6 Best Geothermal Stocks To Invest In

2. Schlumberger (NYSE:SLB)  

Number of Hedge Fund Investors in Q2 2024: 67

Schlumberger (NYSE:SLB) is an oilfield services company that provides solutions for the exploration and development of oil and gas resources in over 85 countries. Schlumberger (NYSE:SLB) is heavily involved in geothermal energy through its GeothermEx division. Schlumberger (NYSE:SLB) is involved in approximately 80% of the world’s geothermal power projects, by offering a comprehensive range of services, from geothermal power generation to geothermal heating and cooling for buildings. The company’s GeothermEx consulting services cover every aspect of geothermal operations and utilize advanced technologies in well construction, digital solutions, and field development to ensure sustainable energy production.

On June 24, Schlumberger (NYSE:SLB) entered a strategic collaboration with Ormat Technologies (NYSE:ORA), a leading manufacturer and operator in the geothermal sector, aimed at advancing geothermal energy projects. The partnership brings together Schlumberger’s (NYSE:SLB) expertise in reservoir characterization, well construction, completions, and production technologies with Ormat Technologies (NYSE:ORA) specialization in geothermal project development, power plant design, and operation. The goal is to deliver integrated geothermal solutions that reduce project risk, improve economics, and ensure long-term reliability. The collaboration will cover both traditional geothermal solutions and emerging technologies such as enhanced geothermal systems (EGS) and advanced geothermal solutions (AGS).

Analysts expect Schlumberger (NYSE:SLB) to increase its earnings by almost 15.76% this year and have a consensus Buy rating on the stock, with an average price target of $65.05 which indicates a potential 47% upside from current levels. As of the second quarter, Schlumberger’s (NYSE:SLB) stock is held by 67 hedge funds, with a total stake valued at $1.50 billion. First Eagle Investment Management is the largest shareholder in the company and owns shares worth $1.26 billion as of June 30.