Barclays is bullish on oil services, raises price targets

|By:, SA News Editor

Barclays expects the oil services group (OIH) to significantly outperform the broader equity market over the next several years, and raises its price targets for several sector leaders (

The industry remains in the early days of a prolonged global upcycle, the firm says, and consequently market fundamentals should favor oil services, equipment and drilling companies.

SLB target to $138 from $124; SPN to $42 from $39; OII to $103 from $96; NOV to $102 from $93; HAL to $86 from $76; GLF to $63 from $58; DRQ to $77 from $64; CAM to $82 from $77; CJES to $34 from $30; BHI to $81 from $71.