National Energy Services Reunited $NESR Shares Purchased by Bank of America Corp DE

Key Points

• Bank of America increased its NESR stake by 21.4% in the first quarter, purchasing 105,205 additional shares and bringing its holdings to 597,400 shares worth approximately $12.8 million. Institutional investors collectively own 15.55% of the company.
• NESR reported quarterly EPS of $0.44, exceeding the $0.35 consensus estimate, while revenue rose 59.1% year over year to $520.75 million. Analysts project full-year EPS of $1.82.
• Analyst sentiment remains positive, with the stock carrying an overall “Buy” rating and a consensus price target of $33.57; however, insiders sold 3.8 million shares worth about $100.9 million over the past 90 days.

Bank of America Corp DE increased its position in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 21.4% during the first quarter, according to its most recent Form 13F filing with the SEC. The firm owned 597,400 shares of the company's stock after buying an additional 105,205 shares during the period. Bank of America Corp DE owned about 0.59% of National Energy Services Reunited worth $12,826,000 at the end of the most recent reporting period.

A number of other large investors also recently modified their holdings of the company. Royal Bank of Canada raised its stake in National Energy Services Reunited by 373.8% during the 4th quarter. Royal Bank of Canada now owns 1,900 shares of the company's stock worth $30,000 after acquiring an additional 1,499 shares in the last quarter. Legal & General Group Plc purchased a new stake in shares of National Energy Services Reunited in the 2nd quarter valued at about $34,000. Acadian Asset Management LLC acquired a new stake in shares of National Energy Services Reunited in the 1st quarter valued at about $48,000. Osaic Holdings Inc. acquired a new position in National Energy Services Reunited during the second quarter worth approximately $73,000. Finally, State of Wyoming acquired a new position in National Energy Services Reunited during the fourth quarter worth approximately $76,000. 15.55% of the stock is owned by hedge funds and other institutional investors.

Insider Activity

In related news, CFO Stefan Angeli sold 13,570 shares of the company's stock in a transaction on Tuesday, August 18th. The stock was sold at an average price of $35.12, for a total transaction of $476,578.40. Following the completion of the transaction, the chief financial officer directly owned 549,763 shares in the company, valued at $19,307,676.56. This represents a 2.41% decrease in their position. The sale was disclosed in a filing with the Securities & Exchange Commission, which is available through this hyperlink. Also, Director Yousif Mohammed Ali Al-Nowais sold 1,919,594 shares of the stock in a transaction on Thursday, June 25th. The stock was sold at an average price of $26.80, for a total value of $51,445,119.20. Following the completion of the sale, the director directly owned 229,198 shares in the company, valued at $6,142,506.40. This represents a 89.33% decrease in their ownership of the stock. The disclosure for this sale is available in the SEC filing. Insiders sold a total of 3,797,731 shares of company stock valued at $100,891,128 over the last ninety days. Company insiders own 9.70% of the company's stock.

National Energy Services Reunited Stock Performance

Shares of NESR stock opened at $33.03 on Friday. 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 has a market capitalization of $3.33 billion, a price-to-earnings ratio of 35.90, a price-to-earnings-growth ratio of 0.31 and a beta of 0.33. National Energy Services Reunited has a one year low of $8.39 and a one year high of $36.94. The company has a 50 day moving average price of $28.82 and a 200 day moving average price of $25.24.

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 analysts' consensus estimates of $0.35 by $0.09. National Energy Services Reunited had a return on equity of 12.07% and a net margin of 5.77%.The company had revenue of $520.75 million for the quarter, compared to analysts' expectations of $448.54 million. The company's quarterly revenue was up 59.1% on a year-over-year basis. Sell-side analysts anticipate that National Energy Services Reunited will post 1.82 EPS for the current year.

Wall Street Analyst Weigh In

Several equities analysts have issued reports on the stock. Zacks Research raised shares of National Energy Services Reunited from a "hold" rating to a "strong-buy" rating in a research note on Monday, June 29th. Barclays boosted their price target on shares of 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. Weiss Ratings raised shares of National Energy Services Reunited from a "hold (c+)" rating to a "buy (b)" rating in a report on Wednesday, August 12th. Wall Street Zen upgraded shares of National Energy Services Reunited from a "buy" rating to a "strong-buy" rating in a research report on Saturday, May 16th. Finally, BTIG Research increased their target price on National Energy Services Reunited from $32.00 to $40.00 and gave the stock a "buy" rating in a research note on Monday, August 10th. One research analyst has rated the stock with a Strong Buy rating and nine have given a Buy rating to the company's stock. According to data from MarketBeat, the company presently has an average rating of "Buy" and a consensus price target of $33.57.

About National Energy Services Reunited

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.

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