National Energy Services Reunited Could Report Strong Q2 on Jafurah Acceleration, UBS Says

MT Newswires Live07-01

National Energy Services Reunited (NESR) could report another strong quarterly update on accelerating activity at the Jafurah field and a robust regional tender pipeline, UBS said in a note Monday.

The firm said operations at Jafurah continue to accelerate, with the fourth crew active in Q2 and the fifth likely starting in Q3, positioning the company to capture the full scope of the committed work.

UBS expects this to push the company to its $500 million quarterly revenue run rate starting in Q3, with potential for a sixth crew next year and further expansion to seven or eight crews over time should Aramco accelerate gas activity.

UBS also cited roughly $3 billion in regional tender awards expected over the next two months, led by Kuwait, as a key catalyst.

UBS reiterated the company's buy rating and raised the price target to $36 from $32.

Price: 29.73, Change: +1.24, Percent Change: +4.35

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