BofA Securities Starts National Energy Services Reunited (NESR) at Buy

BofA Securities analyst Saurabh Pant initiates coverage on National Energy Services Reunited (NASDAQ: NESR) with a Buy rating and a price target of $21.00.

The analyst comments "Middle East/North Africa (MENA) region is investing aggressively to more fully exploit its Oil & Gas resources. We believe M-E upstream spending is at an all-time high & is set to grow low/mid-single digit-% YoY in 2026/27E. Note NESR gets 99% of its revenue from MENA; and 80-85% from the Middle East alone. With Saudi reactivating rigs (c40 rigs have got resumption notices) & UAE, Qatar, Kuwait, Iraq pushing their own development plans, we expect MENA to offer meaningful growth opportunities for NESR. We initiate coverage with a Buy rating and DCF-based PO of $21 (implies 6.1x / 5.3x our 2026 / 27E EBITDA). We see upside from 1) Jafurah ramp-up through YE26, 2) upside opportunity in Kuwait, & 3) our expectation of NESR initiating shareholder distributions by mid-2026."

For an analyst ratings summary and ratings history on National Energy Services Reunited click here. For more ratings news on National Energy Services Reunited click here.

Shares of National Energy Services Reunited closed at $17.66 yesterday.

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