National Energy Services Reunited (NASDAQ:NESR) Sees Strong Trading Volume – What’s Next?

Shares of National Energy Services Reunited (NASDAQ:NESR) saw unusually-strong trading volume on Wednesday. 2,655,121 shares changed hands during mid-day trading, an increase of 26% from the previous session’s volume of 2,114,102 shares. The stock last traded at $22.1550 and had previously closed at $21.09.

Analyst Upgrades and Downgrades

Several analysts have recently commented on the stock. Citigroup reiterated a “buy” rating on shares of National Energy Services Reunited in a report on Monday, August 10th. Zacks Research cut shares of National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a report on Thursday, October 1st. BMO Capital Markets initiated coverage on shares of National Energy Services Reunited in a research note on Thursday, October 1st. They issued an “outperform” rating and a $39.00 price objective for the company. National Bank Financial set a $44.00 target price on shares of National Energy Services Reunited in a research report on Wednesday, September 30th. Finally, Barclays cut their target price on National Energy Services Reunited from $45.00 to $41.00 and set an “overweight” rating on the stock in a research note on Thursday, October 15th. Eight investment analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the stock. According to data from MarketBeat, the stock currently has an average rating of “Moderate Buy” and a consensus price target of $40.38.

National Energy Services Reunited Trading Up 4.2%

The stock has a market capitalization of $2.22 billion, a PE ratio of 23.89, a price-to-earnings-growth ratio of 0.22 and a beta of 0.48. 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 firm has a 50-day moving average price of $30.12 and a 200-day moving average price of $27.41.

National Energy Services Reunited (NASDAQ:NESR) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.44 earnings per share 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 for the quarter, compared to the consensus estimate of $448.54 million. The firm’s revenue for the quarter was up 59.1% compared to the same quarter last year. As a group, equities analysts forecast that National Energy Services Reunited will post 1.65 EPS for the current fiscal year.

Insider Buying and Selling at National Energy Services Reunited

In other news, CEO Sherif Foda sold 100,000 shares of the firm’s stock in a transaction that occurred on Monday, August 31st. The shares were sold at an average price of $35.00, for a total transaction of $3,500,000.00. Following the completion of the sale, the chief executive officer owned 3,084,643 shares in the company, valued at $107,962,505. This trade represents a 3.14% decrease in their position. The sale was disclosed in a document filed with the SEC, which is available at this hyperlink. Also, Director Mejia Antonio J. Campo sold 63,324 shares of the firm’s stock in a transaction that occurred on Wednesday, September 9th. The stock was sold at an average price of $35.45, for a total transaction of $2,244,835.80. Following the sale, the director owned 696,398 shares of the company’s stock, valued at approximately $24,687,309.10. The trade was a 8.34% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 176,894 shares of company stock worth $6,221,414 over the last three months. 9.70% of the stock is currently owned by insiders.

Hedge Funds Weigh In On National Energy Services Reunited

Several institutional investors have recently bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in National Energy Services Reunited by 103.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock worth $42,088,000 after acquiring an additional 997,300 shares during the last quarter. Walleye Capital LLC purchased a new stake in National Energy Services Reunited during the first quarter valued at about $19,045,000. Arrowstreet Capital Limited Partnership lifted its holdings in National Energy Services Reunited by 75.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock valued at $18,176,000 after purchasing an additional 365,217 shares during the last quarter. Readystate Asset Management LP purchased a new stake in National Energy Services Reunited during the second quarter valued at about $5,724,000. Finally, Healthcare of Ontario Pension Plan Trust Fund lifted its holdings in National Energy Services Reunited by 115.6% during the first quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 334,823 shares of the company’s stock valued at $7,189,000 after purchasing an additional 179,498 shares during the last quarter. Hedge funds and other institutional investors own 15.55% of the company’s stock.

National Energy Services Reunited Company Profile

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.