Wire
Capital One Adjusts Price Target on SLB to $64 From $65
SLB (SLB) has an average rating of overweight and mean price target of $61.29, according to analysts polled by FactSet.Price: $46.80, Change: $-0.20, Percent Change: -0.41%
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$SLB
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- UBSTarget revisedBuyPrice target$72from $66
- Capital One SecuritiesTarget revisedPrice target$63from $64
- TD CowenTarget revisedPrice target$64from $62
- Capital OneTarget revisedPrice target$64from $65
- BMO CapitalTarget revisedOutperformPrice target$59from $63
- SusquehannaTarget revisedPrice target$55from $65
What's the latest news on SLB?
Commodities
SLB, Liberty Energy Partner on Data Center Power Solutions
Energy technology company SLB (SLB) will collaborate with energy services firm Liberty Energy (LBRT) to provide modular infrastructure and integrated power generation solutions for new data centers globally, it said on Tuesday.The planned alliance is expected to accelerate deployment of new data center capacity by delivering behind-the-meter power solutions that can be deployed faster than traditional grid connections, according to the statement.The companies also plan to collaborate on future technology initiatives to improve efficiency, flexibility and environmental performance of data center energy systems.SLB expects to provide more than 2 gigawatts of modular infrastructure for data centers by year-end, following the start of delivery in April 2024. Liberty, meanwhile, has set a 2029 target to deploy 3 gigawatts of power projects.
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Sectors
Sector Update: Energy Stocks Gain Monday Afternoon
Energy stocks advanced Monday afternoon with the NYSE Energy Sector Index rising 2.7% and the State Street Energy Select Sector SPDR ETF (XLE) adding 3.1%.The Philadelphia Oil Service Sector Index climbed 1.2%, and the Dow Jones US Utilities Index gained 0.9%.Crude oil prices surged after reports that President Donald Trump will reinstate a blockade on Iranian ships transiting the Strait of Hormuz. Trump said the US would charge a 20% toll on eligible cargo, escalating tensions after a weekend of attacks by both nations to assert control of the critical waterway, the Associated Press reported.West Texas Intermediate crude oil jumped 6.7% to $76.18 a barrel, and global benchmark Brent climbed 6.8% to $81.16 a barrel. Henry Hub natural gas futures fell 1.5% to $2.90 per 1 million BTU.In sector news, the White House is organizing a voluntary agreement between utility companies and data center developers to prevent AI electricity demand from inflating consumer bills, Reuters reported.In corporate news, Shell (SHEL) said its Shell Overseas Investment unit agreed to sell Solenergi Power to Aditya Birla Renewables for $1.8 billion. Shell shares rose 2%.Eni (E) agreed to fuel BMW corporate fleet vehicles in Italy with a diesel biofuel produced from renewable materials. Separately, Eni's Eni Industrial Evolution unit and Seri Industrial's FIB have established Faenix, a commercial platform focused on battery energy storage systems based on lithium iron phosphate technology. Eni shares rose 3.6%.SLB (SLB) said its OneSubsea joint venture received a multiwell engineering, procurement, and construction contract from Eni for phase 3 of the deepwater Baleine project offshore Ivory Coast. SLB shares eased 0.2%.
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Wire
BMO Capital Adjusts Price Target on SLB to $59 From $63, Maintains Outperform Rating
SLB (SLB) has an average rating of overweight and mean price target of $61.64, according to analysts polled by FactSet.Price: $48.10, Change: $+0.34, Percent Change: +0.71%
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Equities
SLB OneSubsea Wins EPC Contract for Eni's Baleine Project Offshore Ivory Coast
SLB (SLB) said Monday that its OneSubsea joint venture received a multi-well engineering, procurement, and construction contract from Eni (E) for phase 3 of the deepwater Baleine project offshore Ivory Coast.Under the contract, SLB said OneSubsea will deliver complete subsea production systems for 13 wells, including subsea trees, umbilicals, manifolds, flowmeters and control systems, along with installation and commissioning.SLB shares were up 1% in Monday's premarket activity.
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Wire
Susquehanna Adjusts Price Target on SLB to $55 From $65
SLB (SLB) has an average rating of overweight and mean price target of $61.82, according to analysts polled by FactSet.Price: $47.38, Change: $+0.97, Percent Change: +2.09%
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Wire
UBS Adjusts SLB Price Target to $66 From $69, Maintains Buy Rating
SLB (SLB) has an average rating of overweight and mean price target of $62.52, according to analysts polled by FactSet.Price: $45.95, Change: $-0.54, Percent Change: -1.16%
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Wire
SLB Wins Seven-Year Kuwait Oil Company Innovation Contract
SLB (SLB) said Tuesday it was awarded a seven-year contract by Kuwait Oil Company under the Ahmadi Innovation Valley initiative to support applied research, technology deployment and digital innovation programs aligned with Kuwait's long-term energy objectives.Financial details weren't disclosed.The collaboration will focus on digital and strategic priorities, including artificial intelligence, industrial internet of things applications, reservoir technologies, production optimization, water management and energy transition initiatives.As part of the contract, SLB plans to establish a dedicated Ahmadi Innovation Valley facility in Kuwait, with construction expected to begin in 2026 and the facility scheduled to open in 2028, the company said.Price: $46.28, Change: $-0.11, Percent Change: -0.23%
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Commodities
US Rig Activity Holds Steady as Private Operators Expand Market Share, RBC Says
US drilling activity remained largely stable last week as operators maintained activity levels across major shale basins, RBC Capital Markets said in a Friday note.The Baker Hughes (BKR) US land rig count increased by one rig to 551. Rigs drilling for oil rose by one to 423, while rigs targeting natural gas also increased by one to 122, according to RBC.The Permian Basin held steady at 256 rigs, representing 61% of Lower 48 oil rigs and 46% of total US land rigs. Exxon (XOM) led operators with 34 rigs, followed by Devon (DVN) with 21 and Occidental (OXY) with 20.Private companies accounted for 43% of active Permian rigs, up from 42% a year earlier. Helmerich & Payne (HP) remained the leading contractor with 90 rigs, while Patterson-UTI (PTEN) and Nabors (NBR) operated 31 and 29 rigs, respectively.Eagle Ford activity remained unchanged at 44 rigs. ConocoPhillips (COP) operated seven rigs and EOG Resources (EOG) ran six, while private operators increased their share of active rigs to 45% from 42% a year ago.The Anadarko Basin added one rig over the week to reach 20. Continental remained the largest operator with eight rigs, followed by Mewbourne with seven, while private companies controlled 92% of active rigs.Haynesville drilling activity held steady at 55 rigs. Apex led operators with 13 rigs and Adamas followed with six, while private operators expanded their share to 73% from 66% a year earlier.Helmerich & Payne operated 11 rigs in Haynesville, ahead of ICD with nine, Precision Drilling (PDS) with eight and TG Natural Resources with six.Across the US market, private operators accounted for 57% of active rigs, up from 55% a year earlier. The six largest drilling contractors controlled 72% of active rigs nationwide.Oilfield services stocks fell 9.2% over the week as West Texas Intermediate crude dropped 13.1%. EFX-CA gained 1.6%, while SLB (SLB) and Nabors declined 14.1% and 14.6%, respectively, RBC said.
$BKR$COP$DVN$HP$NBR$OXY$PDS$PTEN$SLB$XOM
Equities
S&P 500 Posts Weekly Gain Amid US-Iran Memorandum of Understanding
The Standard & Poor's 500 index rose 0.9% this week, boosted by a memorandum of understanding targeting a permanent peace deal to end the war between the US and Iran.The S&P 500 ended the week at 7,500.58. Thursday marked the final trading day of the week as the US stock market will be closed Friday for the Juneteenth holiday.The market benchmark is down 1.1% for the month but up 9.6% for the year.The memorandum of understanding between the US and Iran was signed Wednesday. The landmark agreement arrives after more than three months of hostilities resulted in the effective closure of the Strait of Hormuz, which connects the Persian Gulf with the Gulf of Oman and the Arabian Sea.The document, signed by US President Donald Trump and his Iranian counterpart, Masoud Pezeshkian, ensures toll-free passage of commercial vessels between the Persian Gulf and the Sea of Oman for 60 days. As part of the preliminary deal, Iran agreed that it won't procure or develop nuclear weapons. In addition, the MOU declares an "immediate and permanent" end of all military operations, including in Lebanon.Also this week, the Federal Reserve kept its monetary policy steady, removing the so-called easing bias from its statement, while raising its interest rate expectations through 2028. The central bank's Federal Open Market Committee maintained its interest rate at 3.50% to 3.75%, in line with Wall Street's expectations and marking its fourth consecutive pause.The technology sector had the largest percentage gain of the week, climbing 3.1%, followed by a 2.6% rise in industrials and a 1.1% increase in communication services. Consumer discretionary, utilities and financials also edged higher.Western Digital (WDC) and Seagate Technology (STX) shares were among the top weekly gainers in the technology sector as Morgan Stanley analysts said in a report that the companies are expected to benefit from strengthening demand for hard disk drives. Western Digital shares jumped 33% and Seagate shares added 15%.Micron Technology (MU) also gave the technology sector a boost, with its shares climbing 16%, amid multiple bullish analyst reports this week ahead of its earnings report due next week. Micron's shares deserve a higher valuation amid a stronger memory cycle driven by AI demand and tight industry supply, RBC Capital Markets said in a note to clients. Wedbush said the company is expected to benefit further from an upward trajectory in memory prices.On the downside, the energy sector fell 6.6% as crude oil futures dropped amid the agreement to reopen the Strait of Hormuz. Also in the red, real estate shed more than 3%, health care lost 3% and consumer staples declined 2.9%. Materials also edged lower.SLB (SLB) and Halliburton (HAL) had the largest weekly percentage drops in the energy sector, sliding 14% and 12%, respectively.Next week, in addition to Micron, earnings reports are expected from companies including FedEx (FDX), Darden Restaurants (DRI) and Carnival (CCL).Economic data will include the May personal consumption expenditures price index and the third estimate of Q1 gross domestic product. May consumer spending and durable goods will also be among the data released.
Dow JonesNasdaq CompositeS&P 500$HAL$MU$SLB$STX$WDC
Commodities
SLB, PDVSA Sign Agreement to Support Venezuelan Energy Sector Modernization
Texas-based SLB (SLB) on Wednesday said it has entered into a long-term framework agreement with state-owned energy company Petroleos de Venezuela SA, also known as PDVSA, to help modernize and upgrade Venezuela's oil and gas sector.Terms of the memorandum of understanding lay the groundwork for cooperation across exploration, field development, production, digital enablement, and workforce training and development, the company said in a statement."A key focus of the agreement is the digital transformation of Venezuela's oil and gas sector. SLB and PDVSA plan to assess how connected data, predictive models and AI-enabled workflows can help improve efficiency, accelerate decision-making and strengthen the industry's operating foundation," the statement said.It also provides a roadmap for cooperation in exploration, field development, and production, including opportunities to improve output from mature fields, increase the value of heavy crude reserves, optimize infrastructure, and develop future resources.SLB, an oilfield services and energy technology company, also intends to collaborate with PDVSA and Venezuelan academic and institutional stakeholders to help build local technical expertise.Price: $55.45, Change: $-0.06, Percent Change: -0.11%
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Sectors
Sector Update: Energy Stocks Decline Late Afternoon
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index was shedding 2.3%, and the Dow Jones US Utilities Index rose 0.6%.Oil prices declined on Tuesday after President Donald Trump said the Iran war could end within days. Trump told reporters in New York that a diplomatic resolution to the Middle East conflict could be reached in "two or three days," CNBC reported. The critical Strait of Hormuz, which remains effectively shut, would reopen "immediately" after the deal, Trump reportedly said.Front-month West Texas Intermediate crude oil fell 3.4% to $88.18 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $91.53 a barrel. Henry Hub natural gas futures decreased 0.4% to $3.14 per 1 million BTU.In corporate news, BP (BP) said Tuesday the company will be run under a new, simplified organizational structure -- Upstream and Downstream -- from July 1. BP shares were down 3%.Uranium Energy (UEC) shares tumbled 18% after the firm reported a fiscal Q3 net loss of $0.11 per share, widening from a loss of $0.07 a year earlier. Analysts surveyed by FactSet expected a loss of $0.03.SLB (SLB) said Tuesday it signed a memorandum of understanding with Qualcomm (QCOM) to enable edge AI offerings for the energy sector. SLB shares were down 2.5%.Halliburton (HAL) said it has entered into an agreement with Pampa Energia to support the digital transformation of its unconventional operations in Argentina's Vaca Muerta shale region. Halliburton shares declined 2.7%.
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Sectors
Sector Update: Energy
Energy stocks were lower late Tuesday afternoon, with the NYSE Energy Sector Index falling 1.8% and the State Street Energy Select Sector SPDR ETF (XLE) dropping 2%.The Philadelphia Oil Service Sector Index was shedding 1.8%, and the Dow Jones US Utilities Index rose 0.6%.Front-month West Texas Intermediate crude oil fell 3.5% to $88.14 a barrel, and the global benchmark Brent crude contract dropped 2.9% to $91.49 a barrel. Henry Hub natural gas futures decreased 0.3% to $3.14 per 1 million BTU.In corporate news, SLB (SLB) said Tuesday it signed a memorandum of understanding with Qualcomm (QCOM) to enable edge AI offerings for the energy sector. SLB shares were down 2%.
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Wire
SLB Collaborating With Qualcomm to Offer Edge AI Services for the Energy Sector
SLB (SLB) said Tuesday it signed a memorandum of understanding with Qualcomm Technologies (QCOM) to enable edge AI offerings for the energy sector, facilitating real-time operational decision-making across facilities and well systems.Under the deal, SLB's Agora edge AI and IoT offerings will combine with Qualcomm's low-power AI processing capabilities for remote and complex environments, expected to help operators overhaul legacy operations, according to a statement.Financial terms of the collaboration were not disclosed.Price: $55.94, Change: $-0.61, Percent Change: -1.08%
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Commodities
SLB OneSubsea Secures Contract for BP Project in US Gulf
SLB OneSubsea, a joint venture partly owned by energy technology firm SLB (SLB), has been awarded a contract from BP (BP) to provide a subsea boosting system for the latter in the Gulf of Mexico, recognized by the US government as Gulf of America, SLB said on Monday.The engineering, procurement and construction contract for BP's project dubbed Thunder Horse, comes after other BP contract awards to OneSubsea for the Kaskida and Tiber developments.All three will make use of the same boosting system solution, SLB said.Its benefits include improved execution efficiency and shorter delivery times, the statement said."Subsea boosting is an important enabler for extending production from existing assets," said Mads Hjelmeland, CEO of SLB OneSubsea.
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Sectors
Sector Update: Energy Stocks Advance Premarket Monday
Energy stocks were advancing premarket Monday, with the State Street Energy Select Sector SPDR ETF (XLE) 0.7% higher.The United States Oil Fund (USO) was up 1.9% and the United States Natural Gas Fund (UNG) was 2.8% lower.Front-month US West Texas Intermediate crude oil was 1.3% higher at $91.69 per barrel at the New York Mercantile Exchange. Global benchmark North Sea Brent crude oil rose 1.7% to $94.68 per barrel, and natural gas futures were down 3.1% at $3.13 per 1 million British Thermal Units.Eni (E) and Petronas have launched a new 50/50 joint venture called Searah that will combine businesses across Indonesia and Malaysia, the companies said. Shares of Eni were up more than 1% pre-bell.Devon Energy (DVN) stock was up more than 1% after the company said between 66% and 98% of notes across seven bond series were tendered early to its exchange offers.SLB (SLB) said its OneSubsea joint venture won a contract from BP (BP) to provide a subsea boosting system for the Thunder Horse development in the Gulf of America. SLB shares were 0.5% higher premarket.
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Wire
Oilfield Services Stocks Post Solid Q1 Results Amid Easing Middle East Concerns, Morgan Stanley Says
Oilfield services and equipment stocks delivered strong Q1 results, mainly driven by stable North American activity and better-than-feared Middle East impact, Morgan Stanley said in a note Thursday.According to the note, Middle East disruptions remained the main near-term headwind for the sector, but management teams broadly described the impact as "transitory."Companies including Baker Hughes (BKR), Halliburton (HAL), SLB (SLB), NOV (NOV), Helmerich & Payne (HP), and Tenaris (TS) pointed to effects such as offshore activity curtailments, supply chain friction, higher logistics costs, and softer regional activity.The companies also highlighted incremental activity upside outside the region, as customers increasingly focus on energy security and supply diversification. Tenaris noted that operators are already accelerating North American and offshore activity in response, while Transocean (RIG) said the conflict has reinforced the global energy security imperative, the bank said."The broader takeaway was that the geopolitical shock may ultimately extend the international and offshore upcycle, thus supporting a more constructive medium-term backdrop," the firm added.Morgan Stanley raised its price targets on Tenaris to $53 from $50 and on Helmerich & Payne to $39 from $35.Price: $62.98, Change: $-0.62, Percent Change: -0.97%
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Commodities
Adnoc Drilling Expands Fleet, Rig Availability in Q1
Adnoc Drilling highlighted fleet expansion and improved rig availability in its Q1 results on Monday, which have supported record quarterly revenue.The company's fleet grew to 148 rigs in Q1 from 142 rigs in the year-ago period. With the acquisition of a 70% stake in SLB (SLB) and an 80% stake in MB Petroleum Services, Adnoc Drilling's pro-forma fleet in Q1 stood at 170.During the period, rig availability increased year over year to 98% from 96%. Data showed that onshore rig availability was at 99% in Q1, while offshore rig availability was at 97%.The upstream company drilled a total of 191 wells in Q1, according to the report, of which 160 were located onshore and 31 were offshore. These compare with Q1 2025's 184 wells, consisting of 149 onshore wells and 35 offshore wells.The company also reported that, for its onshore segment, revenue declined 3% year over year to $477 million. The addition of eight land rigs following a stake acquisition in SLB was offset by the impact of repurposing of onshore rigs and conversion of two onshore rigs to offshore rigs in H2 2025.The offshore segment posted a 3% year-over-year rise in revenue to $345 million, due to the addition of two new jack-ups in H2 2025, and with two converted onshore rigs.In the oilfield services segment, Q1 revenue stood at $406 million, a 19% jump from a year earlier. The number of rigs providing integrated drilling services rose to 60, compared with the prior year's 57. The number providing discrete services rose to 53 rigs, relative to 48 rigs a year earlier.For the full year of 2026, the company expects onshore revenue to reach $2 billion, while it projects offshore and oilfield services will generate $1.5 billion each in revenue.
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Wire
Argus Lifts SLB Price Target to $66 From $58
SLB (SLB) has an average rating of overweight and mean price target of $60.86, according to analysts polled by FactSet.Price: $56.14, Change: $-0.79, Percent Change: -1.38%
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Equities
Equinor Extending Supplier Deals for Drilling, Well Services
Equinor (EQNR) is extending key supplier deals for drilling and well services with an aggregate value of about 17 billion Norwegian kroner ($1.83 billion), the company said Monday.It is exercising one-year options under three contracts for integrated drilling and well services, as well as two-year options under 18 company framework agreements for relevant specialist services.The company said the drilling and well services deals are valued at 8.3 billion kroner and were awarded to Baker Hughes (BKR), Halliburton (HAL) and SLB (SLB).The corporate framework agreements are pegged at 4.3 billion kroner per annum over two years, according to Equinor.The company's shares were up 1.5% in premarket activity.
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