National Energy Services re-initiated with a Buy at BTIG

BTIG re-initiated coverage of National Energy Services (NESR) with a Buy rating and $15 price target The firm says sustaining oil activity and gas development in Saudi Arabia, continued growth from the UAE as it looks to ramp oil production capacity, and offshore discoveries and rig activity ramping in Kuwait points to increasing activity across National Energy’s core Middle East market. The analyst expects continued activity growth in the Middle East to help push the company’s EBITDA margins higher. National Energy is a leveraged play on Middle East and North Africa oilfield activity that should generate solid free cash flow in 2025 to continue to drive organic and inorganic growth, contends BTIG.