In a significant portfolio shift, First Eagle Investment Management reduced its position in SLB by nearly half during the third quarter of 2026. According to a quarterly report filed with the SEC on November 10, the firm sold an estimated $1.40 billion worth of the oilfield services company's stock, cutting its holdings from 57.83 million shares to 29.17 million. This disclosure provides a delayed look at trading activity that occurred between July and September.
During that same period, SLB reported a 5% sequential increase in revenue to $9.45 billion and an adjusted earnings per share that beat analyst expectations. The company cited a gradual recovery in the Middle East, growth in North America, and strong deepwater activity as key drivers for its solid third-quarter results. First Eagle has not publicly commented on the specific reasons for the substantial reduction in its SLB stake.