Barclays Rates National Oilwell Varco Overweight, Cites Best Energy Services Setup in 20 Years
Barclays projects energy services demand hitting two-decade highs driven by surging offshore drilling activity and accelerated maintenance spending. The bank names National Oilwell Varco among its top picks, assigning an Overweight rating and highlighting the firm’s robust backlog growth and margin expansion prospects.
1. Barclays Bullish on Energy Services
Barclays projects energy services demand at its strongest level in 20 years, driven by increased offshore drilling activity, rising deepwater capex and accelerated maintenance spending across major basins.
2. National Oilwell Varco Rated Overweight
National Oilwell Varco receives an Overweight rating as Barclays highlights the company’s expanding order backlog, improving operating margins and leadership in high-growth segments like subsea equipment.
3. Top Picks from Barclays’ Energy Services List
Alongside National Oilwell Varco, Barclays identifies key sector leaders as top picks, citing differentiated service offerings, resilient cash flows and robust capital return capacity compared with peers.