5 Best Oil Stocks to Buy According to Hedge Funds

In this article, we will discuss 5 best oil stocks to buy according to hedge funds. For a detailed analysis of the oil industry companies, you can directly go to 12 best oil stocks to buy according to hedge funds.

5. Schlumberger Limited (NYSE:SLB)

No. of Hedge Fund Holders: 63

Schlumberger Limited (NYSE:SLB) is a technology company which partners with customers to access energy by offering digital solutions and innovative technologies to enhance performance and sustainability for the global energy industry.

Schlumberger Limited (NYSE:SLB) announced that it has entered into an agreement for the acquisition of Gyrodata Incorporated, a company which specializes in gyroscopic wellbore positioning and survey technology.

Schlumberger Limited (NYSE:SLB) released its results for Q3 2022. It has posted revenues of $7.5 billion in the third quarter, exhibiting 10% growth as compared to Q2 2022 and 28% improvement year-on-year. Strong results for Q3 2022 exhibit acceleration of international momentum and strong execution across divisions and areas. Revenues and margins improved against Q2 2022 as growth pace in international business stepped up significantly. For full year 2022, Schlumberger Limited (NYSE:SLB) expects capital investment to be approximately $2.2 billion.

VP Kevin Fyfe decided to sell 6,095 shares of Schlumberger Limited (NYSE:SLB) on November 7. This transaction was done at an average price of $53.00, totalling $323,035.00. Following this, vice president owns 35,535 shares, valued at $1,883,355.

Analysts at Citigroup initiated the coverage on the shares of Schlumberger Limited (NYSE:SLB). They upped their price target to $62.00 in a report dated November 16.