Zacks Investment Research upgraded shares of National Energy Services Reunited (NASDAQ:NESR) from a hold rating to a buy rating in a report released on Tuesday morning, Zacks.com reports. They currently have $9.50 target price on the stock.
According to Zacks, “Founded in 2017, NESR is one of the largest national oilfield services providers in the MENA and Asia Pacific regions. With over 3,200 employees, representing more than 40 nationalities in over 14 countries, the Company helps its customers unlock the full potential of their reservoirs by providing Production Services such as Cementing, Coiled Tubing, Filtration, Completions, Stimulation and Fracturing, and Nitrogen Services. The Company also helps its customers to access the reservoirs in a smarter and faster manner by providing Drilling and Evaluation services like Drilling Downhole Tools, Directional Drilling Fishing Tools, Testing Services, Wireline, Slickline, Fluids and Rig Services. “
NASDAQ NESR traded up $0.01 during midday trading on Tuesday, hitting $8.10. The company had a trading volume of 501 shares, compared to its average volume of 308,489. The company has a debt-to-equity ratio of 0.25, a current ratio of 1.37 and a quick ratio of 1.11. The business has a 50-day moving average of $8.45. National Energy Services Reunited has a twelve month low of $7.42 and a twelve month high of $14.38.
National Energy Services Reunited (NASDAQ:NESR) last announced its quarterly earnings data on Monday, May 13th. The company reported $0.15 earnings per share for the quarter, missing the Thomson Reuters’ consensus estimate of $0.20 by ($0.05). The company had revenue of $151.70 million during the quarter, compared to analyst estimates of $148.37 million. National Energy Services Reunited had a net margin of 9.65% and a return on equity of 10.65%. On average, equities analysts expect that National Energy Services Reunited will post 0.96 EPS for the current year.
A number of hedge funds and other institutional investors have recently made changes to their positions in NESR. FMR LLC raised its holdings in National Energy Services Reunited by 22.1% in the 1st quarter. FMR LLC now owns 1,358,969 shares of the company’s stock valued at $14,202,000 after acquiring an additional 246,130 shares in the last quarter. Yaupon Capital Management LP acquired a new position in shares of National Energy Services Reunited during the 4th quarter worth $1,527,000. Tibra Equities Europe Ltd acquired a new position in shares of National Energy Services Reunited during the 1st quarter worth $1,446,000. Marshall Wace LLP acquired a new position in shares of National Energy Services Reunited during the 1st quarter worth $657,000. Finally, Crystal Rock Capital Management raised its holdings in shares of National Energy Services Reunited by 16.0% during the 1st quarter. Crystal Rock Capital Management now owns 438,830 shares of the company’s stock worth $4,586,000 after buying an additional 60,594 shares in the last quarter. 16.74% of the stock is owned by hedge funds and other institutional investors.
About National Energy Services Reunited
National Energy Services Reunited Corp., through its subsidiaries, provides oilfield services to oil and gas companies in the Middle East, North Africa, and the Asia Pacific regions. It operates through Production Services, and Drilling and Evaluation Services segments. The Production Services segment offers coiled tubing services, such as nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; primary and remedial cementing services; stimulation and pumping services; nitrogen services; and filtration services, as well as frac tanks and pumping units.
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