National Energy Services Reunited (NASDAQ:NESR) Stock Falls 7% – Here’s What Happened

National Energy Services Reunited (NASDAQ:NESR)’s share price fell 7% on Monday. The stock traded as low as $30.20 and last traded at $29.8950. 1,077,679 shares changed hands during mid-day trading, a decline of 45% from the average daily volume of 1,974,233 shares. The stock had previously closed at $32.13.

Analyst Upgrades and Downgrades

A number of equities research analysts have commented on NESR shares. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. Zacks Research raised National Energy Services Reunited from a “hold” rating to a “strong-buy” rating in a research report on Monday, June 29th. Piper Sandler boosted their price objective on shares of National Energy Services Reunited from $33.00 to $35.00 and gave the company an “overweight” rating in a report on Tuesday, July 14th. BTIG Research upped their target price on shares of National Energy Services Reunited from $32.00 to $40.00 and gave the company a “buy” rating in a research report on Monday, August 10th. Finally, Weiss Ratings raised shares of National Energy Services Reunited from a “buy (b-)” rating to a “buy (b)” rating in a research note on Friday, September 11th. One analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the company’s stock. According to data from MarketBeat.com, the company currently has an average rating of “Buy” and a consensus price target of $33.86.

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 company has a market capitalization of $3.00 billion, a price-to-earnings ratio of 32.45, a P/E/G ratio of 0.29 and a beta of 0.39. The firm has a 50-day simple moving average of $32.03 and a two-hundred day simple moving average of $27.19.

National Energy Services Reunited (NASDAQ:NESR) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.44 earnings per share (EPS) for the quarter, topping the consensus estimate of $0.35 by $0.09. The business had revenue of $520.75 million for the quarter, compared to analysts’ expectations of $448.54 million. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The company’s quarterly revenue was up 59.1% compared to the same quarter last year. On average, sell-side analysts anticipate that National Energy Services Reunited will post 1.88 EPS for the current fiscal year.

Insider Transactions at National Energy Services Reunited

In other news, Director Mejia Antonio J. Campo sold 63,324 shares of the stock in a transaction on 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 directly owned 696,398 shares in the company, valued at approximately $24,687,309.10. This trade represents a 8.34% decrease in their ownership of the stock. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through the SEC website. Also, CFO Stefan Angeli sold 13,570 shares of National Energy Services Reunited stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $35.12, for a total value of $476,578.40. Following the completion of the transaction, the chief financial officer owned 549,763 shares of the company’s stock, valued at approximately $19,307,676.56. This trade represents a 2.41% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Over the last 90 days, insiders have sold 176,894 shares of company stock valued at $6,221,414. 9.70% of the stock is currently owned by company insiders.

Hedge Funds Weigh In On National Energy Services Reunited

A number of institutional investors and hedge funds have recently made changes to their positions in NESR. Dimensional Fund Advisors LP lifted its stake in National Energy Services Reunited by 103.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock worth $42,088,000 after acquiring an additional 997,300 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of National Energy Services Reunited in the 1st quarter valued at $19,045,000. Arrowstreet Capital Limited Partnership raised its holdings in shares of National Energy Services Reunited by 75.9% in the 1st quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock valued at $18,176,000 after purchasing an additional 365,217 shares in the last quarter. HITE Hedge Asset Management LLC lifted its position in shares of National Energy Services Reunited by 43.7% during the 4th quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company’s stock worth $14,398,000 after purchasing an additional 279,543 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its position in shares of National Energy Services Reunited by 39.2% during the 2nd quarter. Squarepoint Ops LLC now owns 476,608 shares of the company’s stock worth $14,265,000 after purchasing an additional 134,316 shares during the last quarter. 15.55% of the stock is owned by institutional investors and hedge funds.

About National Energy Services Reunited

National Energy Services Reunited Corp. is an oilfield services company that provides equipment, technologies and technical support to energy producers and drilling contractors. Its activities are primarily focused on the Middle East, North Africa and South Asia.

The company operates through two broad business areas: drilling and evaluation, and well services. Its offerings include drilling services, wireline and logging, well testing, cementing, coiled tubing, hydraulic fracturing, stimulation, artificial lift, completion services and production enhancement.