SLB Stock Is Lit Up by Block-Size Bull Call Spread as Unusual Options Activity Screams ‘Very Bullish’

Depending on the source, anywhere from 11 to 18 major global stock exchanges are closed today for the May Day holiday. As a result, volumes should be lighter here in the U.S. 

That doesn’t mean there won’t be some fireworks. Apple (AAPL) reported very healthy Q1 2026 results yesterday after the close. CEO Tim Cook called the iPhone 17 launch its best ever. Its shares are up nicely in the pre-market as I write this. 

In Thursday’s unusual options activity, SLB (SLB), formerly known as Schlumberger until its official rebrand last October, had the highest Vol/OI (volume-to-open-interest) ratio at 252.92, considerably higher than second-place Alphabet (GOOGL) at 150.60.

It’s been a long time since I’ve looked at SLB stock. Years. However, I couldn’t resist writing about the stock’s Sept. 18 $75 call and its unusual options activity, which screams that someone is “very bullish” on SLB stock over the summer.

It sets up nicely for a Bull Call Spread. Here’s why.

Have an excellent weekend.  

SLB’s Unusual Options Activity

Schlumberger was the company I knew. It provided oilfield services to the oil and gas industry, including well testing, seismic data processing, and other services required to keep the industry running.  

Now, before you wonder where the heck I’ve been -- although the company officially rebranded in October 2025, it made the move to a technology focus as early as 2020 -- I’ve admitted on several occasions that I’m not an oil and gas wonk. Not by a long shot. 

However, yesterday’s volume of 25,803 and the 252.97 Vol/OI ratio for the Sept. 18 $75 call just couldn’t be ignored. It was one of five unusually active options SLB had on the day, all expiring in seven days or more, and all with very healthy volumes but not on the same level as the $75 call.

The five unusually active options above accounted for 43% of the 85,117 contracts traded yesterday. The overall volume was the fifth-highest in the past 12 months and three times its 30-day average. 

What’s Driving SLB Beside the Obvious Energy Buzz?

SLB stock is up 48% in 2026, 68% over the past year, and has delivered a 109% gain over the past five years. Not that past performance points to future performance, because it doesn’t, but it’s always nice to see a stock you’re contemplating investing in moving in the right direction. 

Analysts like it. Of the 25 covering it, 22 rate it a Buy (4.52 out of 5), with a $60.58 target price, a few dollars above where SLB currently trades. The company, according to S&P Global Market Intelligence, will probably earn $2.62 a share in 2026 and $3.34 in 2027. Its shares trade at 17.0 times the 2027 estimate, which, looking at its historical P/E, appears to be fairly valued, so neither over- nor undervalued. 

In July 2025, SLB paid $8.18 billion (including the assumption of debt) for Texas-based ChampionX. The company specializes in drilling and automation technologies to help oil and gas producers increase the productivity of their wells. 

“Production and recovery represent the most immediate path to incremental barrels, and as customers continue to prioritize energy security and national resource development, investment in this space is set to grow,” stated SLB CEO Olivier Le Peuch in the Q1 2026 press release.

“The addition of ChampionX has strengthened our position in this market, particularly in North America, where we will support the next chapter in U.S. unconventional through the use of tailored reservoir chemistry to enhance recovery.”

ChampionX operates primarily within SLB’s Production Systems segment. The segment’s revenues grew by 23% in the first quarter. Excluding the $833 million in sales ChampionX contributed during the quarter, the segment's revenue actually decreased by 6% year over year. 

Despite Middle East production interruptions that hurt SLB’s quarterly revenue, it is optimistic that upstream markets (its customers) will see better times in 2027 and 2028.  

That is likely what is driving the unusually active options volume. Investors are looking beyond the current troubles. 

The SLB Bull Call Spread 

There were two trades of 100 or more contracts on the Sept. 18 $75 call yesterday. I’m focused on the 25,000 at 10:23 ET.  

A bull call spread is a bet that the share price will move higher. It involves buying a call option and selling another call at a higher strike price. It’s a defined-risk bet with a maximum profit and loss. 

You’ve got the $75 call expiring in September. You now want a second call expiring at the same time. The only question is whether the $75 call is long or short. Yesterday’s options flow gives us the answer. 

As you can see at the far right, both trades happened at the same time with the same volume. The long call is the $60 strike, and the $75 strike is the short call. The net debit for the trade is $2.80 or 5% of the share price at the time. For the entire 25,000, that’s a maximum loss of $7 million. The maximum profit is $12.20 per contract [$75 call - $60 call - $2.80 net debit] or $30.5 million for the full 25,000.

Here’s how the profit/loss chart looks as I write this. 

In this case, the net debit is $3.14 [$4.05 cost for $60 long call - $0.91 premium for $75 short call]. The debit %Strike is 20.93% [$3.14 net debit / ($75 strike price - $60 strike) * 100]. The probability of obtaining the maximum profit of $1,186 [$75 - $60 - $3.14 net debit * 100].

The expected move, up or down, by Sept. 18, is 16.07%, so, if you’re bullish, as this bet is, you’re making money above $63.14 and maximum profit at $75. There’s enough time between now and then for the Middle East troubles to be in the rearview mirror.