131,978 National Energy Services Reunited $NESR Shares Sold by CenterBook Partners LP

Key Points

• CenterBook Partners cut its NESR stake by 59.2%, selling 131,978 shares in the third quarter and retaining 90,915 shares valued at about $2.3 million.
• Analysts have a consensus “Moderate Buy” rating and an average price target of $40.38; nine analysts rate the stock Buy and one rates it Hold.
• NESR reported quarterly EPS of $0.44, beating the $0.35 estimate, while revenue rose 59.1% year over year to $520.75 million. Insiders also sold 176,894 shares over the past 90 days.

CenterBook Partners LP trimmed its stake in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 59.2% during the third quarter, according to its most recent disclosure with the Securities and Exchange Commission. The institutional investor owned 90,915 shares of the company's stock after selling 131,978 shares during the period. CenterBook Partners LP owned approximately 0.09% of National Energy Services Reunited worth $2,316,000 at the end of the most recent reporting period.

Several other hedge funds have also modified their holdings of the stock. Squarepoint Ops LLC raised its position in National Energy Services Reunited by 39.2% in the 2nd quarter. Squarepoint Ops LLC now owns 476,608 shares of the company's stock worth $14,265,000 after purchasing an additional 134,316 shares during the last quarter. Hsbc Holdings PLC bought a new position in National Energy Services Reunited in the 4th quarter valued at $747,000. Readystate Asset Management LP bought a new position in National Energy Services Reunited in the 2nd quarter valued at $5,724,000. Bank of America Corp DE boosted its position in National Energy Services Reunited by 21.4% in the 1st quarter. Bank of America Corp DE now owns 597,400 shares of the company's stock valued at $12,826,000 after buying an additional 105,205 shares during the last quarter. Finally, Robeco Institutional Asset Management B.V. increased its stake in shares of National Energy Services Reunited by 71.2% in the 3rd quarter. Robeco Institutional Asset Management B.V. now owns 202,719 shares of the company's stock valued at $5,163,000 after buying an additional 84,337 shares during the period. 15.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts have recently weighed in on the company. BTIG Research boosted their target price on National Energy Services Reunited from $32.00 to $40.00 and gave the stock a "buy" rating in a research report on Monday, August 10th. Zacks Research cut National Energy Services Reunited from a "strong-buy" rating to a "hold" rating in a report on Thursday, October 1st. Citigroup reiterated a "buy" rating on shares of National Energy Services Reunited in a research report on Monday, August 10th. Capital One Financial initiated coverage on National Energy Services Reunited in a research report on Wednesday, September 30th. They issued an "overweight" rating and a $44.00 price objective for the company. Finally, National Bank Financial set a $44.00 price objective on National Energy Services Reunited in a report on Wednesday, September 30th. Nine investment analysts have rated the stock with a Buy rating and one has assigned a Hold rating to the company's stock. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average target price of $40.38.

Insider Activity

In other news, CFO Stefan Angeli sold 13,570 shares of the firm'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 transaction, the chief financial officer directly owned 549,763 shares in the company, valued at $19,307,676.56. This trade represents a 2.41% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which is available at this link. Also, Director Mejia Antonio J. Campo sold 63,324 shares of National Energy Services Reunited stock in a transaction on Wednesday, September 9th. The stock was sold at an average price of $35.45, for a total value of $2,244,835.80. Following the sale, the director directly owned 696,398 shares of the company's stock, valued at approximately $24,687,309.10. This trade represents a 8.34% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders have sold a total of 176,894 shares of company stock valued at $6,221,414 in the last 90 days. 9.70% of the stock is owned by company insiders.

National Energy Services Reunited Price Performance

Shares of NESR stock opened at $19.96 on Monday. National Energy Services Reunited has a 52-week low of $12.21 and a 52-week high of $36.94. The stock has a market cap of $2.01 billion, a PE ratio of 21.70, a PEG ratio of 0.23 and a beta of 0.57. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 1.02. The firm's 50 day moving average price is $26.56 and its two-hundred day moving average price is $25.55.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last released its earnings results on Monday, August 10th. The company reported $0.44 EPS for the quarter, topping analysts' consensus estimates of $0.35 by $0.09. The firm had revenue of $520.75 million during the quarter, compared to analyst estimates of $448.54 million. National Energy Services Reunited had a net margin of 5.77% and a return on equity of 12.07%. The business's quarterly revenue was up 59.1% compared to the same quarter last year. As a group, analysts forecast that National Energy Services Reunited will post 1.66 EPS for the current year.

National Energy Services Reunited Profile

National Energy Services Reunited Corp. (NESR) provides oilfield services to exploration and production companies. Its offerings support drilling, well construction and the production and maintenance of oil and gas wells.

The company's services include drilling and evaluation work, such as directional drilling and wireline services, as well as production services including well intervention, stimulation and artificial lift. Its work is designed to help customers develop and operate energy resources throughout the life of a well.

Formed in 2017 through the combination of National Petroleum Services and Gulf Energy, NESR serves customers across the Middle East, North Africa and Asia.

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