National Energy Services Reunited (NASDAQ:NESR) Trading Up 6.6% on Strong Earnings

National Energy Services Reunited (NASDAQ:NESR) rose 6.6% during mid-day trading on Thursday following a better than expected earnings announcement. The stock traded as high as $13.92 and last traded at $13.8890. Approximately 1,851,986 shares traded hands during trading, an increase of 209% from the average daily volume of 599,186 shares. The stock had previously closed at $13.03.

The company reported $0.16 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.15 by $0.01. National Energy Services Reunited had a net margin of 5.57% and a return on equity of 9.91%.

Wall Street Analysts Forecast Growth

Several analysts recently commented on the company. Weiss Ratings reaffirmed a “hold (c)” rating on shares of National Energy Services Reunited in a report on Wednesday, October 8th. National Bankshares set a $16.00 price target on National Energy Services Reunited in a report on Tuesday, September 9th. Piper Sandler lifted their price objective on National Energy Services Reunited from $13.00 to $15.00 and gave the company an “overweight” rating in a research report on Thursday, October 16th. Zacks Research raised shares of National Energy Services Reunited from a “strong sell” rating to a “hold” rating in a report on Monday. Finally, Maxim Group initiated coverage on shares of National Energy Services Reunited in a report on Tuesday, September 9th. They set a “buy” rating and a $16.00 price target on the stock. Six research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company’s stock. Based on data from MarketBeat.com, the company presently has a consensus rating of “Moderate Buy” and an average price target of $16.29.

Institutional Trading of National Energy Services Reunited

Several hedge funds have recently made changes to their positions in NESR. Dodge & Cox increased its holdings in National Energy Services Reunited by 201.6% during the second quarter. Dodge & Cox now owns 2,136,794 shares of the company’s stock valued at $12,864,000 after buying an additional 1,428,200 shares during the period. Geode Capital Management LLC lifted its stake in shares of National Energy Services Reunited by 2,227.2% during the 2nd quarter. Geode Capital Management LLC now owns 815,209 shares of the company’s stock worth $4,908,000 after purchasing an additional 780,180 shares during the last quarter. CenterBook Partners LP bought a new stake in National Energy Services Reunited during the second quarter valued at about $4,562,000. MMCAP International Inc. SPC bought a new stake in National Energy Services Reunited during the second quarter valued at about $3,620,000. Finally, Pacer Advisors Inc. purchased a new position in National Energy Services Reunited in the third quarter valued at about $5,543,000. 15.55% of the stock is currently owned by hedge funds and other institutional investors.

National Energy Services Reunited Stock Up 7.1%

The business’s fifty day moving average price is $11.08 and its two-hundred day moving average price is $8.20. The company has a debt-to-equity ratio of 0.24, a quick ratio of 0.93 and a current ratio of 1.11. The firm has a market capitalization of $1.35 billion, a P/E ratio of 18.13 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.