5 Best Oil Stocks to Buy for 2024

4. Schlumberger NV (NYSE:SLB)

Number of Hedge Fund Investors: 65

With a dividend yield of 2% and a PE ratio of 18 as of January 27, oilfield services company Schlumberger NV (NYSE:SLB) is a famous energy stock among hedge fund investors. At the end of the September 2023 quarter, 65 hedge fund investors in Insider Monkey’s database had stakes in Schlumberger NV (NYSE:SLB), up from 60 hedge funds in the previous quarter. This shows that hedge fund sentiment for the stock is positive.

In January, Schlumberger NV (NYSE:SLB) posted fourth quarter results. Adjusted EPS in the period came in at $0.86, beating estimates by $0.03. Revenue in the quarter jumped 13.8% year over year to $8.99 billion, surpassing estimates by $50 million.

Alger Spectra Fund made the following comment about Schlumberger Limited (NYSE:SLB) in its Q3 2023 investor letter:

“Schlumberger Limited (NYSE:SLB) provides technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. During the period, shares contributed to performance driven in large part by higher oil prices and strong fiscal second quarter earnings results. Within its quarterly report. the company highlighted growing momentum in international offshore markets that reflected market share gains as well as solid end market activity, leading to strong profit margins and healthy free cash flow generation, in our view.”