HITE Hedge Asset Management LLC Buys 279,543 Shares of National Energy Services Reunited $NESR

HITE Hedge Asset Management LLC grew its stake in shares of National Energy Services Reunited (NASDAQ:NESR) by 43.7% during the fourth quarter, HoldingsChannel.com reports. The institutional investor owned 919,381 shares of the company’s stock after acquiring an additional 279,543 shares during the period. National Energy Services Reunited makes up approximately 0.9% of HITE Hedge Asset Management LLC’s portfolio, making the stock its 29th biggest position. HITE Hedge Asset Management LLC’s holdings in National Energy Services Reunited were worth $14,398,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors have also recently modified their holdings of the stock. MetLife Investment Management LLC grew its stake in shares of National Energy Services Reunited by 10.3% during the fourth quarter. MetLife Investment Management LLC now owns 35,326 shares of the company’s stock worth $553,000 after buying an additional 3,300 shares during the last quarter. State Board of Administration of Florida Retirement System bought a new stake in shares of National Energy Services Reunited during the fourth quarter worth $532,000. Dimensional Fund Advisors LP grew its stake in shares of National Energy Services Reunited by 153.9% during the fourth quarter. Dimensional Fund Advisors LP now owns 963,287 shares of the company’s stock worth $15,085,000 after buying an additional 583,898 shares during the last quarter. Counterpoint Mutual Funds LLC bought a new stake in shares of National Energy Services Reunited during the fourth quarter worth $510,000. Finally, EntryPoint Capital LLC bought a new stake in shares of National Energy Services Reunited during the fourth quarter worth $237,000. Institutional investors own 15.55% of the company’s stock.

Analyst Upgrades and Downgrades

NESR has been the topic of a number of research reports. Barclays boosted their target price on shares of National Energy Services Reunited from $34.00 to $35.00 and gave the stock an “overweight” rating in a research note on Wednesday, May 13th. Weiss Ratings raised shares of National Energy Services Reunited from a “hold (c)” rating to a “hold (c+)” rating in a research note on Monday, May 11th. Wall Street Zen raised shares of National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Zacks Research cut shares of National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a research note on Monday, April 13th. Finally, BTIG Research boosted their target price on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the stock a “buy” rating in a research note on Monday, May 11th. Seven analysts have rated the stock with a Buy rating and two have assigned a Hold rating to the company’s stock. According to MarketBeat.com, National Energy Services Reunited presently has an average rating of “Moderate Buy” and a consensus target price of $28.86.

National Energy Services Reunited Price Performance

NESR stock opened at $26.50 on Friday. The firm has a market cap of $2.67 billion, a price-to-earnings ratio of 40.77, a PEG ratio of 0.32 and a beta of 0.35. The company has a quick ratio of 0.90, a current ratio of 1.04 and a debt-to-equity ratio of 0.18. National Energy Services Reunited has a 12-month low of $5.66 and a 12-month high of $27.25. The company’s fifty day simple moving average is $24.47 and its 200 day simple moving average is $20.85.

National Energy Services Reunited (NASDAQ:NESR) last released its earnings results on Monday, May 11th. The company reported $0.26 earnings per share (EPS) for the quarter, beating the consensus estimate of $0.21 by $0.05. The business had revenue of $404.59 million for the quarter, compared to analyst estimates of $370.87 million. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The company’s revenue was up 33.5% on a year-over-year basis. On average, analysts expect that National Energy Services Reunited will post 1.64 earnings per share for the current year.

Insider Transactions at National Energy Services Reunited

In related news, Director Yousif Mohammed Ali Al-Nowais sold 573,544 shares of the business’s stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $26.14, for a total value of $14,992,440.16. Following the transaction, the director owned 4,255,856 shares in the company, valued at $111,248,075.84. The trade was a 11.88% decrease in their ownership of the stock. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is available at this hyperlink. Insiders have sold a total of 1,808,154 shares of company stock valued at $47,410,676 in the last quarter. 9.70% of the stock is owned by insiders.

National Energy Services Reunited Profile

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.