National Energy Services Reunited (NASDAQ:NESR) Stock Rating Cut to “Hold” at Zacks Research

Zacks Research downgraded shares of National Energy Services Reunited (NASDAQ:NESR) from a strong-buy rating to a hold rating in a report published on Thursday,Zacks reports.

Other research analysts have also recently issued reports about the company. Barclays upped their price objective on National Energy Services Reunited from $35.00 to $45.00 and gave the stock an “overweight” rating in a research report on Tuesday, August 11th. National Bank Financial set a $44.00 target price on National Energy Services Reunited in a research report on Wednesday. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research note on Monday, August 10th. Weiss Ratings downgraded National Energy Services Reunited from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Finally, Piper Sandler cut their price objective on shares of National Energy Services Reunited from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has assigned a Hold rating to the company. According to MarketBeat.com, the stock currently has an average rating of “Buy” and an average price target of $38.44.

National Energy Services Reunited Price Performance

Shares of NESR opened at $24.67 on Thursday. National Energy Services Reunited has a twelve month low of $9.95 and a twelve month high of $36.94. The firm’s fifty day simple moving average is $31.86 and its 200-day simple moving average is $27.36. The firm has a market capitalization of $2.49 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 0.24 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.

National Energy Services Reunited (NASDAQ:NESR) last issued its earnings results on Monday, August 10th. The company reported $0.44 EPS for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The firm had revenue of $520.75 million during the quarter, compared to the consensus estimate of $448.54 million. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The company’s revenue was up 59.1% on a year-over-year basis. Equities analysts forecast that National Energy Services Reunited will post 1.76 EPS for the current fiscal year.

Insider Transactions at National Energy Services Reunited

In other news, CFO Stefan Angeli sold 13,570 shares of the business’s stock in a transaction dated Tuesday, August 18th. The stock was sold at an average price of $35.12, for a total value of $476,578.40. Following the completion of the sale, the chief financial officer directly owned 549,763 shares of the company’s stock, valued at approximately $19,307,676.56. The trade was a 2.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sherif Foda sold 100,000 shares of the business’s stock in a transaction dated 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 completion of the sale, the chief executive officer directly owned 3,084,643 shares of the company’s stock, valued at $107,962,505. The trade was a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 176,894 shares of company stock worth $6,221,414. Corporate insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On National Energy Services Reunited

A number of institutional investors and hedge funds have recently added to or reduced their stakes in NESR. Allworth Financial LP grew its position in National Energy Services Reunited by 51.0% during the 2nd quarter. Allworth Financial LP now owns 1,921 shares of the company’s stock worth $57,000 after purchasing an additional 649 shares during the last quarter. USA Financial Formulas raised its holdings in shares of 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 buying an additional 871 shares during the last quarter. Integrated Wealth Concepts LLC purchased a new stake in shares of National Energy Services Reunited in the second quarter valued at about $45,000. Lazard Asset Management LLC boosted its stake in shares of National Energy Services Reunited by 2.2% during the first quarter. Lazard Asset Management LLC now owns 120,408 shares of the company’s stock worth $2,585,000 after buying an additional 2,630 shares during the period. Finally, Globeflex Capital L P acquired a new stake in shares of National Energy Services Reunited during the first quarter worth about $151,000. 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. (NASDAQ: NESR) is an oilfield services company focused on the Middle East, North Africa and Asia. The company provides services and equipment used across the life cycle of oil and natural gas wells, supporting exploration, drilling, completion, production and well intervention activities.

Its service portfolio has included well stimulation and completion services, coiled tubing, wireline and well testing, directional drilling, artificial lift, pressure pumping and production enhancement.