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Adnoc Drilling Price Target Rises as FAB Securities Notes Q1 Results

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Adnoc Drilling's (ADX:ADNOCDRILL) oil field services growth and regional expansion powered operations in the first quarter, FAB Securities said, raising its price target for the offshore drilling company.

"The company maintained operational resilience in 1Q26 despite regional tensions, owing to long-term contracts that protected the business," analysts said Tuesday. "Looking ahead, management remains constructive on the outlook, supported by sustained drilling activity, continued [oil field services] expansion, attractive regional growth opportunities, and the two island rigs to begin operation in 2H26."

For the three months ended March 31, net profit attributable to equity shareholders edged up 1.1% year over year to $345 million, matching FAB's estimate of $341 million. Meanwhile, revenue climbed 5% to $1.23 billion, compared with the research firm's forecast of $1.21 billion.

The stock's buy rating was reiterated with a revised price target of 7 Emirati dirhams. As of Feb. 17, the price target was 6.5 dirhams.

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