CenterBook Partners LP Cuts Holdings in National Energy Services Reunited $NESR

Key Points

• CenterBook Partners LP cut its stake in National Energy Services Reunited by 51.8% in the fourth quarter, selling 177,372 shares and leaving it with 165,066 shares worth about $2.6 million.
• Insider selling has also been significant: Director Yousif Mohammed Ali Al-Nowais sold 457,391 shares for about $11.95 million, and insiders sold 1.8 million shares over the last 90 days.
• Despite the selling, NESR reported better-than-expected quarterly results, with EPS of $0.26 versus $0.21 expected and revenue of $404.6 million, up 33.5% year over year. Analysts remain mostly positive, with a consensus rating of Moderate Buy and an average price target of $28.86.

CenterBook Partners LP lowered its stake in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 51.8% in the fourth quarter, according to the company in its most recent Form 13F filing with the Securities & Exchange Commission. The firm owned 165,066 shares of the company's stock after selling 177,372 shares during the period. CenterBook Partners LP owned 0.17% of National Energy Services Reunited worth $2,585,000 as of its most recent filing with the Securities & Exchange Commission.

Several other hedge funds and other institutional investors have also bought and sold shares of the stock. Principal Financial Group Inc. purchased a new position in shares of National Energy Services Reunited in the 3rd quarter valued at $608,000. Citigroup Inc. boosted its position in National Energy Services Reunited by 680.2% during the third quarter. Citigroup Inc. now owns 186,801 shares of the company's stock valued at $1,917,000 after purchasing an additional 162,858 shares in the last quarter. Kazazian Asset Management LLC boosted its position in National Energy Services Reunited by 71.7% during the third quarter. Kazazian Asset Management LLC now owns 143,650 shares of the company's stock valued at $1,474,000 after purchasing an additional 60,000 shares in the last quarter. Oxbow Advisors LLC purchased a new position in National Energy Services Reunited in the fourth quarter valued at about $4,102,000. Finally, MMCAP International Inc. SPC grew its stake in National Energy Services Reunited by 40.5% in the third quarter. MMCAP International Inc. SPC now owns 845,142 shares of the company's stock valued at $8,671,000 after purchasing an additional 243,785 shares during the last quarter. Institutional investors own 15.55% of the company's stock.

Insider Buying and Selling

In other National Energy Services Reunited news, Director Yousif Mohammed Ali Al-Nowais sold 457,391 shares of the business's stock in a transaction dated Tuesday, May 26th. The stock was sold at an average price of $26.12, for a total transaction of $11,947,052.92. Following the sale, the director owned 3,555,968 shares in the company, valued at approximately $92,881,884.16. The trade was a 11.40% decrease in their position. The transaction was disclosed in a document filed with the Securities & Exchange Commission, which can be accessed through the SEC website. Over the last ninety days, insiders sold 1,802,428 shares of company stock worth $47,264,488. Insiders own 9.70% of the company's stock.

National Energy Services Reunited Trading Down 4.3%

Shares of National Energy Services Reunited stock opened at $24.06 on Wednesday. The firm's 50 day simple moving average is $24.25 and its two-hundred day simple moving average is $20.66. The firm has a market capitalization of $2.43 billion, a price-to-earnings ratio of 37.02, a PEG ratio of 0.33 and a beta of 0.35. National Energy Services Reunited has a 12-month low of $5.66 and a 12-month high of $27.25. The company has a current ratio of 1.04, a quick ratio of 0.90 and a debt-to-equity ratio of 0.18.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last announced its quarterly earnings data on Monday, May 11th. The company reported $0.26 earnings per share for the quarter, beating analysts' consensus estimates of $0.21 by $0.05. National Energy Services Reunited had a net margin of 4.53% and a return on equity of 9.77%. The firm had revenue of $404.59 million for the quarter, compared to analyst estimates of $370.87 million. The firm's revenue for the quarter was up 33.5% compared to the same quarter last year. Analysts predict that National Energy Services Reunited will post 1.64 EPS for the current year.

Analysts Set New Price Targets

Several research firms have commented on NESR. Wall Street Zen upgraded shares of National Energy Services Reunited from a "buy" rating to a "strong-buy" rating in a report on Saturday, May 16th. Barclays increased their target price on shares of National Energy Services Reunited from $34.00 to $35.00 and gave the company an "overweight" rating in a research report on Wednesday, May 13th. BTIG Research lifted their price target on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the stock a "buy" rating in a report on Monday, May 11th. Piper Sandler increased their price objective on National Energy Services Reunited from $30.00 to $33.00 and gave the company an "overweight" rating in a report on Monday, May 18th. Finally, Zacks Research cut National Energy Services Reunited from a "strong-buy" rating to a "hold" rating in a research report on Monday, April 13th. Seven analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to MarketBeat.com, National Energy Services Reunited has an average rating of "Moderate Buy" and a consensus target price of $28.86.

National Energy Services Reunited Profile

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.

This instant news alert was generated by narrative science technology and financial data from MarketBeat in order to provide readers with the fastest reporting and unbiased coverage. Please send any questions or comments about this story to contact@marketbeat.com.