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

National Energy Services Reunited (NASDAQ:NESR) saw strong trading volume on Wednesday. Approximately 2,655,121 shares were traded during 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

A number of research analysts have commented on the stock. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research note on Monday, August 10th. Piper Sandler reduced their price target on National Energy Services Reunited from $40.00 to $39.00 and set an “overweight” rating for the company in a report on Friday, October 2nd. UBS Group reduced their price objective on shares of National Energy Services Reunited from $47.00 to $46.00 and set a “buy” rating for the company in a research note on Tuesday, September 29th. Zacks Research downgraded National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a research report on Thursday, October 1st. Finally, Wall Street Zen lowered shares of National Energy Services Reunited from a “strong-buy” rating to a “buy” rating in a research report on Saturday, October 3rd. Eight investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat, the stock presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

National Energy Services Reunited Stock Performance

The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 1.02. The firm has a market capitalization of $1.98 billion, a PE ratio of 18.38, a price-to-earnings-growth ratio of 0.25 and a beta of 0.48. The company’s fifty day moving average price is $29.53 and its two-hundred day moving average price is $27.39.

National Energy Services Reunited (NASDAQ:NESR) last announced its quarterly earnings results on Monday, August 10th. The company reported $0.44 earnings per share for the quarter, beating 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 analyst estimates of $448.54 million. The company’s revenue for the quarter was up 59.1% on a year-over-year basis. As a group, equities analysts expect that National Energy Services Reunited will post 1.65 earnings per share for the current year.

Insider Activity

In other news, CEO Sherif Foda sold 100,000 shares of National Energy Services Reunited stock in a transaction dated 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 transaction, 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 position. The transaction was disclosed in a document filed with the SEC, which is available at this link. Also, Director Mejia Antonio J. Campo sold 63,324 shares of the business’s stock in a transaction dated Wednesday, September 9th. The stock was sold at an average price of $35.45, for a total value of $2,244,835.80. Following the sale, the director owned 696,398 shares of the company’s stock, valued at $24,687,309.10. The trade was a 8.34% decrease in their position. The SEC filing for this sale provides additional information. Insiders have sold 176,894 shares of company stock valued at $6,221,414 in the last three months. Corporate insiders own 9.70% of the company’s stock.

Institutional Inflows and Outflows

A number of hedge funds and other institutional investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP grew its stake in National Energy Services Reunited by 103.5% during the first quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock worth $42,088,000 after buying an additional 997,300 shares during the period. Walleye Capital LLC acquired a new stake in shares of National Energy Services Reunited in the first quarter worth $19,045,000. Arrowstreet Capital Limited Partnership increased its position in shares of National Energy Services Reunited by 75.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock worth $18,176,000 after acquiring an additional 365,217 shares in the last quarter. Readystate Asset Management LP purchased a new position in shares of National Energy Services Reunited in the 2nd quarter valued at $5,724,000. Finally, Healthcare of Ontario Pension Plan Trust Fund raised its stake in shares of National Energy Services Reunited by 115.6% in the 1st quarter. Healthcare of Ontario Pension Plan Trust Fund now owns 334,823 shares of the company’s stock valued at $7,189,000 after acquiring an additional 179,498 shares during the period. 15.55% of the stock is 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.