A Look at National Energy Services Reunited's (NasdaqCM:NESR) Valuation Following Major $200m Drilling Contract Win in Jordan

National Energy Services Reunited (NasdaqCM:NESR) has secured a $200 million contract alongside Kuwait Drilling Company to deliver integrated drilling services in Jordan. This major win strengthens NESR’s regional presence and highlights its partnership-driven approach in energy services.

See our latest analysis for National Energy Services Reunited.

NESR’s partnership win comes as shares have surged, with a standout 63.5% share price return over the past 90 days. This performance builds real momentum on the back of recent contract awards and ongoing Middle East expansion. Over the past three years, total shareholder return clocks in at an impressive 67%, reflecting both short-term acceleration and solid long-term value creation.

If NESR’s recent momentum has you thinking bigger, this is the perfect moment to broaden your search and discover fast growing stocks with high insider ownership

With shares on a remarkable run and a substantial contract under its belt, investors are left wondering whether NESR is undervalued with more room to grow, or if all the upside is already reflected in today's price.

Most Popular Narrative: 30.7% Undervalued

National Energy Services Reunited’s most widely followed narrative assigns a fair value that is well above the last closing price of $10.40. This has fueled debate on what could ignite further gains. The gap between the current price and the narrative valuation raises the possibility of substantial upside, pending the realization of bold business assumptions and execution milestones.

NESR is poised to benefit from robust long-term global energy demand growth, particularly in emerging markets and the Global South. Expanding rig counts and project backlogs across Kuwait, Saudi Arabia, North Africa, and Iraq are likely to drive sustained revenue growth and backlog visibility. Activity in unconventional resource development, especially gas, across the Middle East is accelerating. NESR's established position in Saudi's Jafurah project and expanding contracts in Kuwait and North Africa provide strong exposure to secular increases in service intensity per well, which supports both top-line expansion and higher per-unit margins.

Read the complete narrative.

Curious what’s fueling this bullish price target? Peek inside the narrative to discover the aggressive growth, margin, and profit assumptions driving such optimism, and why only a few numbers stand between today’s price and the fair value that is turning heads.

Result: Fair Value of $15 (UNDERVALUED)

Have a read of the narrative in full and understand what's behind the forecasts.

However, concentrated exposure to Middle East oil contracts and global shifts toward renewables could quickly dampen confidence in the bullish narrative.

Find out about the key risks to this National Energy Services Reunited narrative.

Build Your Own National Energy Services Reunited Narrative

If you feel a different scenario is more likely or want to dig into the numbers yourself, crafting your own perspective is quick and easy. Do it your way

A good starting point is our analysis highlighting 3 key rewards investors are optimistic about regarding National Energy Services Reunited.

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This article by Simply Wall St is general in nature. We provide commentary based on historical data and analyst forecasts only using an unbiased methodology and our articles are not intended to be financial advice. It does not constitute a recommendation to buy or sell any stock, and does not take account of your objectives, or your financial situation. We aim to bring you long-term focused analysis driven by fundamental data. Note that our analysis may not factor in the latest price-sensitive company announcements or qualitative material. Simply Wall St has no position in any stocks mentioned.

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