SLB N.V. stays a soft Buy despite near-term challenges, boosted by strong Q1 2026 results and tech-driven growth.

SLB N.V., an oilfield services company, remains a soft Buy despite short-term challenges from geopolitical disruptions affecting some segments. The company reported better-than-expected Q1 2026 revenue of $8.72 billion, driven by high-margin growth in its Digital and Production Systems segments. However, Reservoir Performance and Well Construction segments faced pricing and activity pressures due to the Iran conflict. SLB's valuation is mid-range among peers, with long-term optimism based on digital expansion, offshore spending, and a recovery in oil and gas investments post-2026.