National Energy Services Reunited (NASDAQ:NESR) Hits New 1-Year High on Strong Earnings

Shares of National Energy Services Reunited (NASDAQ:NESR) hit a new 52-week high during trading on Monday after the company announced better than expected quarterly earnings. The company traded as high as $31.48 and last traded at $33.2780, with a volume of 39344 shares trading hands. The stock had previously closed at $29.02.

The company reported $0.44 earnings per share (EPS) for the quarter, topping analysts’ consensus estimates of $0.35 by $0.09. The business had revenue of $520.75 million during the quarter, compared to analyst estimates of $448.54 million. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. National Energy Services Reunited’s revenue for the quarter was up 59.1% compared to the same quarter last year.

Analyst Ratings Changes

A number of brokerages have issued reports on NESR. Wall Street Zen raised shares of National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Barclays boosted their price target on shares of National Energy Services Reunited from $34.00 to $35.00 and gave the company an “overweight” rating in a report on Wednesday, May 13th. UBS Group increased their price objective on National Energy Services Reunited from $32.00 to $36.00 and gave the stock a “buy” rating in a report on Tuesday, June 30th. Weiss Ratings cut National Energy Services Reunited from a “buy (b-)” rating to a “hold (c+)” rating in a research report on Wednesday, July 29th. Finally, Piper Sandler lifted their price objective on National Energy Services Reunited from $33.00 to $35.00 and gave the company an “overweight” rating in a research report on Tuesday, July 14th. One analyst has rated the stock with a Strong Buy rating, seven have issued a Buy rating and one has given a Hold rating to the company. Based on data from MarketBeat, the stock presently has an average rating of “Buy” and a consensus target price of $29.71.

Insiders Place Their Bets

In other National Energy Services Reunited news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of National Energy Services Reunited 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 sale, 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 ownership of the stock. The transaction was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. Insiders have sold a total of 5,129,198 shares of company stock worth $135,731,984 over the last 90 days. 9.70% of the stock is currently owned by company insiders.

Institutional Inflows and Outflows

Hedge funds have recently modified their holdings of the business. Royal Bank of Canada raised its holdings in shares of National Energy Services Reunited by 373.8% during the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company’s stock valued at $30,000 after purchasing an additional 1,499 shares in the last quarter. USA Financial Formulas boosted its holdings in National Energy Services Reunited by 63.0% in the first quarter. USA Financial Formulas now owns 2,253 shares of the company’s stock worth $48,000 after purchasing an additional 871 shares in the last quarter. State of Wyoming acquired a new position in National Energy Services Reunited during the fourth quarter worth $76,000. Clearstead Advisors LLC increased its position in National Energy Services Reunited by 180.1% during the fourth quarter. Clearstead Advisors LLC now owns 4,932 shares of the company’s stock worth $77,000 after buying an additional 3,171 shares during the last quarter. Finally, Legal & General Group Plc acquired a new position in National Energy Services Reunited during the second quarter worth $34,000. Institutional investors and hedge funds own 15.55% of the company’s stock.

National Energy Services Reunited Trading Up 15.6%

The company has a fifty day simple moving average of $26.79 and a two-hundred day simple moving average of $24.21. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.04 and a quick ratio of 0.90. The company has a market capitalization of $3.38 billion, a P/E ratio of 52.20, a price-to-earnings-growth ratio of 0.34 and a beta of 0.33.

About National Energy Services Reunited

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.