National Energy Services Reunited $NESR Shares Purchased by HITE Hedge Asset Management LLC

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 raised its stake in National Energy Services Reunited (NASDAQ:NESR - Free Report) by 7.6% during the first quarter, according to its most recent 13F filing with the Securities and Exchange Commission (SEC). The institutional investor owned 782,239 shares of the company's stock after purchasing 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 as of its most recent filing with the Securities and Exchange Commission (SEC).

Other hedge funds also recently bought and sold shares of the company. Tower Research Capital LLC TRC acquired a new stake in shares of National Energy Services Reunited during the 4th quarter worth about $49,000. TD Waterhouse Canada Inc. acquired a new position in National Energy Services Reunited during the fourth quarter worth approximately $89,000. Toronto Dominion Bank acquired a new position in National Energy Services Reunited during the fourth quarter worth approximately $90,000. Y Intercept Hong Kong Ltd acquired a new position in National Energy Services Reunited during the first quarter worth approximately $92,000. Finally, Alpine Global Management LLC acquired a new position in National Energy Services Reunited during the fourth quarter worth approximately $102,000. Institutional investors and hedge funds own 15.55% of the company's stock.

Analyst Upgrades and Downgrades

Several research analysts have weighed in on the company. Wall Street Zen downgraded National Energy Services Reunited from a "buy" rating to a "hold" rating in a research note on Sunday, August 17th. Piper Sandler lifted their target price on National Energy Services Reunited from $11.00 to $13.00 and gave the company an "overweight" rating in a research note on Thursday. Five analysts have rated the stock with a Buy rating, According to MarketBeat, the company currently has an average rating of "Buy" and an average price target of $14.60.

National Energy Services Reunited Price Performance

Shares of National Energy Services Reunited stock traded up $0.12 during trading on Friday, reaching $8.65. The company's stock had a trading volume of 966,826 shares, compared to its average volume of 717,328. The company has a quick ratio of 0.90, a current ratio of 1.11 and a debt-to-equity ratio of 0.24. National Energy Services Reunited has a 12-month low of $5.20 and a 12-month high of $9.89. The company has a market capitalization of $834.29 million, a P/E ratio of 11.23 and a beta of 0.39. The business has a 50 day moving average price of $6.55 and a 200-day moving average price of $6.92.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its quarterly earnings results on Wednesday, August 20th. The company reported $0.21 earnings per share for the quarter, beating analysts' consensus estimates of $0.19 by $0.02. The firm had revenue of $327.37 million for the quarter, compared to the consensus estimate of $316.07 million. National Energy Services Reunited had a return on equity of 9.91% and a net margin of 5.57%. As a group, sell-side analysts anticipate that National Energy Services Reunited will post 1.03 EPS for the current year.

About National Energy Services Reunited

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.