Engineers Gate Manager LP Has $1.68 Million Stock Position in National Energy Services Reunited $NESR

Key Points

• Engineers Gate Manager LP cut its NESR stake by 64.1% in the second quarter, selling 100,136 shares and retaining 56,180 shares valued at approximately $1.68 million. Other institutional investors increased their holdings, with institutions collectively owning 15.55% of the company.
• Company insiders sold 2.10 million shares worth approximately $57.7 million during the quarter, including sales by CFO Stefan Angeli and Director Mejia Antonio J. Campo.
• Analysts maintain a bullish view, with NESR carrying a consensus “Buy” rating and a $33.86 price target. The company also beat quarterly earnings estimates, reporting $0.44 EPS versus $0.35 expected and revenue of $520.75 million, up 59.1% year over year.

Engineers Gate Manager LP cut its stake in National Energy Services Reunited (NASDAQ:NESR - Free Report) by 64.1% during the 2nd quarter, according to its most recent Form 13F filing with the Securities and Exchange Commission (SEC). The fund owned 56,180 shares of the company's stock after selling 100,136 shares during the period. Engineers Gate Manager LP owned 0.06% of National Energy Services Reunited worth $1,681,000 at the end of the most recent quarter.

A number of other institutional investors and hedge funds have also added to or reduced their stakes in the company. Dimensional Fund Advisors LP lifted its position 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 worth $42,088,000 after purchasing an additional 997,300 shares during the period. Walleye Capital LLC acquired a new position in National Energy Services Reunited in the first quarter valued at $19,045,000. Arrowstreet Capital Limited Partnership lifted its holdings in National Energy Services Reunited by 75.9% in the first quarter. Arrowstreet Capital Limited Partnership now owns 846,597 shares of the company's stock valued at $18,176,000 after buying an additional 365,217 shares during the period. HITE Hedge Asset Management LLC boosted its position in National Energy Services Reunited by 43.7% during the fourth quarter. HITE Hedge Asset Management LLC now owns 919,381 shares of the company's stock valued at $14,398,000 after acquiring an additional 279,543 shares during the last quarter. Finally, Squarepoint Ops LLC boosted its position 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 valued at $14,265,000 after acquiring an additional 134,316 shares during the last quarter. Institutional investors and hedge funds own 15.55% of the company's stock.

Insider Buying and Selling

In related news, CFO Stefan Angeli sold 13,570 shares of the 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 completion of the sale, the chief financial officer directly owned 549,763 shares of the company's stock, valued at approximately $19,307,676.56. This represents a 2.41% decrease in their position. The transaction was disclosed in a filing with the SEC, which can be accessed through the SEC website. Also, Director Mejia Antonio J. Campo sold 63,324 shares of the firm's stock in a transaction on Wednesday, September 9th. The shares were sold at an average price of $35.45, for a total value of $2,244,835.80. Following the transaction, the director owned 696,398 shares in the company, 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. Over the last quarter, insiders sold 2,096,488 shares of company stock valued at $57,666,533. 9.70% of the stock is owned by corporate insiders.

Analysts Set New Price Targets

Several research analysts have recently weighed in on the company. Zacks Research raised National Energy Services Reunited from a "hold" rating to a "strong-buy" rating in a research report on Monday, June 29th. BTIG Research upped their target price on National Energy Services Reunited from $32.00 to $40.00 and gave the company a "buy" rating in a research report on Monday, August 10th. Barclays raised their target price on National Energy Services Reunited from $35.00 to $45.00 and gave the stock an "overweight" rating in a research note on Tuesday, August 11th. Piper Sandler boosted their price target on National Energy Services Reunited from $33.00 to $35.00 and gave the company an "overweight" rating in a research note on Tuesday, July 14th. Finally, Citigroup reissued a "buy" rating on shares of National Energy Services Reunited in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating and eight have assigned a Buy rating to the stock. According to data from MarketBeat, the company presently has a consensus rating of "Buy" and a consensus price target of $33.86.

National Energy Services Reunited Price Performance

NESR stock opened at $31.49 on Thursday. The company has a market capitalization of $3.18 billion, a P/E ratio of 34.23, a price-to-earnings-growth ratio of 0.30 and a beta of 0.39. The company has a debt-to-equity ratio of 0.15, a quick ratio of 0.86 and a current ratio of 1.02. National Energy Services Reunited has a 52-week low of $9.92 and a 52-week high of $36.94. The business has a 50-day simple moving average of $31.44 and a two-hundred day simple moving average of $26.70.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last issued its quarterly earnings data on Monday, August 10th. The company reported $0.44 EPS for the quarter, topping the consensus estimate of $0.35 by $0.09. The firm had revenue of $520.75 million during the quarter, compared to the consensus estimate of $448.54 million. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%.The firm's revenue for the quarter was up 59.1% on a year-over-year basis. Research analysts expect that National Energy Services Reunited will post 1.82 EPS for the current fiscal year.

National Energy Services Reunited Company Profile

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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