Zacks Investment Research Lowers National Energy Services (NESR) to Hold

Zacks Investment Research lowered shares of National Energy Services (NASDAQ:NESR) from a buy rating to a hold rating in a research note released on Wednesday morning.

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. “

Several other equities research analysts also recently commented on the stock. BTIG Research assumed coverage on shares of National Energy Services in a research note on Tuesday, October 23rd. They issued a buy rating and a $18.00 target price on the stock. Evercore ISI assumed coverage on shares of National Energy Services in a research note on Wednesday, October 10th. They issued an outperform rating and a $17.00 target price on the stock.

National Energy Services stock traded down $0.21 on Wednesday, hitting $8.40. The company’s stock had a trading volume of 14,606 shares, compared to its average volume of 80,637. National Energy Services has a one year low of $7.51 and a one year high of $14.38.

National Energy Services (NASDAQ:NESR) last issued its earnings results on Thursday, November 8th. The company reported $0.19 EPS for the quarter. The firm had revenue of $145.58 million during the quarter. Analysts expect that National Energy Services will post 0.67 EPS for the current fiscal year.

Several large investors have recently modified their holdings of the company. Vanguard Group Inc acquired a new stake in shares of National Energy Services in the 3rd quarter valued at $4,261,000. Vanguard Group Inc. acquired a new position in National Energy Services during the 3rd quarter worth about $4,261,000. Tower Research Capital LLC TRC lifted its position in National Energy Services by 30,262.9% during the 3rd quarter. Tower Research Capital LLC TRC now owns 10,627 shares of the company’s stock worth $124,000 after buying an additional 10,592 shares in the last quarter. Virtu Financial LLC acquired a new position in National Energy Services during the 3rd quarter worth about $143,000. Finally, FMR LLC acquired a new position in National Energy Services during the 2nd quarter worth about $9,887,000. Institutional investors own 6.16% of the company’s stock.

About National Energy Services

National Energy Services Reunited Corp. intends to engage in merger, share exchange, asset acquisition, stock purchase, recapitalization, reorganization, or other similar business combination with one or more target businesses. The company was founded in 2017 and is headquartered in Houston, Texas.

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