National Energy Services Reunited (NASDAQ:NESR) Shares Climb 9.7% – Here’s What Happened

National Energy Services Reunited (NASDAQ:NESR) shares traded up 9.7% on Tuesday. The stock traded as high as $20.58 and last traded at $20.8270. Approximately 2,643,852 shares were traded during mid-day trading, an increase of 26% from the average daily volume of 2,094,231 shares. The stock had previously closed at $18.98.

Analysts Set New Price Targets

Several equities research analysts have issued reports on the stock. Wall Street Zen cut shares of National Energy Services Reunited from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 3rd. Barclays reduced their price target on National Energy Services Reunited from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. BTIG Research boosted their target price on shares of National Energy Services Reunited from $32.00 to $40.00 and gave the stock a “buy” rating in a research report on Monday, August 10th. UBS Group decreased their target price on National Energy Services Reunited from $47.00 to $46.00 and set a “buy” rating for the company in a report on Tuesday, September 29th. Finally, Zacks Research lowered National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 1st. Eight research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. Based on data from MarketBeat, the company presently has a consensus rating of “Moderate Buy” and a consensus target price of $40.38.

National Energy Services Reunited Trading Up 10.3%

The company has a fifty day moving average of $30.42 and a 200-day moving average of $27.42. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.11 billion, a price-to-earnings ratio of 22.76, a PEG ratio of 0.22 and a beta of 0.48.

National Energy Services Reunited (NASDAQ:NESR) last announced its earnings results on Monday, August 10th. The company reported $0.44 EPS for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. The business had revenue of $520.75 million during the quarter, compared to analysts’ expectations of $448.54 million. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%. The company’s revenue was up 59.1% compared to the same quarter last year. As a group, equities research analysts anticipate that National Energy Services Reunited will post 1.65 earnings per share for the current fiscal year.

Insider Buying and Selling

In related news, CEO Sherif Foda sold 100,000 shares of the stock in a transaction on Monday, August 31st. The stock was sold at an average price of $35.00, for a total value of $3,500,000.00. Following the completion of the transaction, the chief executive officer directly owned 3,084,643 shares of the company’s stock, valued at approximately $107,962,505. This represents a 3.14% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Also, Director Mejia Antonio J. Campo sold 63,324 shares of the stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $35.45, for a total value of $2,244,835.80. Following the completion of the transaction, the director directly owned 696,398 shares of the company’s stock, valued at approximately $24,687,309.10. This represents a 8.34% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. Over the last ninety days, insiders sold 176,894 shares of company stock worth $6,221,414. 9.70% of the stock is owned by corporate insiders.

Institutional Investors Weigh In On National Energy Services Reunited

A number of hedge funds have recently modified their holdings of the business. Counterpoint Mutual Funds LLC purchased a new stake in shares of National Energy Services Reunited in the third quarter valued at approximately $211,000. GK Wealth Management LLC purchased a new position in National Energy Services Reunited during the third quarter worth approximately $88,000. Farther Finance Advisors LLC lifted its position in National Energy Services Reunited by 351.2% during the third quarter. Farther Finance Advisors LLC now owns 1,137 shares of the company’s stock worth $29,000 after buying an additional 885 shares in the last quarter. Arlington Capital Management Inc. purchased a new position in National Energy Services Reunited during the second quarter worth approximately $424,000. Finally, Integrated Wealth Concepts LLC acquired a new position in National Energy Services Reunited during the second quarter worth $45,000. 15.55% of the stock is currently owned by institutional investors and hedge funds.

About National Energy Services Reunited

National Energy Services Reunited Corp. (NESR) is an oilfield services company that provides equipment, technology and technical services to exploration and production companies. Its operations support the drilling, completion, production and maintenance of oil and natural gas wells.

NESR’s services are organized primarily around well services and drilling and evaluation. Offerings have included hydraulic fracturing and stimulation, cementing, coiled tubing, well testing, completion services, artificial lift, drilling fluids, directional drilling, wireline, logging and well-inspection services.