Sanders Morris Harris Bets on Schlumberger in Q3 2025

A Most Intriguing Turn of Events

Now, let us not pretend that the world of finance is a place of serene deliberation. No, sir. It is more akin to a country house party where everyone is slightly over-caffeinated and the butler keeps changing the wine list. Thus, when Sanders Morris Harris LLC, a fund with a penchant for precision (or at least the illusion of it), filed its quarterly report with the SEC on October 6, 2025, we find ourselves in the midst of a most curious affair. The firm had, with a flourish of its financial quill, increased its stake in Schlumberger Limited (SLB) by 126,150 shares during Q3 2025. The transaction, estimated at a princely sum of $4.39 million (based on the average share price, which, as all good investors know, is a figure one regards with both hope and a healthy dose of skepticism), brought its total holding to 330,550 shares. A tidy little pile, if I may say so, though I daresay the market might have preferred a more leisurely approach to such matters.

Further Observations of Interest

This acquisition, you see, swells Schlumberger’s position to a rather respectable 1.5% of the fund’s 13F AUM as of September 30, 2025. A figure that, while not quite the grand slam of portfolio management, is certainly enough to warrant a raised eyebrow from the more fastidious members of the investment community. One might imagine the fund’s analysts engaged in a spirited debate over whether this constitutes a “bold move” or merely a “slightly plucky wager.”

As for the fund’s other holdings, they are as follows: QQQ, a veritable titan of the tech world, sits comfortably at $300.76 million (33.1% of AUM); BX, a name that sounds like a forgotten jazz standard, contributes $94.80 million (10.4%); NVDA, the darling of the semiconductor set, adds $34.86 million (3.8%); CSWC, a company whose initials seem to have been chosen with the enthusiasm of a man tossing darts at the alphabet, brings in $29.92 million (3.3%); and AAPL, the ever-grinning fruit, rounds out the quintet with $28.99 million (3.2%).

As of October 6, 2025, Schlumberger’s shares were trading at $34.59, a figure that has dipped by 24.1% over the past year. One might say the stock has been in the soup, though it has not fared quite as poorly as the S&P 500, which has seen a decline of 38.88 percentage points in the same period. A small victory, perhaps, but a victory nonetheless.

The trailing twelve months have been a mixed bag for Schlumberger. Revenue stands at $35.48 billion, a number that would make most companies blush with pride. Net income, meanwhile, is a modest $4.09 billion, a sum that, while not enough to buy a small island, is certainly sufficient for a rather lavish tea party. The dividend yield, at 3.27%, is a figure that would make even the most frugal of investors smile, though one suspects it is the sort of yield that comes with a caveat or two.

The fund, for its part, reported a total of 309 positions and $758.18 million in 13F reportable AUM. A number that, while not quite the height of opulence, is certainly enough to keep the fund’s accountants from taking up bridge as a full-time occupation.

An Overview of Schlumberger

Metric	Value
Revenue (TTM)	$35.48 billion
Net Income (TTM)	$4.09 billion
Dividend Yield	3.27%
Price (as of market close October 6, 2025)	$34.59

A Snapshot of the Company

Schlumberger, for those who have not yet encountered it in their reading (and I daresay there are many who have not), is a provider of technology and services to the global energy sector. One imagines it as the sort of company that would send a beautifully printed brochure to your home, filled with diagrams of oil rigs and the occasional well-meaning quote about “innovation.” Its offerings range from digital solutions to well construction, reservoir performance, and production systems. A veritable one-stop shop for anyone in the oil and gas industry who wishes to appear technologically sophisticated.

The company’s revenue is generated primarily through the sale of equipment, software, and integrated services to oil and gas companies across the exploration, drilling, and production phases. A business model that, while not particularly glamorous, is certainly practical. Schlumberger serves a diverse customer base, including major international oil and gas producers, independent operators, and national oil companies. A veritable United Nations of the energy world, if you will.

At its core, Schlumberger is a leading provider of technology and integrated solutions to the energy industry. It operates on a global scale, with a diversified portfolio that includes advanced digital platforms and engineering expertise. One might say it is the Jeeves to the world’s oil and gas barons, providing both the tools and the know-how to extract the last drop of profit from the earth’s crust.

A Fool’s Perspective

Sanders Morris Harris, in its third-quarter maneuvering, increased its Schlumberger stake by 62%. A figure that, while not quite the sort of growth that would make a Wall Street analyst weep with joy, is certainly enough to warrant a note in the fund’s annual report. Indeed, Schlumberger now ranks as the fund’s 10th largest holding, a position that suggests it is neither a star player nor a complete disaster. A middle-of-the-road sort of investment, if you will.

The fund’s other energy holding in the top 10 is Enterprise Products Partners, a large pipeline operator with a 2.9% stake in the portfolio. A pairing that, while not particularly romantic, is at least harmonious in its lack of drama. One suspects the fund’s managers view these investments as the sort of reliable, if unexciting, companions one might find at a dinner party-pleasant enough, but unlikely to spark any truly interesting conversation.

For those who do not manage a portfolio as large as Sanders Morris Harris, it is worth noting that Schlumberger has been a source of considerable income growth in recent years. The company has raised its dividend payout by 128% since the beginning of 2022, a figure that would make even the most ardent value investor sit up and take notice. At present, the dividend yield stands at a rather generous 3.4%, a figure that, while not quite enough to fund a Caribbean cruise, is certainly sufficient for a few rounds of afternoon tea with the neighbors.

A Glossary of Terms

13F filing: A quarterly report that U.S. institutional investment managers file with the SEC, disclosing their equity holdings. A document that, while dry in appearance, is often read with the same anticipation as a birthday card from one’s less enthusiastic uncle.

AUM (Assets Under Management): The total market value of investments managed on behalf of clients by a fund or institution. A figure that is both a measure of success and a source of considerable anxiety.

Quarterly average price: The average share price over a specific quarter, used to estimate transaction values. A number that is, at best, an educated guess and, at worst, a complete fabrication.

Stake: The total ownership or position a fund holds in a particular company or asset. A term that is often used in polite conversation to avoid discussing the more unsavory aspects of financial speculation.

Dividend yield: A financial ratio showing how much a company pays in dividends each year relative to its share price. A figure that is often cited as a sign of financial health, though one suspects it is more a matter of public relations.

Trailing twelve months (TTM): The 12-month period ending with the most recent quarterly report. A timeframe that is both precise and, in the world of finance, often hopelessly outdated by the time it is published.

Reportable AUM: The portion of a fund’s assets that must be disclosed in regulatory filings, such as the 13F report. A requirement that is as much a social obligation as it is a legal one.

Position: The amount of a particular security or asset owned by an investor or fund. A term that is often used to describe a situation that is, in reality, a matter of pure luck.

Integrated services: A combination of different services offered together to provide comprehensive solutions to clients. A phrase that is often used to describe a collection of disparate elements that, in theory, work together but in practice often clash like a poorly rehearsed play.

Exploration and production lifecycle: The full sequence of activities in finding and extracting oil and gas, from discovery to production. A process that is as much an art as it is a science, and one that is often accompanied by a great deal of geological jargon.

Well construction: The process of drilling and building wells for extracting oil or gas. A task that requires both technical skill and a certain amount of optimism, given the unpredictable nature of the earth’s crust.

Reservoir performance: The evaluation and management of how efficiently oil or gas can be extracted from underground reservoirs. A field that is as much about luck as it is about expertise, and one that often involves a great deal of guesswork.

And there you have it, dear reader. A tale of numbers, investments, and the ever-elusive search for financial wisdom. A story that, while not quite as dramatic as a Shakespearean tragedy, is certainly enough to keep the accountants busy for the foreseeable future. 🎩

2025-10-21 19:45