National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up After Analyst Upgrade

National Energy Services Reunited (NASDAQ:NESR) shares gapped up prior to trading on Tuesday after Weiss Ratings upgraded the stock from a hold (c+) rating to a buy (b-) rating. The stock had previously closed at $28.49, but opened at $29.76. National Energy Services Reunited shares last traded at $29.6650, with a volume of 394,478 shares trading hands.

NESR has been the subject of several other research reports. Barclays raised their price objective on National Energy Services Reunited from $34.00 to $35.00 and gave the company an “overweight” rating in a research report on Wednesday, May 13th. BTIG Research increased their price target 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. Wall Street Zen raised shares of National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research report on Saturday, May 16th. Zacks Research raised shares of National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a research note on Monday. Finally, Piper Sandler raised their target price on shares of National Energy Services Reunited from $30.00 to $33.00 and gave the company an “overweight” rating in a research note on Monday, May 18th. One research analyst has rated the stock with a Strong Buy rating and eight have given a Buy rating to the company’s stock. According to data from MarketBeat, National Energy Services Reunited has a consensus rating of “Buy” and a consensus target price of $29.43.

Insider Activity at National Energy Services Reunited

In related news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the business’s stock in a transaction that occurred on Thursday, June 25th. The shares were sold at an average price of $26.80, for a total value of $51,445,119.20. Following the completion of the transaction, the director directly owned 229,198 shares in the company, valued at $6,142,506.40. The trade was a 89.33% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available at the SEC website. Insiders have sold a total of 5,129,198 shares of company stock worth $135,731,984 in the last 90 days. Corporate insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On National Energy Services Reunited

Several institutional investors have recently modified their holdings of the business. Royal Bank of Canada raised its position in National Energy Services Reunited by 373.8% in the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock worth $30,000 after buying an additional 1,499 shares during the last quarter. Legal & General Group Plc purchased a new stake in shares of National Energy Services Reunited during the 2nd quarter valued at about $34,000. Acadian Asset Management LLC bought a new stake in shares of National Energy Services Reunited in the first quarter worth approximately $48,000. Osaic Holdings Inc. purchased a new position in shares of National Energy Services Reunited during the second quarter valued at approximately $73,000. Finally, State of Wyoming purchased a new stake in shares of National Energy Services Reunited in the 4th quarter worth $76,000. 15.55% of the stock is owned by hedge funds and other institutional investors.

National Energy Services Reunited Stock Performance

The company has a market capitalization of $2.90 billion, a P/E ratio of 44.31, a price-to-earnings-growth ratio of 0.38 and a beta of 0.31. The business has a 50 day moving average of $25.30 and a 200 day moving average of $21.98. 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 (NASDAQ:NESR) last released its quarterly earnings data on Monday, May 11th. The company reported $0.26 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.21 by $0.05. The business had revenue of $404.59 million for the quarter, compared to the consensus estimate of $370.87 million. National Energy Services Reunited had a return on equity of 9.77% and a net margin of 4.53%.The company’s revenue was up 33.5% on a year-over-year basis. On average, sell-side analysts predict that National Energy Services Reunited will post 1.68 earnings per share for the current year.

National Energy Services Reunited Company 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.