National Energy Services Reunited (NASDAQ:NESR) Hits New 12-Month High on Earnings Beat

National Energy Services Reunited (NASDAQ:NESR) reached a new 52-week high during mid-day trading on Friday after the company announced better than expected quarterly earnings. The company traded as high as $14.50 and last traded at $14.2120, with a volume of 668074 shares. The stock had previously closed at $13.97.

The company reported $0.16 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.15 by $0.01. The company had revenue of $295.32 million during the quarter, compared to analyst estimates of $292.46 million. National Energy Services Reunited had a net margin of 5.57% and a return on equity of 9.91%.

Analyst Ratings Changes

A number of research firms recently commented on NESR. BTIG Research boosted their target price on National Energy Services Reunited from $12.00 to $16.00 and gave the stock a “buy” rating in a research report on Thursday. Weiss Ratings reaffirmed a “hold (c)” rating on shares of National Energy Services Reunited in a report on Wednesday, October 8th. Maxim Group assumed coverage on shares of National Energy Services Reunited in a report on Tuesday, September 9th. They issued a “buy” rating and a $16.00 target price for the company. Zacks Research raised shares of National Energy Services Reunited from a “strong sell” rating to a “hold” rating in a research note on Monday. Finally, JPMorgan Chase & Co. increased their price objective on shares of National Energy Services Reunited from $10.00 to $19.00 and gave the company an “overweight” rating in a research report on Friday, October 10th. Six 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.com, National Energy Services Reunited presently has an average rating of “Moderate Buy” and an average price target of $16.29.

Institutional Trading of National Energy Services Reunited

Large investors have recently made changes to their positions in the stock. State of Alaska Department of Revenue purchased a new position in shares of National Energy Services Reunited in the third quarter worth $34,000. Legal & General Group Plc acquired a new position in shares of National Energy Services Reunited in the 2nd quarter valued at $34,000. Ameritas Investment Partners Inc. acquired a new stake in National Energy Services Reunited during the 2nd quarter worth about $37,000. Acadian Asset Management LLC purchased a new stake in National Energy Services Reunited during the 1st quarter valued at about $48,000. Finally, EntryPoint Capital LLC purchased a new position in shares of National Energy Services Reunited in the first quarter worth about $81,000. 15.55% of the stock is owned by hedge funds and other institutional investors.

National Energy Services Reunited Price Performance

The stock has a fifty day moving average of $11.17 and a 200 day moving average of $8.24. The company has a debt-to-equity ratio of 0.24, a current ratio of 1.11 and a quick ratio of 0.93. The stock has a market cap of $1.37 billion, a price-to-earnings ratio of 18.43 and a beta of 0.38.

National Energy Services Reunited Company Profile

National Energy Services Reunited Corp. provides oilfield services in the Middle East and North Africa region. The company’s Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline and industrial services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems.