SummitTX Capital L.P. Decreases Stake in National Energy Services Reunited $NESR

SummitTX Capital L.P. lessened its position in shares of National Energy Services Reunited (NASDAQ:NESR) by 9.0% in the 1st quarter, HoldingsChannel reports. The fund owned 441,589 shares of the company’s stock after selling 43,565 shares during the period. SummitTX Capital L.P.’s holdings in National Energy Services Reunited were worth $9,481,000 as of its most recent SEC filing.

A number of other large investors also recently modified their holdings of NESR. Royal Bank of Canada raised its holdings in shares of National Energy Services Reunited by 373.8% in the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock valued at $30,000 after purchasing an additional 1,499 shares in the last quarter. Legal & General Group Plc acquired a new position in shares of National Energy Services Reunited during the second quarter worth $34,000. Acadian Asset Management LLC purchased a new position in National Energy Services Reunited in the first quarter valued at $48,000. Osaic Holdings Inc. purchased a new position in National Energy Services Reunited in the second quarter valued at $73,000. Finally, State of Wyoming acquired a new stake in National Energy Services Reunited in the fourth quarter valued at $76,000. 15.55% of the stock is owned by hedge funds and other institutional investors.

Insiders Place Their Bets

In other news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the stock in a transaction that occurred on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total value of $51,445,119.20. Following the completion of the sale, the director directly owned 229,198 shares of the company’s stock, valued at approximately $6,142,506.40. This represents a 89.33% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which can be accessed through this hyperlink. Insiders sold a total of 5,129,198 shares of company stock valued at $135,731,984 in the last three months. 9.70% of the stock is currently owned by insiders.

Analyst Upgrades and Downgrades

A number of brokerages have issued reports on NESR. Piper Sandler lifted their price target on National Energy Services Reunited from $33.00 to $35.00 and gave the stock an “overweight” rating in a report on Tuesday, July 14th. Weiss Ratings upgraded National Energy Services Reunited from a “hold (c+)” rating to a “buy (b-)” rating in a report on Tuesday, June 30th. BTIG Research reissued a “buy” rating and set a $32.00 target price on shares of National Energy Services Reunited in a research report on Friday, July 10th. UBS Group boosted their target price on National Energy Services Reunited from $32.00 to $36.00 and gave the stock a “buy” rating in a research note on Tuesday, June 30th. Finally, Wall Street Zen raised National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a report on Saturday, May 16th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, the company has an average rating of “Buy” and an average target price of $29.71.

National Energy Services Reunited Price Performance

Shares of NESR opened at $27.62 on Monday. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.04 and a quick ratio of 0.90. National Energy Services Reunited has a 1-year low of $6.24 and a 1-year high of $30.31. The stock has a market cap of $2.79 billion, a PE ratio of 42.49, a price-to-earnings-growth ratio of 0.32 and a beta of 0.31. The firm has a fifty day moving average price of $26.43 and a 200 day moving average price of $23.54.

National Energy Services Reunited (NASDAQ:NESR) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.26 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.21 by $0.05. The company had revenue of $404.59 million for the quarter, compared to analyst estimates of $370.87 million. National Energy Services Reunited had a return on equity of 9.77% and a net margin of 4.53%.The business’s revenue was up 33.5% on a year-over-year basis. As a group, sell-side analysts anticipate that National Energy Services Reunited will post 1.74 EPS for the current year.

National Energy Services Reunited Profile

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.