Declining Oil Prices Weighed on Schlumberger Limited (SLB) Stock

Fred Alger Management, an investment management company, released its “Alger Spectra Fund” fourth quarter 2023 investor letter. A copy of the same can be downloaded here. In the fourth quarter, the fund outperformed the Russell 3000 Growth Index. The healthcare and communication services contributed to the fund’s relative performance in the quarter, while consumer staples and information technology detracted. In addition, you can check the top 5 holdings of the fund to know its best picks in 2023.

Alger Spectra Fund featured stocks like Schlumberger Limited (NYSE:SLB) in the fourth quarter 2023 investor letter. Headquartered in Houston, Texas, Schlumberger Limited (NYSE:SLB) is an oil fields services company. On March 1, 2024, Schlumberger Limited (NYSE:SLB) stock closed at $49.35 per share. One-month return of Schlumberger Limited (NYSE:SLB) was 1.65%, and its shares lost 10.84% of their value over the last 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $70.687 billion.

Alger Spectra Fund stated the following regarding Schlumberger Limited (NYSE:SLB) in its fourth quarter 2023 investor letter:

“Schlumberger Limited (NYSE:SLB) provides technology for reservoir characterization, drilling, production, and processing to the oil and gas industry. During the quarter, the company reported fiscal third quarter operating results that were slightly above consensus estimates, driven by growth in international markets, namely Saudi Arabia, Kuwait, and Egypt. However, shares detracted from performance as declining oil prices weighed on the stock throughout the quarter, along with concerns around a lower North America rig count.”

An aerial view of a well site, depicting the scale of oil and gas operations.

Schlumberger Limited (NYSE:SLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. At the end of the fourth quarter, Schlumberger Limited (NYSE:SLB) was held by 62 hedge fund portfolios, down from 65 in the previous quarter, according to our database.

We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of best large-cap stocks to buy in 2024. In addition, please check out our hedge fund investor letters Q4 2023 page for more investor letters from hedge funds and other leading investors.

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Disclosure: None. This article is originally published at Insider Monkey.