National Energy Services Reunited (NASDAQ:NESR – Get Free Report)’s share price shot up 8.4% during trading on Thursday . The company traded as high as $27.24 and last traded at $27.2850. Approximately 4,235,115 shares were traded during trading, an increase of 119% from the average daily volume of 1,937,276 shares. The stock had previously closed at $25.17.
Wall Street Analysts Forecast Growth
Several brokerages recently weighed in on NESR. Piper Sandler raised their target price on shares of National Energy Services Reunited from $30.00 to $33.00 and gave the company an “overweight” rating in a report on Monday, May 18th. BTIG Research increased their price objective on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the company a “buy” rating in a research report on Monday, May 11th. Barclays raised their price objective 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. Wall Street Zen upgraded shares of National Energy Services Reunited from a “buy” rating to a “strong-buy” rating in a research note on Saturday, May 16th. Finally, Weiss Ratings raised National Energy Services Reunited from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Seven investment analysts have rated the stock with a Buy rating and two have given a Hold rating to the company. Based on data from MarketBeat, National Energy Services Reunited currently has a consensus rating of “Moderate Buy” and a consensus target price of $28.86.
Check Out Our Latest Stock Analysis on National Energy Services Reunited
National Energy Services Reunited Price Performance
National Energy Services Reunited (NASDAQ:NESR – Get Free Report) last issued its quarterly earnings data on Monday, May 11th. The company reported $0.26 earnings per share for the quarter, topping the consensus estimate of $0.21 by $0.05. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The business had revenue of $404.59 million during the quarter, compared to the consensus estimate of $370.87 million. The company’s quarterly revenue was up 33.5% compared to the same quarter last year. As a group, sell-side analysts predict that National Energy Services Reunited will post 1.68 earnings per share for the current year.
Insiders Place Their Bets
In other National Energy Services Reunited news, Director Yousif Mohammed Ali Al-Nowais sold 332,857 shares of the company’s stock in a transaction on Saturday, June 13th. The shares were sold at an average price of $26.90, for a total value of $8,953,853.30. Following the completion of the transaction, the director owned 2,148,792 shares in the company, valued at $57,802,504.80. This represents a 13.41% decrease in their ownership of the stock. The transaction was disclosed in a legal filing with the SEC, which is available at this hyperlink. Insiders have sold 3,209,604 shares of company stock valued at $84,286,865 over the last three months. 9.70% of the stock is owned by insiders.
Institutional Trading of National Energy Services Reunited
Institutional investors and hedge funds have recently made changes to their positions in the company. Citigroup Inc. grew its stake in National Energy Services Reunited by 680.2% during the 3rd quarter. Citigroup Inc. now owns 186,801 shares of the company’s stock worth $1,917,000 after buying an additional 162,858 shares during the last quarter. Oxbow Advisors LLC purchased a new stake in National Energy Services Reunited in the fourth quarter valued at approximately $4,102,000. Quantbot Technologies LP boosted its holdings in shares of National Energy Services Reunited by 102.6% in the third quarter. Quantbot Technologies LP now owns 66,078 shares of the company’s stock valued at $678,000 after acquiring an additional 33,464 shares during the period. EdgePoint Investment Group Inc. acquired a new stake in shares of National Energy Services Reunited in the third quarter valued at approximately $923,000. Finally, HITE Hedge Asset Management LLC grew its position in shares of National Energy Services Reunited by 43.7% during the fourth quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company’s stock worth $14,398,000 after acquiring an additional 279,543 shares during the last quarter. 15.55% of the stock is owned by hedge funds and other institutional investors.
National Energy Services Reunited Company Profile
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.
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