboration and demonstrates continued industry demand for artificial intelligence (AI)-enabled workflows, data-driven reservoir analysis and faster field-development decisions.

The model gives SLB deeper exposure to recurring technology needs across the upstream value chain rather than relying solely on activity-driven service revenues.

SLB’s Long-Term Digital UpsideSLB, Chevron and TotalEnergies have already collaborated on the Intersect reservoir simulator, providing a foundation for the latest effort. Arena extends that relationship into a broader digital framework focused on open and extensible technologies.

For SLB investors, the collaboration strengthens the company’s technology positioning, expands engagement with major operators and supports the long-term growth of its digital portfolio.

SLB’s & TTE’s Zacks Rank & Key PicksSLB and TotalEnergies currently carry a Zacks Rank #3 (Hold) each.

The broader investment backdrop remains constructive for oilfield equipment and service providers, as elevated crude prices support upstream spending by major producers and integrated energy companies.

With West Texas Intermediate crude trading around $90 per barrel, according to Oilprice.com, companies such as TotalEnergies, Chevron Corporation (CVX - Free Report) and Equinor ASA (EQNR - Free Report) have greater flexibility to sustain drilling, field development and production-enhancement programs, which supports demand for SLB’s services and digital solutions.

CVX & EQNR currently sport a Zacks Rank #1 (Strong Buy) each. You can see the complete list of today’s Zacks Rank #1 stocks here.

Chevron operates in the Permian Basin, Gulf of America, Bakken, DJ Basin, Kazakhstan and Australia, while its second-quarter 2026 results highlighted record U.S. production of nearly 2.1 million barrels of oil equivalent per day. CVX stands to benefit from its Hess Midstream agreements, which are expected to reduce Bakken unit midstream costs by roughly 50%, improve earnings and enhance return on capital employed.

Equinor maintained solid exploration momentum in the second quarter of 2026, with appraisal activity confirming previously announced commercial discoveries on the Norwegian Continental Shelf. The company plans to allocate nearly 90% of its capital spending to oil and gas while targeting production growth through 2030, a strategy that supports sustained demand for drilling, subsea and reservoir services. EQNR is also expanding its exploration footprint through an agreement to acquire a 17.4% interest in Chevron-operated PEL 90 in Namibia’s Orange Basin, strengthening its upstream growth pipeline.

HOUSTON--(BUSINESS WIRE)--Global energy technology company SLB (NYSE: SLB) today announced a 15-year agreement with TotalEnergies to use the DrillPlan™ coherent well planning and engineering solutions. The agreement will support TotalEnergies' transition to a digital planning environment, connecting subsurface insights with well planning and engineering. Enabled by SLB's DrillPlan solutions and the expertise of both companies, the agreement marks a significant step in the companies' digital col.

On October 07, 2026, SLB Ltd SLB shares fell 4.1% to a current price of $47.96, continuing a downward trend over the past month where the stock is down 16.6%. The shares have seen significant volatility, trading between a 52-week high of $60.46 and a low of $31.64.

GF Value™ verdict: SLB is currently priced at $47.96, which is 5.0% above the GF Value™ estimate of $45.66.GF Score™ of 79/100 indicates the stock is above average in terms of overall quality.Insider activity shows $23.4 million in sales over the past 12 months with no buying, which could suggest a lack of confidence from management.Is SLB Overvalued or Undervalued?According to the GF Value™, SLB shares appear to be slightly overvalued at the moment, with a current price that is approximately 5.0% higher than the intrinsic value assessed at $45.66. The GF Value™ is GuruFocus' proprietary estimate of a stock's fair value, calculated based on historical trading multiples, past business growth, and expected future performance. Given this valuation, there exists a marginal risk for investors, as the current price does not provide a significant margin of safety. Investors may want to consider this when making decisions regarding SLB, especially in the context of its recent price decline.

The GF Valuation label of "Fairly Valued" suggests that while the stock is not excessively priced, there may be better opportunities elsewhere in the market, especially considering the recent performance trends and the potential for further price adjustments.

How Does SLB's Valuation Compare to Its History?MetricCurrentHistoricalP/E (TTM)23.3x18.8xForward P/E14.9x-SLB's current P/E ratio of 23.3x is 24% above its 5-year median of 18.8x, indicating that the stock is trading at a premium compared to its historical valuation metrics. This suggests that the P/E analysis aligns with the GF Value™ verdict, reinforcing the notion that the stock may be overvalued at this time.

What Does SLB's GF Score™ Tell Us?The GF Score™ assesses the overall quality of a stock based on various factors, including financial strength, profitability, growth, valuation, and momentum. SLB's GF Score™ of 79/100 reflects a strong positioning in the market, with notable strengths and weaknesses across its sub-ranks.

MetricRatingGF Score™79/100Financial Strength6/10Profitability7/10Growth6/10Valuation6/10Momentum6/10SLB showcases a strong profitability rank of 7/10, indicating solid earnings performance. However, its financial strength is relatively weaker at 6/10, which may raise concerns about the company's capacity to withstand economic downturns. The growth rank of 6/10 suggests moderate potential for expansion, while the valuation and momentum ranks of 6/10 indicate that SLB is neither particularly undervalued nor overvalued based solely on market momentum. This combination of scores presents a mixed picture, suggesting that while SLB is a quality stock, some caution is warranted given its current valuation and financial metrics.

What Are Gurus and Insiders Doing with SLB?Currently, 19 gurus hold SLB shares, with 9 adding to their positions and 8 trimming their holdings in recent quarters. This mixed activity among seasoned investors reflects a divergence in sentiment regarding the stock's future potential. Notably, insider activity has shown a concerning trend with $23.4 million in sales over the past 12 months and no buying, which may indicate a lack of confidence from those closest to the company.

Such insider selling can often be interpreted as a signal of potential challenges ahead, and the absence of any buying activity suggests insiders may not see the stock as a compelling investment at current prices. This could be a point of concern for prospective investors who may look for stronger signals of confidence from management.

What This Means for InvestorsBased on the GF Value™ assessment, SLB appears to be slightly overvalued at its current price of $47.96, which is 5.0% above the GF Value™ estimate of $45.66. Coupled with the recent insider selling and mixed guru activity, potential investors should approach this stock with caution, considering the implications of the current valuation against the backdrop of overall market conditions. For further insights, you can explore the SLB Ltd SLB stock page and the GF Value™ page.

Frequently Asked QuestionsWhat is SLB's GF Score™?

SLB has a GF Score™ of 79/100, indicating that the stock is above average in terms of overall quality, combining various metrics that measure its financial health and performance.

Is SLB overvalued or undervalued?

SLB is currently overvalued, with a GF Value™ estimate of $45.66, suggesting that the stock is priced about 5.0% above its intrinsic value.

What is SLB's P/E ratio?

SLB's P/E (TTM) ratio stands at 23.3x, which is 24% above its 5-year median of 18.8x, indicating that the stock is trading at a premium compared to its historical valuation metrics.

This stock alert was generated using automated technology and GuruFocus financial data to provide readers with timely and accurate market reporting. This content was reviewed by GuruFocus editorial team prior to publication. Please send any questions or comments about this story to [email protected].

Disclosures I/We may personally own shares in some of the companies mentioned above. However, those positions are not material to either the company or to my/our portfolios.

SLB (SLB - Free Report) is one of the stocks most watched by Zacks.com visitors lately. So, it might be a good idea to review some of the factors that might affect the near-term performance of the stock.

Over the past month, shares of this world's largest oilfield services company have returned -16.2%, compared to the Zacks S&P 500 composite's -0.4% change. During this period, the Zacks Technology Services industry, which SLB falls in, has lost 2%. The key question now is: What could be the stock's future direction?

While media releases or rumors about a substantial change in a company's business prospects usually make its stock 'trending' and lead to an immediate price change, there are always some fundamental facts that eventually dominate the buy-and-hold decision-making.

Revisions to Earnings EstimatesRather than focusing on anything else, we at Zacks prioritize evaluating the change in a company's earnings projection. This is because we believe the fair value for its stock is determined by the present value of its future stream of earnings.

We essentially look at how sell-side analysts covering the stock are revising their earnings estimates to reflect the impact of the latest business trends. And if earnings estimates go up for a company, the fair value for its stock goes up. A higher fair value than the current market price drives investors' interest in buying the stock, leading to its price moving higher. This is why empirical research shows a strong correlation between trends in earnings estimate revisions and near-term stock price movements.

SLB is expected to post earnings of $0.62 per share for the current quarter, representing a year-over-year change of -10.1%. Over the last 30 days, the Zacks Consensus Estimate has changed -0.2%.

For the current fiscal year, the consensus earnings estimate of $2.49 points to a change of -15% from the prior year. Over the last 30 days, this estimate has changed -0.3%.

For the next fiscal year, the consensus earnings estimate of $3.2 indicates a change of +28.2% from what SLB is expected to report a year ago. Over the past month, the estimate has changed +0.3%.

With an impressive externally audited track record, our proprietary stock rating tool -- the Zacks Rank -- is a more conclusive indicator of a stock's near-term price performance, as it effectively harnesses the power of earnings estimate revisions. The size of the recent change in the consensus estimate, along with three other factors related to earnings estimates, has resulted in a Zacks Rank #3 (Hold) for SLB.

The chart below shows the evolution of the company's forward 12-month consensus EPS estimate:

12 Month EPS

Revenue Growth ForecastEven though a company's earnings growth is arguably the best indicator of its financial health, nothing much happens if it cannot raise its revenues. It's almost impossible for a company to grow its earnings without growing its revenue for long periods. Therefore, knowing a company's potential revenue growth is crucial.

For SLB, the consensus sales estimate for the current quarter of $9.29 billion indicates a year-over-year change of +4%. For the current and next fiscal years, $37.08 billion and $40.06 billion estimates indicate +3.8% and +8.1% changes, respectively.

Last Reported Results and Surprise HistorySLB reported revenues of $8.97 billion in the last reported quarter, representing a year-over-year change of +5%. EPS of $0.55 for the same period compares with $0.74 a year ago.

Compared to the Zacks Consensus Estimate of $8.72 billion, the reported revenues represent a surprise of +2.95%. The EPS surprise was +7.84%.

The company beat consensus EPS estimates in each of the trailing four quarters. The company topped consensus revenue estimates three times over this period.

ValuationWithout considering a stock's valuation, no investment decision can be efficient. In predicting a stock's future price performance, it's crucial to determine whether its current price correctly reflects the intrinsic value of the underlying business and the company's growth prospects.

While comparing the current values of a company's valuation multiples, such as price-to-earnings (P/E), price-to-sales (P/S), and price-to-cash flow (P/CF), with its own historical values helps determine whether its stock is fairly valued, overvalued, or undervalued, comparing the company relative to its peers on these parameters gives a good sense of the reasonability of the stock's price.

As part of the Zacks Style Scores system, the Zacks Value Style Score (which evaluates both traditional and unconventional valuation metrics) organizes stocks into five groups ranging from A to F (A is better than B; B is better than C; and so on), making it helpful in identifying whether a stock is overvalued, rightly valued, or temporarily undervalued.

SLB is graded B on this front, indicating that it is trading at a discount to its peers. Click here to see the values of some of the valuation metrics that have driven this grade.

Bottom LineThe facts discussed here and much other information on Zacks.com might help determine whether or not it's worthwhile paying attention to the market buzz about SLB. However, its Zacks Rank #3 does suggest that it may perform in line with the broader market in the near term.

In the latest close session, SLB (SLB - Free Report) was down 3.15% at $49.87. The stock's performance was behind the S&P 500's daily loss of 0.17%. Elsewhere, the Dow lost 0.26%, while the tech-heavy Nasdaq lost 0.09%.

Shares of the world's largest oilfield services company witnessed a loss of 14.33% over the previous month, trailing the performance of the Business Services sector with its loss of 5.31%, and the S&P 500's loss of 0.24%.

Market participants will be closely following the financial results of SLB in its upcoming release. The company is expected to report EPS of $0.62, down 10.14% from the prior-year quarter. Meanwhile, the latest consensus estimate predicts the revenue to be $9.29 billion, indicating a 4.04% increase compared to the same quarter of the previous year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.49 per share and a revenue of $37.08 billion, representing changes of -15.02% and +3.83%, respectively, from the prior year.

Investors might also notice recent changes to analyst estimates for SLB. These recent revisions tend to reflect the evolving nature of short-term business trends. As such, positive estimate revisions reflect analyst optimism about the business and profitability.

Research indicates that these estimate revisions are directly correlated with near-term share price momentum. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system ranges from #1 (Strong Buy) to #5 (Strong Sell). It has a remarkable, outside-audited track record of success, with #1 stocks delivering an average annual return of +25% since 1988. Over the past month, the Zacks Consensus EPS estimate has moved 0.29% lower. SLB currently has a Zacks Rank of #3 (Hold).

From a valuation perspective, SLB is currently exchanging hands at a Forward P/E ratio of 20.64. Its industry sports an average Forward P/E of 16.14, so one might conclude that SLB is trading at a premium comparatively.

Meanwhile, SLB's PEG ratio is currently 2.94. Comparable to the widely accepted P/E ratio, the PEG ratio also accounts for the company's projected earnings growth. The average PEG ratio for the Technology Services industry stood at 1.23 at the close of the market yesterday.

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 182, finds itself in the bottom 27% echelons of all 250+ industries.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

To follow SLB in the coming trading sessions, be sure to utilize Zacks.com.

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HOUSTON--(BUSINESS WIRE)--SLB (NYSE: SLB) will hold a conference call on October 23, 2026, to discuss the results for the third quarter ending September 30, 2026.

The conference call is scheduled to begin at 9:30 a.m. U.S. Eastern time and a press release regarding the results will be issued at 7:00 a.m. U.S. Eastern time.

To access the conference call, listeners should contact the Conference Call Operator at +1 (800) 715-9871 within North America or +1 (646) 307-1963 outside of North America approximately 10 minutes prior to the start of the call and the access code is 3440360.

A webcast of the conference call will be broadcast simultaneously at https://events.q4inc.com/attendee/293449855 on a listen-only basis. Listeners should log in 15 minutes prior to the start of the call to test their browsers and register for the webcast. Following the end of the conference call, a replay will be available at www.slb.com/irwebcast until October 30, 2026, and can be accessed by dialing +1 (800) 770-2030 within North America or +1 (609) 800-9909 outside of North America and giving the access code 3440360.

About SLB

SLB (NYSE: SLB) is a global technology company that has driven energy innovation for 100 years. With a global footprint in more than 100 countries and employees representing almost twice as many nationalities, we work each day on innovating oil and gas, delivering digital at scale, decarbonizing industries, and developing and scaling new energy systems that accelerate the energy transition. Find out more at slb.com.

More News From SLB

Back to Newsroom

HOUSTON--(BUSINESS WIRE)--Global energy technology company SLB (NYSE: SLB) today announced it has been awarded four integrated well construction contracts by Aramco to support oil and gas development across the Kingdom of Saudi Arabia. Under the contracts, SLB will manage end-to-end well construction services, delivering more than 450 wells in the three-year term, with an optional extension of up to two years. "Delivering hundreds of wells across a multi-year program and in multiple operating e.

SLB Limited (NYSE:SLB) won a contract from OQ Exploration & Production, or OQEP, for the Bisat-B Expansion Production Facility in Oman.

The project is scheduled for completion within 19 months and will increase gross fluids-handling capacity to 548,000 barrels per day.

• SLB stock is showing positive momentum. What’s ahead for SLB stock?

SLB Takes Project From Design Through OperationsSLB will handle design, engineering, procurement, construction and commissioning, followed by four years of operations and maintenance support.

The award builds on SLB’s delivery of the Bisat-A facility in 2018 and the original Bisat-B facility in 2020.

Jesus Lamas, SLB president for the Middle East and North Africa, said, "By combining our global expertise with decades of local experience in Oman, we will help support production growth while delivering safe, efficient and reliable performance for years to come."

Read Next

SLB Technical OutlookSLB is trading below its 20-day SMA, signaling some near-term weakness, but remains close to its 50-day and 100-day averages.

Shares also stay above the 200-day SMA, keeping the broader trend constructive despite the recent pullback.

MACD is below its signal line with a negative histogram, indicating that upside momentum has cooled and buyers have yet to regain control.

Resistance: $53 — Nearby level the stock needs to reclaim to improve short-term momentum. Support: $48 — Key downside level to watch if selling pressure increases. Earnings and Wall Street OutlookSLB’s next estimated earnings report is scheduled for Oct. 16, 2026.

Analysts expect EPS of 62 cents, down from 69 cents a year earlier, while revenue is projected at $9.27 billion, up from $8.93 billion.

SLB carries a Buy consensus rating with an average price target of $64.07.

UBS maintained a Buy rating and most recently raised its target to $75 on Sept. 14. Piper Sandler maintained Overweight and raised its target to $64 on July 27.

SLB ETF ExposureSLB carries a 4.48% weighting in the Energy Select Sector SPDR ETF (NYSE:XLE), 3.39% in the iShares U.S. Energy ETF (NYSE:IYE), and 3.03% in the Fidelity MSCI Energy Index ETF (NYSE:FENY).

SLB Stock Price Activity: SLB shares were down 0.84% to $52.57 at the time of publication on Wednesday, according to Benzinga Pro data.

Photo: HJBC via Shutterstock

© 2026 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.

SLB (SLB - Free Report) ended the recent trading session at $51.12, demonstrating a -1.84% change from the preceding day's closing price. The stock's performance was behind the S&P 500's daily gain of 0.17%. Elsewhere, the Dow saw a downswing of 0.18%, while the tech-heavy Nasdaq appreciated by 0.4%.

Shares of the world's largest oilfield services company witnessed a loss of 2.75% over the previous month, beating the performance of the Business Services sector with its loss of 3.68%, and underperforming the S&P 500's loss of 1.29%.

Analysts and investors alike will be keeping a close eye on the performance of SLB in its upcoming earnings disclosure. It is anticipated that the company will report an EPS of $0.62, marking a 10.14% fall compared to the same quarter of the previous year. Meanwhile, our latest consensus estimate is calling for revenue of $9.29 billion, up 4.04% from the prior-year quarter.

In terms of the entire fiscal year, the Zacks Consensus Estimates predict earnings of $2.5 per share and a revenue of $37.11 billion, indicating changes of -14.68% and +3.93%, respectively, from the former year.

Investors should also take note of any recent adjustments to analyst estimates for SLB. These latest adjustments often mirror the shifting dynamics of short-term business patterns. Hence, positive alterations in estimates signify analyst optimism regarding the business and profitability.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To benefit from this, we have developed the Zacks Rank, a proprietary model which takes these estimate changes into account and provides an actionable rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has witnessed a 0.04% decrease. SLB currently has a Zacks Rank of #3 (Hold).

In terms of valuation, SLB is currently trading at a Forward P/E ratio of 20.82. This expresses a premium compared to the average Forward P/E of 17.84 of its industry.

One should further note that SLB currently holds a PEG ratio of 2.96. The PEG ratio bears resemblance to the frequently used P/E ratio, but this parameter also includes the company's expected earnings growth trajectory. As the market closed yesterday, the Technology Services industry was having an average PEG ratio of 1.22.

The Technology Services industry is part of the Business Services sector. This industry, currently bearing a Zacks Industry Rank of 153, finds itself in the bottom 38% echelons of all 250+ industries.

The Zacks Industry Rank gauges the strength of our industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Be sure to follow all of these stock-moving metrics, and many more, on Zacks.com.

SLB (SLB - Free Report) closed the most recent trading day at $52.30, moving -3.51% from the previous trading session. This change lagged the S&P 500's daily loss of 0.45%. Meanwhile, the Dow lost 1.21%, and the Nasdaq, a tech-heavy index, lost 0.01%.

The world's largest oilfield services company's stock has climbed by 1.86% in the past month, exceeding the Business Services sector's loss of 3.49% and the S&P 500's loss of 2.43%.

The investment community will be closely monitoring the performance of SLB in its forthcoming earnings report. On that day, SLB is projected to report earnings of $0.62 per share, which would represent a year-over-year decline of 10.14%. At the same time, our most recent consensus estimate is projecting a revenue of $9.29 billion, reflecting a 4.04% rise from the equivalent quarter last year.

For the full year, the Zacks Consensus Estimates are projecting earnings of $2.5 per share and revenue of $37.11 billion, which would represent changes of -14.68% and +3.93%, respectively, from the prior year.

It is also important to note the recent changes to analyst estimates for SLB. These latest adjustments often mirror the shifting dynamics of short-term business patterns. As a result, we can interpret positive estimate revisions as a good sign for the business outlook.

Our research suggests that these changes in estimates have a direct relationship with upcoming stock price performance. To utilize this, we have created the Zacks Rank, a proprietary model that integrates these estimate changes and provides a functional rating system.

The Zacks Rank system, ranging from #1 (Strong Buy) to #5 (Strong Sell), possesses a remarkable history of outdoing, externally audited, with #1 stocks returning an average annual gain of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.07% higher. Right now, SLB possesses a Zacks Rank of #3 (Hold).

Valuation is also important, so investors should note that SLB has a Forward P/E ratio of 21.67 right now. This valuation marks a premium compared to its industry average Forward P/E of 17.66.

We can also see that SLB currently has a PEG ratio of 3.08. The PEG ratio is similar to the widely-used P/E ratio, but this metric also takes the company's expected earnings growth rate into account. As of the close of trade yesterday, the Technology Services industry held an average PEG ratio of 1.26.

The Technology Services industry is part of the Business Services sector. With its current Zacks Industry Rank of 156, this industry ranks in the bottom 37% of all industries, numbering over 250.

The Zacks Industry Rank evaluates the power of our distinct industry groups by determining the average Zacks Rank of the individual stocks forming the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

Remember to apply Zacks.com to follow these and more stock-moving metrics during the upcoming trading sessions.

SLB (SLB -4.89%), the sprawling global oilfield services company, didn't have a great day on the U.S. stock market as the trading week began. The recent closure of a major oil pipeline in the Middle East rattled investors, as did an analyst's report on the likely harmful effects on sector stocks with high exposure to the region. As a result, SLB's shares fell by nearly 5% that trading session.

Turning the valve On Friday, the government of Saudi Arabia announced it had shut down the East-West pipeline, a major conduit for crude oil in its region. This was in the face of drone attacks coming from Iraq, according to government officials cited by Reuters. As of late Monday afternoon, the pipeline was still shut.

Image source: Getty Images.

Citigroup felt obliged to offer its take on this, issuing an analyst note before Monday's market open.

According to Streetinsider, the bank's pundits cautioned that an extended shutdown of the pipeline could negatively affect drilling activity. This depends on how long the shutdown lasts, however; if it's short in duration, drilling likely won't be hampered significantly.

In its note, Citigroup identified a set of oilfield services companies exposed to the Saudi market, with SLB topping the list. The analysts also included SLB's rivals/peers Baker Hughes and Halliburton, among others.

Premium Feature

Moneyball Superscore

78/100

Today's Change

(

-4.89

%) $

-2.74

Current Price

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53.32

Caution warranted The shutdown is a recent development in the Iran conflict, which is increasingly spilling over into other countries in the region. Since there doesn't seem to be any resolution on the horizon, the detrimental effects on oil assets and the energy industry generally are likely to be exacerbated. That alone would make me hesitant to invest in SLB and its peers in the oilfield services sector.

Citigroup is an advertising partner of Motley Fool Money. Eric Volkman has no position in any of the stocks mentioned. The Motley Fool has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy.

9.9.2026 17:18

Index Dow Jones -0,78 % na 52374,21 b. S&P 500 -0,56 % na 7630,36 b. Nasdaq Composite -0,78 % na 26216,41 b.

Ve středeční seanci americké indexy otevírají v červených úrovních, když hlavní příčinou poklesu je eskalující konflikt mezi USA a Iránem, včetně uzavřeného Hormůzského průlivu. K dalšímu bombardování ze strany Iránu došlo poté, co USA zaútočily a zničily pět íránských ropných tankerů, čímž zintenzivnily konflikt s Teheránem, který se táhne již šest měsíců. Vzhledem k tomu, že si obě strany vyměňují další útoky, naděje na brzké vyřešení bojů se vytratily. Během návštěvy Kolumbie americký ministr zahraničí Marco Rubio naznačil, že odvetné útoky pravděpodobně brzy neustanou, a varoval Írán, že „ztratí tankery“, když se pokusí „zasáhnout americké válečné lodě“. Investory  a celý svět tak nyní trápí nárůst cen ropy, který oživil obavy, že vyšší náklady na energie by mohly udržet inflaci na vysoké úrovni a přesvědčit centrální banky k zpřísnění politiky. Výnosy amerických státních dluhopisů se v této souvislosti zvýšily. Referenční výnos 10letých amerických státních dluhopisů se v úterý krátce dostal nad 4,8 %, což je blízko nejvyšší úrovně od listopadu 2023, což zvýšilo relativní atraktivitu dluhopisů a zvýšilo náklady na půjčky pro firmy a spotřebitele. Trhy a investoři se nyní  zaměřují na údaje o inflaci v USA, které mají být zveřejněny koncem tohoto týdne, přičemž se očekává, že index spotřebitelských cen v pátek poskytne nové vodítka o směru politiky Fedu. Podle názoru analytiků rostou sázky na zvýšení úrokových sazeb ze strany FEDu v příštím týdnu a to v souvislosti s obnovenými obavami z inflace. Podle CME FedWatch trhy odhadovaly pravděpodobnost nárůstu o čtvrtinu bazického bodu zhruba na 60 %, oproti zhruba 40 % před týdnem.

V centru dění je dnes ropa a proražení ceny Brentu nad 100 USD/barel je pro trhy významným psychologickým milníkem, ale větší obavou je, co to znamená pro inflaci. Dlouhodobý ropný šok by mohl udržet vysoký cenový tlak a zkomplikovat cestu centrálním bankám, které se již tak potýkají s obtížným politickým prostředím. Dnes byly také reportovány od EIA surové zásoby ropy ke dni 2.9., které klesly o 4,5 mil. barelů, když trh očekával menší pokles o 2,5 mil. barelů. Lehká ropa WTI v reakci na situaci roste o 3,1% a dostává se k úrovni 95,8 USD/barel. tato situace je příznivě nakloněna akciím v těžebním sektoru černého zlata a tak akcie těžaře APA ( APA ) dnes posilují o 1,9% a také akcie těžebního obra Exxon Mobil ( XOM ) se posunují výše na tržní ceně o cca 2%. V kladných úrovních se drží také akcie britské skupiny BP ( BP ), jež rostou o 1,6% a také akcie brazilského těžaře Petrobrasu ( PBR ) obchodují výš o cca 1,5%. a ještě lépe jsou na tom akcie Occidentalu Petroleum ( OXY ) se ziskem cca 2,5% a daří se také akciím Shellu ( SHEL ), které přidávají cca 1%. Za zmínku stojí také akcie amerického výrobce a dodavatele těžního zařízení Halliburtonu ( HAL ), které přidávají na tržní ceně více než 2% a také akcie francouzského konkurenta Schlumbergeru ( SLB ) přidávají na tržní ceně více než 3,5%.

Poměrně slušně dnes  za přispění geopolitického rizika a  oslabujícího dolaru profituje žlutý kov, který přidává cca 0,5% a dostává se k úrovni 4 460 USD/Troy. unci. Tato situace hraje do karet akciím v těžebním sektoru zlata a tak akcie největšího kanadského těžaře posilují na tržní ceně o cca 1,5% a také akcie jeho amerického konkurenta Newmontu ( NEM ) jsou na tom podobně se ziskem necelých 1,5%. Za pozornost stojí také akcie známého těžaře Eldorado Gold ( EGO ), které posilují na tržní ceně o cca 2,9%.

Z indexu S&P 500 zaznamenávají největší pokles akcie amerického řetězce obchodů se smíšeným zbožím Casey's General Stores který reportoval výsledky hospodaření za první kvartál fiskálního roku 2027, jeho porovnatelné tržby zaostaly za očekáváním. Akcie Casey's General Stores ( CASY ) se ocitají pod tlakem investorů a ztrácí -16%. 

Index S&P 500 -0,56 % na 7630,36 b. Nejsilnější sektory S&P Změna Nejslabší sektory S&P Změna Energie +0,8 % Zbytná spotřeba -1,6 % Finanční sektor -0,3 % Utility -1,2 % Zdravotní péče -0,3 % Průmysl -1,2 % Nejsilnější akcie S&P Změna Nejslabší akcie S&P Změna Meta Platforms (META) +7,0 % Casey's General Stores (CASY) -16 % Datadog (DDOG) +5,4 % Vertiv Holdings (VRT) -6,9 % Marvell Technology (MRVL) +4,8 % Booking Holdings (BKNG) -4,8 % Lumentum Holdings (LITE) +3,5 % Tractor Supply (TSCO) -4,5 % F5 (FFIV) +3,3 % Kimberly-Clark Corp (KMB) -4,4 %
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SLB Today

$58.09 +0.94 (+1.65%)

As of 09/2/2026 03:59 PM Eastern

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$31.64▼

$60.462.03%

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SLB NYSE: SLB just made a clear bet that data centers, not oil wells, define its next decade. On Aug. 31, the company announced it has signed an agreement to acquire Kelvion, a century-old thermal-management specialist, for approximately $3.4 billion in cash and the assumption of approximately $0.7 billion of debt, bringing the total transaction value to approximately $4.1 billion.

Most coverage framed it as another modular infrastructure tuck-in to the company's existing oil services business. That undersells it.

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Paired with SLB's expanding NVIDIA NASDAQ: NVDA partnership and its rapidly scaling Data Center Solutions unit, the Kelvion deal signals SLB is building a genuine second growth engine. Management is targeting $4.5 billion to $5 billion in 2028 revenue for the combined Data Center Solutions business. The real question for investors: Is that engine big enough to change how the market values the company's stock?

SLB’s $4.1 Billion Kelvion Acquisition Adds Data Center GrowthKelvion isn't a startup chasing the AI boom. Founded more than 100 years ago, the company is expected to generate $2.3 billion to $2.4 billion in revenue in 2026 and $350 million to $400 million in adjusted EBITDA. Data centers are already its largest and fastest-growing segment, projected to contribute $1.2 billion to $1.3 billion of that revenue this year.

Kelvion booked $1.5 billion in orders in the first half of 2026 alone, up 43% year-over-year. This is a scaled, profitable business SLB is buying at a reasonable multiple.

SLB’s NVIDIA Partnership Strengthens Its Data Center StrategyThe strategic logic builds directly on work SLB was already doing. In March, SLB expanded its partnership with NVIDIA to become the modular design partner for NVIDIA's DSX AI factories, alongside a joint "AI Factory for Energy" initiative.

SLB's Data Center Solutions revenue has grown at a compound annual rate exceeding 90% since 2024, with more than 2 gigawatts of delivered capacity. Cooling was the missing piece. CEO Olivier Le Peuch said the deal "more than doubles" SLB's revenue opportunity per gigawatt delivered, turning modular construction into a fuller-service data-center platform rather than a single-discipline contractor.

Why SLB’s Kelvion Deal Can Be Accretive Despite Higher DebtSLB is financing the deal with existing cash and debt, not new shares, which matters for the accretion language in the press release. Because share count won't change, earnings per share (EPS) accretion depends only on whether Kelvion's earnings outpace the after-tax cost of the new debt.

At roughly 11 times 2026 EBITDA before synergies—an implied yield near 9%—Kelvion clears that bar comfortably against SLB's investment-grade borrowing costs, even before the $120 million in annual synergies management expects within three years. SLB says leverage stays within its 1.5x net debt-to-EBITDA target, preserving the balance sheet discipline it has emphasized to shareholders.

SLB Stock Faces a Perception Gap as Oilfield Earnings DeclineThis company's last four earnings reports reveal an earnings-per-share (EPS) story that provides important context for the Kelvion deal. SLB has beaten consensus EPS estimates in recent quarters, but adjusted EPS continues to decline year over year (YOY). It was down 26% in the second quarter of 2026 and 28% in the first quarter, as oilfield pricing softened and Middle East disruptions weighed on the Production Systems segment.

Full-year 2025 adjusted EPS fell approximately 24%. Headlines will continue to focus on the beats. The more relevant fact is that the company's legacy business is under real, sustained pressure. This raises the stakes on Kelvion rather than lowering them. A credible, scaling second growth engine matters more, not less, when the core business is shrinking.

Can SLB’s Data Center Business Become a Meaningful Growth Engine?Even at the high end of the $4.5 billion to $5 billion 2028 target, data centers would represent roughly 12% to 14% of SLB's current revenue base of approximately $36 billion. That's meaningful, but not yet transformative.

Kelvion alone won't re-rate SLB into a technology multiple. But layered onto sustained 90%-plus growth in Data Center Solutions, an active NVIDIA partnership, and now a profitable thermal-management platform, it's a credible enough trajectory that investors should start pricing SLB as two businesses rather than one — even if the second one is still the smaller of the pair.

SLB Stock Technical Analysis: Can $55 Hold as Support?The chart adds a technical layer to that argument. SLB shares spiked from the mid-$50s to a 52-week high over $60 immediately after the Kelvion announcement, then pulled back to close near $57.16. That's a classic sell-the-news retracement following an initial pop.

Even after that pullback, SLB trades comfortably above both its 50-day ($50.35) and 200-day ($48.84) simple moving averages, and both are trending higher, which is a constructive setup technically.

The prior range top near $55, tested repeatedly from March through June before a summer sell-off dragged shares to the mid-$40s, is now acting as support rather than resistance. As long as SLB holds that zone, the technical trend still favors buyers digesting the news rather than a market losing conviction in the deal.

SLB Stock Outlook: Kelvion Deal Could Reshape the Growth Story81st Percentile

Moderate Buy

5.6% Upside

Healthy

Strong

0.86 N/A

27.60%

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Kelvion won't turn SLB into a data-center pure play overnight.

Investors also must consider that a closing timeline stretching into the first half of 2027 leaves plenty of room for integration risk and regulatory review to intrude.

But the deal sharpens a thesis that's been building since the NVIDIA expansion. SLB is diversifying away from a legacy business that's still losing ground YOY and financing the move without diluting shareholders.

Since the announcement, the SLB analyst forecasts on MarketBeat show three analysts have reiterated a Buy or equivalent rating on SLB. The chart suggests the market is only just now starting to notice.

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In the latest close session, SLB (SLB - Free Report) was down 4.91% at $57.15. This move lagged the S&P 500's daily loss of 0.71%. Meanwhile, the Dow lost 0.79%, and the Nasdaq, a tech-heavy index, lost 1.03%.

Shares of the world's largest oilfield services company have appreciated by 21.88% over the course of the past month, outperforming the Business Services sector's gain of 1.36%, and the S&P 500's gain of 2.72%.

Market participants will be closely following the financial results of SLB in its upcoming release. The company's upcoming EPS is projected at $0.62, signifying a 10.14% drop compared to the same quarter of the previous year. Alongside, our most recent consensus estimate is anticipating revenue of $9.29 billion, indicating a 4.04% upward movement from the same quarter last year.

For the entire fiscal year, the Zacks Consensus Estimates are projecting earnings of $2.5 per share and a revenue of $37.11 billion, representing changes of -14.68% and +3.93%, respectively, from the prior year.

Investors should also note any recent changes to analyst estimates for SLB. Such recent modifications usually signify the changing landscape of near-term business trends. With this in mind, we can consider positive estimate revisions a sign of optimism about the business outlook.

Based on our research, we believe these estimate revisions are directly related to near-term stock moves. To take advantage of this, we've established the Zacks Rank, an exclusive model that considers these estimated changes and delivers an operational rating system.

The Zacks Rank system, spanning from #1 (Strong Buy) to #5 (Strong Sell), boasts an impressive track record of outperformance, audited externally, with #1 ranked stocks yielding an average annual return of +25% since 1988. Over the last 30 days, the Zacks Consensus EPS estimate has moved 0.11% higher. As of now, SLB holds a Zacks Rank of #3 (Hold).

Digging into valuation, SLB currently has a Forward P/E ratio of 24.02. This valuation marks a premium compared to its industry average Forward P/E of 18.44.

One should further note that SLB currently holds a PEG ratio of 3.96. The PEG ratio is akin to the commonly utilized P/E ratio, but this measure also incorporates the company's anticipated earnings growth rate. As the market closed yesterday, the Technology Services industry was having an average PEG ratio of 1.28.

The Technology Services industry is part of the Business Services sector. Currently, this industry holds a Zacks Industry Rank of 153, positioning it in the bottom 38% of all 250+ industries.

The Zacks Industry Rank gauges the strength of our individual industry groups by measuring the average Zacks Rank of the individual stocks within the groups. Our research shows that the top 50% rated industries outperform the bottom half by a factor of 2 to 1.

You can find more information on all of these metrics, and much more, on Zacks.com.

Key Takeaways SLB agreed to buy Kelvion for $3.4B in cash, adding thermal management to its Data Center Solutions business.Kelvion is expected to generate $2.3-$2.4B in revenues by 2026, with data centers contributing $1.2-$1.3B.SLB targets $4.5-$5B in combined revenues and $700-$800M in adjusted EBITDA by 2028. SLB N.V. (SLB - Free Report) has signed an agreement to acquire Kelvion, a global provider of thermal management and heat-exchange technologies, to accelerate the expansion of its Data Center Solutions business.

The acquisition broadens SLB’s exposure to AI-driven infrastructure spending while adding technologies that complement its existing modular manufacturing, engineering, digital and system-integration capabilities.

Kelvion Adds Scale to SLB’s Data Center BusinessKelvion is expected to generate approximately $2.3-$2.4 billion in revenues and $350-$400 million in adjusted earnings before interest, taxes, depreciation and amortization (EBITDA) in 2026. Data centers represent its largest and fastest-growing end market, with revenues projected at $1.2-$1.3 billion.

The acquisition broadens SLB’s addressable market, with management expecting its revenue opportunity per gigawatt of delivered data center capacity to more than double. Kelvion’s thermal management capabilities add a critical component to SLB’s existing data center infrastructure offering as facilities become increasingly energy-intensive.

How the Kelvion Deal Benefits SLBThe transaction strengthens SLB’s ability to provide more integrated data center infrastructure solutions by incorporating cooling and heat-transfer technologies directly into its modular offering.

This combination expands the company’s revenue opportunity, strengthens its position across the data center value chain and provides access to Kelvion’s established energy and industrial markets. Management expects cost efficiencies and incremental revenue opportunities to enhance transaction economics.

Data Center Growth Supports the Investment CaseSLB’s Data Center Solutions business is expanding rapidly, with revenues expected to register a compound annual growth rate exceeding 90% between 2024 and 2026. Cumulative delivered capacity is projected to surpass 2 gigawatts by year-end.

On a pro forma basis, SLB and Kelvion together are expected to generate more than $2 billion in data center revenues and approximately $300 million in adjusted EBITDA in 2026. SLB is targeting revenues in the range of $4.5-$5 billion and adjusted EBITDA to be between $700 million and $800 million for the combined business by 2028, highlighting the earnings potential of this strategic expansion.

Financial Benefits Support the Investment CaseSLB will acquire Kelvion for approximately $3.4 billion in cash and assume about $0.7 billion of debt. The transaction is valued at roughly 11 times estimated 2026 EBITDA before synergies and about 8.5 times EBITDA after expected synergies.

Management expects the acquisition to be accretive to earnings per share and free cash flow per share during the first 12 months after closing. SLB also targets approximately $120 million in annual EBITDA synergies within three years.

What Should SLB Investors Watch?The transaction is expected to close in the first half of 2027, subject to regulatory approvals and customary conditions. Execution of the targeted synergies and 2028 growth objectives will therefore be important.

Following completion, SLB expects net debt-to-EBITDA to remain within its through-cycle ceiling of 1.5 times. The company reaffirmed plans to return more than $4 billion to shareholders in 2026, preserving a balance between strategic investment and shareholder distributions.

SLB’s Zacks Rank & Key PicksSLB currently carries a Zacks Rank #3 (Hold).

While SLB is gaining direct exposure to the data center buildout through Kelvion, other energy equipment and service companies such as Drilling Tools International Corporation (DTI - Free Report) , RPC, Inc. (RES - Free Report) and Oceaneering International, Inc. (OII - Free Report) are positioned to benefit indirectly from the rising power requirements associated with expanding data center capacity. Higher electricity demand is likely to enhance investment in natural gas production and broader energy infrastructure, supporting activity across drilling, completion and offshore markets.

DTI currently sports a Zacks Rank #1 (Strong Buy), while RES and OII carry a Zacks Rank #2 (Buy), each. You can see the complete list of today’s Zacks Rank #1 stocks here.

Drilling Tools manufactures and rents downhole tools used in oil and natural gas wells, positioning it to participate if greater power requirements translate into additional natural gas drilling activity. Despite softer North American land activity and Middle East disruptions, DTI generated $4.1 million of adjusted free cash flow in the second quarter of 2026, up substantially both sequentially and year over year, while management noted improving activity trends in several markets.

RPC provides completion, production and maintenance services, including pressure pumping, downhole tools, wireline and cementing, giving it exposure to upstream activity that may expand as electricity demand increases the need for dependable energy supplies. RES’s second-quarter revenues increased 1% sequentially to $460.9 million, while adjusted EBITDA rose 23.3% to $66 million, supported by improved job mix and higher activity across several service lines.

Oceaneering International provides engineered services, products and robotic solutions to the offshore energy market. In the second quarter of 2026, revenues increased 10% to $768 million and adjusted EBITDA rose 11% to $115 million. OII’s Manufactured Products backlog stood at $445 million as of June 30, 2026, with additional orders expected during the second half.