National Energy Services Reunited (NASDAQ:NESR) Shares Gap Up – Here’s Why

National Energy Services Reunited (NASDAQ:NESR)’s share price gapped up before the market opened on Tuesday . The stock had previously closed at $28.49, but opened at $29.76. National Energy Services Reunited shares last traded at $29.6650, with a volume of 394,478 shares trading hands.

Analyst Upgrades and Downgrades

Several brokerages have recently issued reports on NESR. UBS Group reissued a “buy” rating and issued a $36.00 price objective on shares of National Energy Services Reunited in a report on Tuesday. BTIG Research lifted their price target on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the company a “buy” rating in a research note on Monday, May 11th. Piper Sandler boosted their price target on shares of National Energy Services Reunited from $30.00 to $33.00 and gave the stock an “overweight” rating in a report on Monday, May 18th. Weiss Ratings raised shares of National Energy Services Reunited from a “hold (c)” rating to a “hold (c+)” rating in a report on Monday, May 11th. Finally, Zacks Research lowered shares of National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a research report on Monday, April 13th. Seven research analysts have rated the stock with a Buy rating and two have given a Hold rating to the stock. Based on data from MarketBeat.com, National Energy Services Reunited presently has a consensus rating of “Moderate Buy” and a consensus price target of $29.43.

National Energy Services Reunited Price Performance

The company has a debt-to-equity ratio of 0.18, a quick ratio of 0.90 and a current ratio of 1.04. The stock’s 50-day moving average is $25.08 and its two-hundred day moving average is $21.78. The stock has a market cap of $3.00 billion, a PE ratio of 45.81, a PEG ratio of 0.36 and a beta of 0.35.

National Energy Services Reunited (NASDAQ:NESR) last posted its quarterly earnings results on Monday, May 11th. The company reported $0.26 EPS for the quarter, topping the consensus estimate of $0.21 by $0.05. The business had revenue of $404.59 million during the quarter, compared to the consensus estimate of $370.87 million. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The business’s revenue for the quarter was up 33.5% on a year-over-year basis. On average, equities analysts predict that National Energy Services Reunited will post 1.68 earnings per share for the current year.

Insider Activity at National Energy Services Reunited

In other National Energy Services Reunited news, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the firm’s stock in a transaction dated Thursday, June 25th. The stock was sold at an average price of $26.80, for a total transaction of $51,445,119.20. Following the transaction, the director owned 229,198 shares of the company’s stock, valued at approximately $6,142,506.40. This trade represents a 89.33% decrease in their ownership of the stock. The sale was disclosed in a document filed with the SEC, which can be accessed through this hyperlink. Over the last quarter, insiders have sold 5,129,198 shares of company stock valued at $135,731,984. Company insiders own 9.70% of the company’s stock.

Institutional Investors Weigh In On National Energy Services Reunited

Several large investors have recently modified their holdings of NESR. Millennium Management LLC lifted its holdings in shares of National Energy Services Reunited by 38.2% during the first quarter. Millennium Management LLC now owns 542,135 shares of the company’s stock worth $3,990,000 after purchasing an additional 149,796 shares during the period. Jane Street Group LLC acquired a new position in National Energy Services Reunited in the 1st quarter valued at $1,425,000. Acadian Asset Management LLC purchased a new position in National Energy Services Reunited during the 1st quarter worth $48,000. Geode Capital Management LLC lifted its stake in shares of National Energy Services Reunited by 2,227.2% in the 2nd quarter. Geode Capital Management LLC now owns 815,209 shares of the company’s stock worth $4,908,000 after acquiring an additional 780,180 shares during the period. Finally, Legal & General Group Plc acquired a new stake in shares of National Energy Services Reunited in the 2nd quarter worth $34,000. Hedge funds and other institutional investors own 15.55% of the company’s stock.

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.