National Energy Services Reunited (NASDAQ:NESR) Stock Rating Lowered by Zacks Research

National Energy Services Reunited (NASDAQ:NESR) was downgraded by equities researchers at Zacks Research from a “strong-buy” rating to a “hold” rating in a research note issued on Thursday, Zacks reports.

A number of other brokerages have also recently commented on NESR. Weiss Ratings cut shares of National Energy Services Reunited from a “buy (b)” rating to a “buy (b-)” rating in a report on Tuesday. Piper Sandler lowered their price target on National Energy Services Reunited from $40.00 to $39.00 and set an “overweight” rating on the stock in a report on Friday. Wall Street Zen cut National Energy Services Reunited from a “strong-buy” rating to a “buy” rating in a research report on Saturday. Capital One Financial began coverage on National Energy Services Reunited in a research note on Wednesday. They set an “overweight” rating and a $44.00 price objective for the company. Finally, Citigroup reaffirmed a “buy” rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. One equities research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has issued a Hold rating to the company’s stock. According to data from MarketBeat, the company currently has an average rating of “Buy” and a consensus price target of $38.44.

National Energy Services Reunited Stock Performance

Shares of National Energy Services Reunited stock opened at $24.67 on Thursday. The firm’s fifty day simple moving average is $31.86 and its 200-day simple moving average is $27.36. National Energy Services Reunited has a 12 month low of $9.95 and a 12 month high of $36.94. The stock has a market capitalization of $2.49 billion, a price-to-earnings ratio of 26.82, a PEG ratio of 0.24 and a beta of 0.48. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.86.

National Energy Services Reunited (NASDAQ:NESR) last issued its quarterly earnings results on Monday, August 10th. The company reported $0.44 earnings per share for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The firm had revenue of $520.75 million during the quarter, compared to analysts’ expectations of $448.54 million. The business’s quarterly revenue was up 59.1% on a year-over-year basis. As a group, equities analysts forecast that National Energy Services Reunited will post 1.76 earnings per share for the current year.

Insider Transactions at National Energy Services Reunited

In other news, Director Mejia Antonio J. Campo sold 63,324 shares of the firm’s stock in a transaction 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 completion of the sale, the director owned 696,398 shares in the company, valued at approximately $24,687,309.10. This trade represents a 8.34% decrease in their position. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CEO Sherif Foda sold 100,000 shares of National Energy Services Reunited stock in a transaction dated 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. The trade was a 3.14% decrease in their position. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 176,894 shares of company stock worth $6,221,414. Company insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On National Energy Services Reunited

Hedge funds have recently added to or reduced their stakes in the company. Integrated Wealth Concepts LLC acquired a new stake in shares of National Energy Services Reunited in the 2nd quarter valued at approximately $45,000. Allworth Financial LP boosted its stake in shares of National Energy Services Reunited by 51.0% in the second quarter. Allworth Financial LP now owns 1,921 shares of the company’s stock valued at $57,000 after buying an additional 649 shares in the last quarter. USA Financial Formulas grew its holdings in National Energy Services Reunited by 63.0% during the first quarter. USA Financial Formulas now owns 2,253 shares of the company’s stock worth $48,000 after acquiring an additional 871 shares during the period. Globeflex Capital L P acquired a new position in National Energy Services Reunited during the first quarter worth $151,000. Finally, VIRGINIA RETIREMENT SYSTEMS ET Al acquired a new position in National Energy Services Reunited during the second quarter worth $215,000. Institutional investors and hedge funds own 15.55% of the company’s stock.

National Energy Services Reunited Company Profile

National Energy Services Reunited Corp. (NASDAQ: NESR) is an oilfield services company focused on the Middle East, North Africa and Asia. The company provides services and equipment used across the life cycle of oil and natural gas wells, supporting exploration, drilling, completion, production and well intervention activities.

Its service portfolio has included well stimulation and completion services, coiled tubing, wireline and well testing, directional drilling, artificial lift, pressure pumping and production enhancement.