Schlumberger Limited (SLB) Shares Rose on Multiple Factors

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

Alger Spectra Fund highlighted stocks like Schlumberger Limited (NYSE:SLB) in the third quarter 2023 investor letter. Headquartered in Houston, Texas, Schlumberger Limited (NYSE:SLB) is an oil fields services company On November 3, 2023, Schlumberger Limited (NYSE:SLB) stock closed at $56.87 per share. One-month return of Schlumberger Limited (NYSE:SLB) was -2.35%, and its shares gained 3.76% of their value over the last 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $81.237 billion.

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.”

A drilling rig on a remote oilfield, its tower silhouetted against a setting sunset.

Schlumberger Limited (NYSE:SLB) is not on our list of 30 Most Popular Stocks Among Hedge Funds. As per our database, 60 hedge fund portfolios held Schlumberger Limited (NYSE:SLB) at the end of second quarter which was 66 in the previous quarter.

We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of best crude oil stocks to buy as tensions rise. In addition, please check out our hedge fund investor letters Q3 2023 page for more investor letters from hedge funds and other leading investors.

Suggested Articles:

• 15 States with the Best Roads in the US
• 12 Best Small-Cap Biotech Stocks with Massive Potential According to Hedge Funds
• 25 Worst States for Human Trafficking in America

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