HITE Hedge Asset Management LLC Acquires 55,004 Shares of National Energy Services Reunited $NESR

Key Points

• HITE Hedge Asset Management LLC increased its stake in National Energy Services Reunited by 7.6%, acquiring an additional 55,004 shares, bringing its total ownership to 782,239 shares valued at approximately $5.76 million.
• Recent analyst ratings on NESR show Wall Street Zen downgraded the stock from "buy" to "hold," while Piper Sandler set an "overweight" rating with a price target of $11.00, indicating mixed sentiment in the market.
• National Energy Services Reunited reported earnings per share of $0.14, missing analyst estimates, and had a revenue of $303.10 million for the quarter, which was also below expectations, highlighting potential challenges for the company.

HITE Hedge Asset Management LLC lifted its stake in National Energy Services Reunited (NASDAQ:NESR - Free Report) by 7.6% in the first quarter, according to the company in its most recent filing with the Securities and Exchange Commission. The institutional investor owned 782,239 shares of the company's stock after buying an additional 55,004 shares during the period. HITE Hedge Asset Management LLC owned about 0.81% of National Energy Services Reunited worth $5,757,000 at the end of the most recent reporting period.

A number of other hedge funds and other institutional investors also recently made changes to their positions in NESR. JPMorgan Chase & Co. acquired a new position in shares of National Energy Services Reunited during the fourth quarter valued at $394,000. Russell Investments Group Ltd. acquired a new stake in shares of National Energy Services Reunited during the fourth quarter worth about $1,791,000. Barclays PLC bought a new stake in shares of National Energy Services Reunited during the fourth quarter worth $430,000. Marshall Wace LLP acquired a new position in National Energy Services Reunited in the 4th quarter worth $2,892,000. Finally, Dimensional Fund Advisors LP bought a new position in shares of National Energy Services Reunited during the fourth quarter worth about $176,000. 15.55% of the stock is owned by institutional investors.

Analyst Upgrades and Downgrades

A number of equities research analysts recently weighed in on NESR shares. Wall Street Zen cut National Energy Services Reunited from a "buy" rating to a "hold" rating in a research note on Sunday. Piper Sandler started coverage on shares of National Energy Services Reunited in a research report on Monday, July 14th. They set an "overweight" rating and a $11.00 price objective for the company. One research analyst has rated the stock with a hold rating and five have given a buy rating to the company. Based on data from MarketBeat, the company currently has a consensus rating of "Moderate Buy" and an average price target of $14.20.

National Energy Services Reunited Price Performance

National Energy Services Reunited stock opened at $6.96 on Monday. The company's 50 day moving average price is $6.36 and its two-hundred day moving average price is $6.94. The company has a quick ratio of 0.90, a current ratio of 1.10 and a debt-to-equity ratio of 0.26. National Energy Services Reunited has a 52 week low of $5.20 and a 52 week high of $9.89. The stock has a market cap of $671.29 million, a P/E ratio of 8.59 and a beta of 0.39.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last issued its earnings results on Tuesday, June 3rd. The company reported $0.14 earnings per share (EPS) for the quarter, missing analysts' consensus estimates of $0.20 by ($0.06). National Energy Services Reunited had a net margin of 5.87% and a return on equity of 10.96%. The business had revenue of $303.10 million for the quarter, compared to the consensus estimate of $304.68 million. On average, equities analysts predict that National Energy Services Reunited will post 1.03 earnings per share for the current year.

National Energy Services Reunited Company Profile

National Energy Services Reunited Corp. provides oilfield services in the Middle East and North Africa region. The company's Production Services segment offers hydraulic fracturing services; coiled tubing services, including nitrogen lifting, fishing, milling, clean-out, scale removal, and other well applications; stimulation and pumping services; primary and remedial cementing services; nitrogen services; filtration services, as well as frac tanks and pumping units; and pipeline and industrial services, such as water filling and hydro testing, nitrogen purging, and de-gassing and pressure testing, as well as cutting/welding and cooling down piping/vessels systems.

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