Benchmark starts National Energy Services with a Buy, calls out analogues

As previously reported, Benchmark analyst Kurt Hallead initiated coverage of National Energy Services (NESR) with a Buy rating and $15 price target. National Energy, the only energy services pure play on Middle East/North Africa, is “a smaller player growing at a faster clip than the overall market,” says the analyst, who adds that the setup reminds the firm of the market opportunity that Weatherford (WFRD) had under new management and the profitable market share gains Cactus (WHD) made following its 2018 IPO.