SLB Wins $1.5 Billion Kuwait Oil Contract, Jefferies and UBS Lift PT

SLB N.V. (NYSE:SLB) is one of the 12 Best Oil and Gas Stocks to Buy Right Now. On February 5, Reuters reported that SLB N.V. (NYSE:SLB) has won a $1.5 billion contract from Kuwait Oil Company to develop the Mutriba field for five years. Under the contract, SLB N.V. (NYSE:SLB) will be responsible for the design, development, and production management of the Mutriba field.

Oil producers across Africa, Asia, and the Middle East are looking to increase inventories, which has led to higher exploration and drilling activity. This trend is boosting demand for oilfield services in the region. Previously, in December, SLB N.V. (NYSE:SLB) secured a five-year contract to provide services to Saudi Arabian Oil Company (TADAWUL:2222) for its unconventional gas fields.

On February 1, Jefferies increased its price target on SLB N.V. (NYSE:SLB) from $51 to $58 and maintained a Buy rating. Jefferies believes that the company offers a valuation that is “not challenging.”

Earlier, on January 27, UBS also raised its price target on SLB N.V. (NYSE:SLB) from $50 to $61 and maintained a Buy rating on the stock.

Headquartered in Houston, Texas, United States, SLB N.V. (NYSE:SLB) is a global oilfield services company. With a presence in over 100 countries, the company offers technology, information solutions, and integrated project management services that optimize reservoir performance.

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Disclosure: None. This article is originally published at Insider Monkey.