National Energy Services Reunited (NASDAQ:NESR) Stock Rated "Overweight" in New Coverage at Capital One Financial

Key Points

• Capital One Financial initiated coverage of NESR with an “overweight” rating and a $44 price target, implying 68.16% upside from the prior close. The broader analyst consensus is “Buy,” with a $35 average target.
• NESR reported stronger-than-expected quarterly results, posting $0.44 EPS versus the $0.35 estimate and $520.75 million in revenue, up 59.1% year over year.
• The stock traded at $26.16, below its 50-day average of $32.04, while insiders sold $6.22 million worth of shares in the latest quarter; institutional investors own 15.55% of the company.

Equities researchers at Capital One Financial began coverage on shares of National Energy Services Reunited (NASDAQ:NESR - Get Free Report) in a research note issued on Wednesday, Briefing.com reports. The brokerage set an "overweight" rating and a $44.00 price target on the stock. Capital One Financial's price target indicates a potential upside of 68.16% from the stock's previous close.

Other equities analysts have also recently issued reports about the company. Citigroup reaffirmed a "buy" rating on shares of National Energy Services Reunited in a report on Monday, August 10th. Barclays increased their target price on National Energy Services Reunited from $35.00 to $45.00 and gave the stock an "overweight" rating in a report on Tuesday, August 11th. Zacks Research raised National Energy Services Reunited from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. UBS Group cut their price objective on shares of National Energy Services Reunited from $47.00 to $46.00 and set a "buy" rating for the company in a research report on Tuesday. Finally, Piper Sandler upped their price objective on shares of National Energy Services Reunited from $33.00 to $35.00 and gave the stock an "overweight" rating in a research report on Tuesday, July 14th. One investment analyst has rated the stock with a Strong Buy rating and nine have assigned a Buy rating to the company's stock. According to data from MarketBeat.com, National Energy Services Reunited has an average rating of "Buy" and a consensus price target of $35.00.

National Energy Services Reunited Stock Performance

NASDAQ NESR traded down $0.33 during trading on Wednesday, reaching $26.16. The company's stock had a trading volume of 279,081 shares, compared to its average volume of 1,989,919. The firm has a 50 day moving average price of $32.04 and a 200 day moving average price of $27.29. National Energy Services Reunited has a 12 month low of $9.95 and a 12 month high of $36.94. The firm has a market capitalization of $2.64 billion, a price-to-earnings ratio of 28.21, a price-to-earnings-growth ratio of 0.27 and a beta of 0.39. The company has a current ratio of 1.02, a quick ratio of 0.86 and a debt-to-equity ratio of 0.15.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last released its quarterly earnings results on Monday, August 10th. The company reported $0.44 earnings per share for the quarter, beating analysts' consensus estimates of $0.35 by $0.09. The company had revenue of $520.75 million during the quarter, compared to the consensus estimate of $448.54 million. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The firm's revenue was up 59.1% on a year-over-year basis. As a group, equities analysts anticipate that National Energy Services Reunited will post 1.88 EPS 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 on Wednesday, September 9th. The stock was sold at an average price of $35.45, for a total transaction of $2,244,835.80. Following the completion of the transaction, the director owned 696,398 shares of the company's stock, valued at approximately $24,687,309.10. The trade was a 8.34% decrease in their position. The transaction was disclosed in a filing with the Securities & Exchange Commission, which is accessible through this hyperlink. Also, CFO Stefan Angeli sold 13,570 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $35.12, for a total value of $476,578.40. Following the sale, the chief financial officer owned 549,763 shares of the company's stock, valued at approximately $19,307,676.56. This represents a 2.41% decrease in their ownership of the stock. The SEC filing for this sale provides additional information. In the last quarter, insiders have sold 176,894 shares of company stock valued at $6,221,414. 9.70% of the stock is currently owned by corporate insiders.

Institutional Inflows and Outflows

Several institutional investors have recently bought and sold shares of NESR. Dimensional Fund Advisors LP boosted its stake in shares of National Energy Services Reunited by 103.5% in 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 National Energy Services Reunited during the 1st quarter worth approximately $19,045,000. Arrowstreet Capital Limited Partnership increased its position in National Energy Services Reunited by 75.9% during the 1st 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 stake in 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 boosted its position in National Energy Services Reunited by 39.2% in the second quarter. Squarepoint Ops LLC now owns 476,608 shares of the company's stock valued at $14,265,000 after buying an additional 134,316 shares in the last quarter. Institutional investors and hedge funds own 15.55% of the company's stock.

About National Energy Services Reunited

National Energy Services Reunited Corp. is an oilfield services company that provides equipment, technologies and technical support to energy producers and drilling contractors. Its activities are primarily focused on the Middle East, North Africa and South Asia.

The company operates through two broad business areas: drilling and evaluation, and well services. Its offerings include drilling services, wireline and logging, well testing, cementing, coiled tubing, hydraulic fracturing, stimulation, artificial lift, completion services and production enhancement.

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