On August 5, SLB Ltd rose 3.03% in regular trading, trading at $50.79/share, with turnover of $269 million. The rally extends post-earnings momentum as multiple investment banks raised their target prices following a strong Q2 report.

SLB Ltd reported Q2 revenue of $8.97 billion, up 5% year-over-year, surpassing the consensus estimate of $8.67 billion. Adjusted earnings per share came in at $0.55, beating the expected $0.51. Offshore oil and gas activity recovery and robust data center demand effectively offset disruptions from Middle East geopolitical conflicts, with North America revenue surging 36% year-over-year to $2.24 billion. Middle East and Asia revenue declined 14% to $2.57 billion due to the Iran conflict impact, which landed at the lower end of the previously guided 6-to-8-cent EPS drag.

Following the results, Piper Sandler raised its target price to $64, TD Cowen lifted its target to $64, and Morgan Stanley adjusted to $55, all maintaining positive ratings. RBC Capital Markets noted growth drivers are expected to coalesce in 2027, projecting 10% revenue growth that year. The company guided Q3 global revenue growth of 3%-4% sequentially.

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