Capital One Financial Initiates Coverage on National Energy Services Reunited (NASDAQ:NESR)

Investment analysts at Capital One Financial assumed coverage on shares of National Energy Services Reunited (NASDAQ:NESR) in a research note issued to investors on Wednesday, Briefing.com reports. The brokerage set an “overweight” rating and a $44.00 price target on the stock. Capital One Financial‘s price target suggests a potential upside of 68.16% from the company’s previous close.

A number of other research analysts have also issued reports on NESR. Piper Sandler raised 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. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. Barclays raised their price target on shares of National Energy Services Reunited from $35.00 to $45.00 and gave the company an “overweight” rating in a research note on Tuesday, August 11th. UBS Group cut their price target on shares of National Energy Services Reunited from $47.00 to $46.00 and set a “buy” rating on the stock in a report on Tuesday. 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 nine have assigned a Buy rating to the company’s stock. Based on data from MarketBeat.com, National Energy Services Reunited currently has a consensus rating of “Buy” and a consensus target price of $35.00.

National Energy Services Reunited Price Performance

NESR traded down $0.33 on Wednesday, reaching $26.16. The stock had a trading volume of 279,081 shares, compared to its average volume of 1,989,919. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15. The company has a market capitalization of $2.64 billion, a price-to-earnings ratio of 28.21, a price-to-earnings-growth ratio of 0.27 and a beta of 0.39. National Energy Services Reunited has a fifty-two week low of $9.95 and a fifty-two week high of $36.94. The firm has a 50-day moving average of $32.04 and a 200-day moving average of $27.29.

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

Insiders Place Their Bets

In other news, Director Mejia Antonio J. Campo sold 63,324 shares of the business’s stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $35.45, for a total value of $2,244,835.80. Following the transaction, the director owned 696,398 shares in the company, valued at approximately $24,687,309.10. The trade was a 8.34% decrease in their position. The sale was disclosed in a document filed with the Securities & Exchange Commission, which is accessible through this link. Also, CEO Sherif Foda sold 100,000 shares of the company’s stock in a transaction on Monday, August 31st. The shares were sold at an average price of $35.00, for a total transaction of $3,500,000.00. Following the completion of the sale, the chief executive officer directly owned 3,084,643 shares in the company, valued at approximately $107,962,505. This represents a 3.14% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. In the last 90 days, insiders sold 176,894 shares of company stock worth $6,221,414. 9.70% of the stock is currently owned by insiders.

Institutional Trading of National Energy Services Reunited

Large investors have recently bought and sold shares of the business. Dimensional Fund Advisors LP lifted its stake in shares of National Energy Services Reunited by 103.5% in the 1st quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock valued at $42,088,000 after purchasing an additional 997,300 shares during the period. HITE Hedge Asset Management LLC lifted its stake in National Energy Services Reunited by 43.7% in the fourth quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company’s stock valued at $14,398,000 after buying an additional 279,543 shares during the period. Walleye Capital LLC acquired a new position in National Energy Services Reunited in the first quarter valued at approximately $19,045,000. Arrowstreet Capital Limited Partnership boosted its holdings in shares of National Energy Services Reunited by 75.9% during the 1st quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock worth $18,176,000 after buying an additional 365,217 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in shares of National Energy Services Reunited by 21.4% during the 1st quarter. Bank of America Corp DE now owns 597,400 shares of the company’s stock worth $12,826,000 after buying an additional 105,205 shares in the last quarter. 15.55% of the stock is currently 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.