National Energy Services Reunited (NASDAQ:NESR) Cut to Hold at Zacks Research

Key Points

• Zacks Research downgraded National Energy Services Reunited from “strong buy” to “hold,” although the broader analyst consensus remains “buy” with an average price target of $38.44.
• NESR reported stronger-than-expected quarterly results, with earnings per share of $0.44 versus the $0.35 estimate and revenue of $520.75 million, up 59.1% year over year.
• Company insiders sold $6.22 million of shares over the past three months, while hedge funds and institutional investors increased their holdings; institutional ownership stands at 15.55%.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) was downgraded by research analysts at Zacks Research from a "strong-buy" rating to a "hold" rating in a research note issued on Thursday, Zacks reports.

Several other equities research analysts also recently weighed in on NESR. Citigroup restated a "buy" rating on shares of National Energy Services Reunited in a report on Monday, August 10th. BTIG Research lifted their price objective on National Energy Services Reunited from $32.00 to $40.00 and gave the company a "buy" rating in a research note on Monday, August 10th. Wall Street Zen downgraded National Energy Services Reunited from a "strong-buy" rating to a "buy" rating in a research report on Saturday. Capital One Financial assumed coverage on National Energy Services Reunited in a research report on Wednesday. They set an "overweight" rating and a $44.00 price objective for the company. Finally, Piper Sandler cut their target price on shares of National Energy Services Reunited from $40.00 to $39.00 and set an "overweight" rating on the stock in a research note on Friday. One research analyst has rated the stock with a Strong Buy rating, nine have issued a Buy rating and one has given a Hold rating to the company's stock. According to MarketBeat, the company currently has a consensus rating of "Buy" and an average target price of $38.44.

National Energy Services Reunited Stock Performance

NASDAQ:NESR opened at $24.67 on Thursday. The company has a fifty day simple moving average of $31.86 and a two-hundred day simple moving average of $27.36. The company has a market cap of $2.49 billion, a price-to-earnings ratio of 26.82, a price-to-earnings-growth ratio of 0.24 and a beta of 0.48. The company has a quick ratio of 0.86, a current ratio of 1.02 and a debt-to-equity ratio of 0.15. National Energy Services Reunited has a 52 week low of $9.95 and a 52 week high of $36.94.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its quarterly earnings data on Monday, August 10th. The company reported $0.44 earnings per share for the quarter, topping analysts' consensus estimates of $0.35 by $0.09. The business had revenue of $520.75 million for the quarter, compared to analyst estimates of $448.54 million. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%.The business's quarterly revenue was up 59.1% compared to the same quarter last year. As a group, equities analysts anticipate that National Energy Services Reunited will post 1.76 earnings per share for the current fiscal year.

Insider Buying and Selling at National Energy Services Reunited

In other news, Director Mejia Antonio J. Campo sold 63,324 shares of the business's stock in a transaction that occurred on Wednesday, September 9th. The shares were sold at an average price of $35.45, for a total transaction of $2,244,835.80. Following the completion of the sale, the director owned 696,398 shares in the company, valued at approximately $24,687,309.10. The trade was a 8.34% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link. Also, CEO Sherif Foda sold 100,000 shares of the company's 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 completion of the transaction, the chief executive officer owned 3,084,643 shares of the company's stock, valued at approximately $107,962,505. The trade was a 3.14% decrease in their position. The disclosure for this sale is available in the SEC filing. Insiders have sold 176,894 shares of company stock worth $6,221,414 over the last three months. Insiders own 9.70% of the company's stock.

Institutional Inflows and Outflows

A number of hedge funds have recently modified their holdings of the stock. Dimensional Fund Advisors LP lifted its position in National Energy Services Reunited by 103.5% in the first quarter. Dimensional Fund Advisors LP now owns 1,960,587 shares of the company's stock valued at $42,088,000 after acquiring an additional 997,300 shares during the last quarter. Walleye Capital LLC acquired a new stake in shares of National Energy Services Reunited during the first quarter worth about $19,045,000. Arrowstreet Capital Limited Partnership increased its position in shares of 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 purchasing an additional 365,217 shares in the last quarter. HITE Hedge Asset Management LLC lifted its holdings in shares of National Energy Services Reunited by 43.7% in the 4th quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company's stock valued at $14,398,000 after purchasing an additional 279,543 shares during the last quarter. Finally, Squarepoint Ops LLC lifted its holdings in shares of National Energy Services Reunited by 39.2% in the 2nd quarter. Squarepoint Ops LLC now owns 476,608 shares of the company's stock valued at $14,265,000 after purchasing an additional 134,316 shares during the last quarter. 15.55% of the stock is owned by hedge funds and other institutional investors.

About National Energy Services Reunited

National Energy Services Reunited Corp. NASDAQ: NESR is an oilfield services company focused on the Middle East, North Africa and Asia. The company provides services and equipment used across the life cycle of oil and natural gas wells, supporting exploration, drilling, completion, production and well intervention activities.

Its service portfolio has included well stimulation and completion services, coiled tubing, wireline and well testing, directional drilling, artificial lift, pressure pumping and production enhancement.

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