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Schlumberger Limited (SLB) Targets Expansion in New Large Addressable Markets

·2 min read

ClearBridge Investments, a leading global asset manager, released its “Global Growth Strategy” second-quarter 2022 investor letter. You can download it here. In the second quarter, the strategy underperformed its MSCI ACWI benchmark index. The financials, materials, and consumer staples sectors contributed positively to the fund’s performance whereas  IT, Industrials, and consumer discretionary sectors were the fund’s leading detractors. You can check the fund’s top five holdings to know about its best picks in 2022.

ClearBridge Investments discussed stocks like Schlumberger Limited (NYSE:SLB) in the second quarter investor letter. Based in Houston, Texas, Schlumberger Limited (NYSE:SLB) is an energy service company. The stock of Schlumberger Limited (NYSE:SLB) closed at $35.40 per share on August 17, 2022. Schlumberger Limited (NYSE:SLB) returned 5.26% in one month and its shares gained 33.89% of their value over the last 52 weeks. Schlumberger Limited (NYSE:SLB) has a market capitalization of $50.069 billion.

Here is what ClearBridge Investments specifically said about Schlumberger Limited (NYSE:SLB) in its Q2 2022 letter.

"We further added to our positioning for the accelerating energy transition with the purchase of Schlumberger Limited (NYSE:SLB), a global provider of oilfield services. As a technology leader, Schlumberger should generate strong free cash flow over the next few years as the industry recovers, using its excess cash to gain market share from smaller players and to expand into new areas of growth. Through its scale, presence, partnerships and technology, Schlumberger is targeting expansion into new large addressable markets such as carbon capture, hydrogen, geothermal and lithium extraction."

Most Valuable Gas Companies in the World

Photo by Robin Sommer on Unsplash

Although ClearBridge Investments is invested in Schlumberger Limited (NYSE:SLB), the stock is not on the list of 30 Most Popular Stocks Among Hedge Funds. As per our database, Schlumberger Limited (NYSE:SLB) was held by 64 hedge fund portfolios at the end of the first quarter, and 58 in the previous quarter.

We discussed Schlumberger Limited (NYSE:SLB) in another article and shared the list of energy stocks to watch suggested by Goldman Sachs. For more investor letters from hedge funds and other prominent investors, you can check our hedge fund investor letters Q2 2022 page.

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