National Energy Services Reunited $NESR Stock: Iridian Asset Management LLC CT Lowers Position

Iridian Asset Management LLC CT trimmed its stake in shares of National Energy Services Reunited (NASDAQ:NESR) by 19.2% during the 3rd quarter, Holdings Channel reports. The fund owned 183,671 shares of the company’s stock after selling 43,595 shares during the quarter. National Energy Services Reunited makes up about 1.7% of Iridian Asset Management LLC CT’s investment portfolio, making the stock its 18th largest position. Iridian Asset Management LLC CT’s holdings in National Energy Services Reunited were worth $4,678,000 as of its most recent filing with the Securities & Exchange Commission.

Other hedge funds have also bought and sold shares of the company. Dimensional Fund Advisors LP increased its holdings in shares of National Energy Services Reunited by 103.5% during the 1st quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company’s stock valued at $42,088,000 after purchasing an additional 997,300 shares in the last quarter. Walleye Capital LLC acquired a new position in shares of National Energy Services Reunited in the 1st quarter valued at $19,045,000. Arrowstreet Capital Limited Partnership boosted its holdings in National Energy Services Reunited by 75.9% during the first quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company’s stock worth $18,176,000 after buying an additional 365,217 shares in the last quarter. Squarepoint Ops LLC boosted its holdings in National Energy Services Reunited by 39.2% during the second quarter. Squarepoint Ops LLC now owns 476,608 shares of the company’s stock worth $14,265,000 after buying an additional 134,316 shares in the last quarter. Finally, Bank of America Corp DE boosted its holdings in National Energy Services Reunited by 21.4% during the first quarter. Bank of America Corp DE now owns 597,400 shares of the company’s stock worth $12,826,000 after buying an additional 105,205 shares in the last quarter. Hedge funds and other institutional investors own 15.55% of the company’s stock.

Insider Buying and Selling

In other National Energy Services Reunited news, CEO Sherif Foda sold 100,000 shares of the stock in a transaction on Monday, August 31st. The shares were sold at an average price of $35.00, for a total transaction of $3,500,000.00. Following the transaction, the chief executive officer directly owned 3,084,643 shares of the company’s stock, valued at $107,962,505. This trade represents a 3.14% decrease in their ownership of the stock. The transaction was disclosed in a document filed with the SEC, which is accessible through this hyperlink. Also, CFO Stefan Angeli sold 13,570 shares of the stock in a transaction on Tuesday, August 18th. The shares were sold at an average price of $35.12, for a total transaction of $476,578.40. Following the transaction, the chief financial officer directly owned 549,763 shares in the company, valued at approximately $19,307,676.56. The trade was a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders sold 176,894 shares of company stock valued at $6,221,414. 9.70% of the stock is owned by corporate insiders.

National Energy Services Reunited Stock Up 4.3%

National Energy Services Reunited stock opened at $20.46 on Friday. The stock has a market capitalization of $2.06 billion, a PE ratio of 22.24, a price-to-earnings-growth ratio of 0.24 and a beta of 0.48. National Energy Services Reunited has a 12 month low of $11.84 and a 12 month high of $36.94. The business has a 50 day simple moving average of $29.21 and a 200-day simple moving average of $27.34. The company has a debt-to-equity ratio of 0.15, a current ratio of 1.02 and a quick ratio of 0.86.

National Energy Services Reunited (NASDAQ:NESR) last announced its earnings results on Monday, August 10th. The company reported $0.44 earnings per share (EPS) for the quarter, beating analysts’ consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%. The firm had revenue of $520.75 million for the quarter, compared to analyst estimates of $448.54 million. The company’s revenue for the quarter was up 59.1% compared to the same quarter last year. On average, analysts anticipate that National Energy Services Reunited will post 1.65 EPS for the current fiscal year.

Analyst Upgrades and Downgrades

Several research firms recently commented on NESR. Citigroup restated a “buy” rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. Piper Sandler decreased their price objective on shares of National Energy Services Reunited from $40.00 to $39.00 and set an “overweight” rating for the company in a research report on Friday, October 2nd. Zacks Research lowered shares of National Energy Services Reunited from a “strong-buy” rating to a “hold” rating in a research note on Thursday, October 1st. Wall Street Zen lowered shares of National Energy Services Reunited from a “strong-buy” rating to a “buy” rating in a research note on Saturday, October 3rd. Finally, Barclays dropped their target price on National Energy Services Reunited from $45.00 to $41.00 and set an “overweight” rating on the stock in a research report on Thursday, October 15th. Eight equities research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. Based on data from MarketBeat.com, the stock has an average rating of “Moderate Buy” and a consensus target price of $40.38.

About National Energy Services Reunited

National Energy Services Reunited Corp. (NESR) is an oilfield services company that provides equipment, technology and technical services to exploration and production companies. Its operations support the drilling, completion, production and maintenance of oil and natural gas wells.

NESR’s services are organized primarily around well services and drilling and evaluation. Offerings have included hydraulic fracturing and stimulation, cementing, coiled tubing, well testing, completion services, artificial lift, drilling fluids, directional drilling, wireline, logging and well-inspection services.