Readystate Asset Management LP Makes New Investment in National Energy Services Reunited $NESR

Readystate Asset Management LP bought a new position in shares of National Energy Services Reunited (NASDAQ:NESR) in the second quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission. The institutional investor bought 191,241 shares of the company’s stock, valued at approximately $5,724,000.

Several other hedge funds have also modified their holdings of NESR. Mercer Global Advisors Inc. ADV boosted its stake in shares of National Energy Services Reunited by 4.7% in the fourth quarter. Mercer Global Advisors Inc. ADV now owns 11,092 shares of the company’s stock valued at $174,000 after buying an additional 501 shares in the last quarter. ProShare Advisors LLC raised its position in National Energy Services Reunited by 6.9% in the fourth quarter. ProShare Advisors LLC now owns 11,148 shares of the company’s stock worth $175,000 after acquiring an additional 719 shares in the last quarter. Ieq Capital LLC lifted its holdings in National Energy Services Reunited by 1.0% in the fourth quarter. Ieq Capital LLC now owns 85,337 shares of the company’s stock valued at $1,336,000 after acquiring an additional 842 shares during the period. USA Financial Formulas lifted its holdings in National Energy Services Reunited by 63.0% in the first quarter. USA Financial Formulas now owns 2,253 shares of the company’s stock valued at $48,000 after acquiring an additional 871 shares during the period. Finally, Royal Bank of Canada boosted its position in shares of National Energy Services Reunited by 373.8% during the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock worth $30,000 after purchasing an additional 1,499 shares in the last quarter. 15.55% of the stock is owned by institutional investors and hedge funds.

National Energy Services Reunited Price Performance

National Energy Services Reunited stock opened at $34.75 on Monday. The firm has a market capitalization of $3.50 billion, a PE ratio of 37.77, a P/E/G ratio of 0.33 and a beta of 0.39. National Energy Services Reunited has a 52 week low of $9.31 and a 52 week high of $36.94. The firm’s 50-day simple moving average is $30.61 and its 200 day simple moving average is $26.24. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 0.15.

National Energy Services Reunited (NASDAQ:NESR) last announced its earnings results on Monday, August 10th. The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The company had revenue of $520.75 million during the quarter, compared to analysts’ expectations of $448.54 million. The company’s revenue was up 59.1% on a year-over-year basis. On average, equities research analysts predict that National Energy Services Reunited will post 1.82 EPS for the current fiscal year.

Wall Street Analysts Forecast Growth

NESR has been the subject of a number of research analyst reports. Wall Street Zen upgraded shares of National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. BTIG Research boosted their price objective on shares of National Energy Services Reunited from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. Piper Sandler boosted their price target on National Energy Services Reunited from $33.00 to $35.00 and gave the stock an “overweight” rating in a research note on Tuesday, July 14th. Finally, Zacks Research upgraded National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a report on Monday, June 29th. One analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company. Based on data from MarketBeat.com, the company presently has a consensus rating of “Buy” and a consensus price target of $33.57.

Insider Transactions at National Energy Services Reunited

In related news, CFO Stefan Angeli sold 13,570 shares of the company’s stock in a transaction that occurred on Tuesday, August 18th. The stock was sold at an average price of $35.12, for a total value of $476,578.40. Following the sale, the chief financial officer owned 549,763 shares of the company’s stock, valued at approximately $19,307,676.56. This represents a 2.41% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Also, CEO Sherif Foda sold 100,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $35.00, for a total value of $3,500,000.00. Following the sale, the chief executive officer owned 3,084,643 shares in the company, valued at approximately $107,962,505. This trade represents a 3.14% decrease in their position. Additional details regarding this sale are available in the official SEC disclosure. Insiders sold a total of 3,434,814 shares of company stock valued at $92,302,996 in the last ninety days. Corporate insiders own 9.70% of the company’s stock.

About National Energy Services Reunited

National Energy Services Reunited Corp (NASDAQ: NESR) is a publicly traded oilfield services company formed in 2021 through a business combination that brought together complementary drilling and production service providers. The company’s mission is to deliver integrated solutions across the upstream oil and gas value chain, combining regional expertise with global operational standards.

NESR’s service portfolio spans drilling, completion and production, offering products and capabilities such as cementing, coiled tubing, hydraulic fracturing, well stimulation, pumping services and intervention solutions.