National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up After Analyst Upgrade

National Energy Services Reunited (NASDAQ:NESR)’s share price gapped up before the market opened on Tuesday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock had previously closed at $28.49, but opened at $29.76. National Energy Services Reunited shares last traded at $29.6650, with a volume of 394,478 shares trading hands.

Other analysts have also recently issued reports about the company. Barclays upped their price target on National Energy Services Reunited from $34.00 to $35.00 and gave the company an “overweight” rating in a research note on Wednesday, May 13th. UBS Group lifted their price target on shares of National Energy Services Reunited from $32.00 to $36.00 and gave the stock a “buy” rating in a research report on Tuesday. Piper Sandler upped their price objective on shares of National Energy Services Reunited from $30.00 to $33.00 and gave the company an “overweight” rating in a research report on Monday, May 18th. Zacks Research raised National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a research note on Monday. Finally, Wall Street Zen upgraded National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. One equities research analyst has rated the stock with a Strong Buy rating and eight have issued a Buy rating to the company. According to MarketBeat.com, the company presently has a consensus rating of “Buy” and an average price target of $29.43.

Insider Buying and Selling at National Energy Services Reunited

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

Hedge Funds Weigh In On National Energy Services Reunited

A number of large investors have recently bought and sold shares of NESR. Royal Bank of Canada raised its holdings in shares of National Energy Services Reunited by 373.8% in the fourth 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 during the last quarter. Legal & General Group Plc acquired a new position in National Energy Services Reunited during the second quarter worth $34,000. Acadian Asset Management LLC acquired a new position in National Energy Services Reunited during the first quarter worth $48,000. Osaic Holdings Inc. acquired a new position in National Energy Services Reunited during the second quarter worth $73,000. Finally, State of Wyoming bought a new position in National Energy Services Reunited in the fourth quarter valued at $76,000. Institutional investors and hedge funds own 15.55% of the company’s stock.

National Energy Services Reunited Trading Down 3.8%

The company has a debt-to-equity ratio of 0.18, a current ratio of 1.04 and a quick ratio of 0.90. The business’s 50-day moving average is $25.30 and its two-hundred day moving average is $21.98. The firm has a market cap of $2.90 billion, a P/E ratio of 44.31, a P/E/G ratio of 0.38 and a beta of 0.31.

National Energy Services Reunited (NASDAQ:NESR) last posted its quarterly earnings data on Monday, May 11th. The company reported $0.26 EPS for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. The company had revenue of $404.59 million during the quarter, compared to the consensus estimate of $370.87 million. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. National Energy Services Reunited’s quarterly revenue was up 33.5% on a year-over-year basis. As a group, analysts predict that National Energy Services Reunited will post 1.68 earnings per share for the current fiscal year.

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.