National Energy Services Reunited (NASDAQ:NESR) Shares Up 9.7% – Time to Buy?

National Energy Services Reunited (NASDAQ:NESR)’s stock price rose 9.7% during trading on Tuesday. The stock traded as high as $20.58 and last traded at $20.8270. 2,643,852 shares traded hands during trading, an increase of 26% from the average daily volume of 2,094,231 shares. The stock had previously closed at $18.98.

Wall Street Analyst Weigh In

A number of equities analysts have recently commented on NESR shares. BMO Capital Markets initiated coverage on shares of National Energy Services Reunited in a research note on Thursday, October 1st. They set an “outperform” rating and a $39.00 price objective for the company. Barclays lowered 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 report on Thursday, October 15th. BTIG Research upped their target price on National Energy Services Reunited from $32.00 to $40.00 and gave the stock a “buy” rating in a report on Monday, August 10th. Capital One Financial assumed coverage on National Energy Services Reunited in a research report on Wednesday, September 30th. They set an “overweight” rating and a $44.00 price target for the company. Finally, 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 research report on Friday, October 2nd. Eight equities research analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company. According to data from MarketBeat, National Energy Services Reunited presently has a consensus rating of “Moderate Buy” and a consensus price target of $40.38.

National Energy Services Reunited Price Performance

The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.86. The company’s 50-day simple moving average is $29.85 and its 200-day simple moving average is $27.41. The stock has a market capitalization of $2.19 billion, a P/E ratio of 17.87, a price-to-earnings-growth ratio of 0.25 and a beta of 0.48.

National Energy Services Reunited (NASDAQ:NESR) last announced its quarterly earnings data on Monday, August 10th. The company reported $0.44 EPS 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 during the quarter, compared to the consensus estimate of $448.54 million. The company’s revenue for the quarter was up 59.1% on a year-over-year basis. As a group, sell-side analysts expect that National Energy Services Reunited will post 1.65 EPS for the current fiscal year.

Insider Activity

In related news, CEO Sherif Foda sold 100,000 shares of the firm’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 in the company, valued at approximately $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 accessible through the SEC website. Also, CFO Stefan Angeli sold 13,570 shares of the firm’s stock in a transaction dated Tuesday, August 18th. The shares were sold at an average price of $35.12, for a total transaction of $476,578.40. Following the completion of the sale, the chief financial officer owned 549,763 shares of the company’s stock, valued at $19,307,676.56. This trade represents a 2.41% decrease in their ownership of the stock. Additional details regarding this sale are available in the official SEC disclosure. In the last ninety days, insiders have sold 176,894 shares of company stock valued at $6,221,414. 9.70% of the stock is owned by company insiders.

Institutional Trading of National Energy Services Reunited

Several institutional investors and hedge funds have recently bought and sold shares of NESR. Squarepoint Ops LLC raised its stake in National Energy Services Reunited by 39.2% in the 2nd quarter. Squarepoint Ops LLC now owns 476,608 shares of the company’s stock valued at $14,265,000 after acquiring an additional 134,316 shares during the period. Hsbc Holdings PLC acquired a new stake in National Energy Services Reunited during the 4th quarter valued at $747,000. Readystate Asset Management LP bought a new position in National Energy Services Reunited during the second quarter worth $5,724,000. Bank of America Corp DE boosted its position in National Energy Services Reunited by 21.4% during the first quarter. Bank of America Corp DE now owns 597,400 shares of the company’s stock worth $12,826,000 after purchasing an additional 105,205 shares during the period. Finally, Sei Investments Co. boosted its position in National Energy Services Reunited by 50.9% during the first quarter. Sei Investments Co. now owns 124,472 shares of the company’s stock worth $2,672,000 after purchasing an additional 42,006 shares during the period. Institutional investors own 15.55% of the company’s stock.

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.