National Energy Services Reunited $NESR Shares Sold by MMCAP International Inc. SPC

Key Points

• MMCAP International sharply reduced its stake in National Energy Services Reunited, cutting holdings by 99.4% in the fourth quarter and selling 839,915 shares.
• NESR reported better-than-expected quarterly results, posting EPS of $0.26 versus the $0.21 consensus and revenue of $404.59 million, up 33.5% year over year.
• Analysts remain mostly positive on the stock, with several firms raising price targets; the current consensus rating is Moderate Buy with an average target price of $28.86.

MMCAP International Inc. SPC cut its holdings in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 99.4% during the fourth quarter, according to the company in its most recent filing with the Securities & Exchange Commission. The institutional investor owned 5,227 shares of the company's stock after selling 839,915 shares during the quarter. MMCAP International Inc. SPC's holdings in National Energy Services Reunited were worth $82,000 as of its most recent SEC filing.

A number of other hedge funds and other institutional investors have also modified their holdings of the company. Dodge & Cox raised its holdings in shares of National Energy Services Reunited by 5.6% in the 3rd quarter. Dodge & Cox now owns 2,255,894 shares of the company's stock valued at $23,145,000 after purchasing an additional 119,100 shares in the last quarter. Citadel Advisors LLC acquired a new stake in shares of National Energy Services Reunited in the 3rd quarter valued at $22,722,000. Geode Capital Management LLC raised its holdings in shares of National Energy Services Reunited by 2,227.2% in the 2nd quarter. Geode Capital Management LLC now owns 815,209 shares of the company's stock valued at $4,908,000 after purchasing an additional 780,180 shares in the last quarter. Boston Partners raised its holdings in shares of National Energy Services Reunited by 357.8% in the 3rd quarter. Boston Partners now owns 764,293 shares of the company's stock valued at $7,842,000 after purchasing an additional 597,348 shares in the last quarter. Finally, Bridgeway Capital Management LLC raised its holdings in shares of National Energy Services Reunited by 41.3% in the 3rd quarter. Bridgeway Capital Management LLC now owns 573,956 shares of the company's stock valued at $5,889,000 after purchasing an additional 167,662 shares in the last quarter. 15.55% of the stock is currently owned by institutional investors and hedge funds.

Insider Buying and Selling

In related news, Director Yousif Mohammed Ali Al-Nowais sold 573,544 shares of National Energy Services Reunited stock in a transaction on Wednesday, May 20th. The shares were sold at an average price of $26.14, for a total transaction of $14,992,440.16. Following the sale, the director directly owned 4,255,856 shares in the company, valued at $111,248,075.84. This trade represents a 11.88% decrease in their position. The sale was disclosed in a legal filing with the Securities & Exchange Commission, which is available through the SEC website. In the last quarter, insiders have sold 1,102,540 shares of company stock worth $28,978,563. 9.70% of the stock is owned by company insiders.

National Energy Services Reunited Price Performance

Shares of NASDAQ:NESR opened at $25.89 on Wednesday. The company's fifty day moving average price is $23.58 and its 200 day moving average price is $19.87. National Energy Services Reunited has a 12 month low of $5.47 and a 12 month high of $27.25. The company has a debt-to-equity ratio of 0.18, a current ratio of 1.04 and a quick ratio of 0.90. The firm has a market capitalization of $2.61 billion, a P/E ratio of 39.83, a P/E/G ratio of 0.33 and a beta of 0.38.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last announced its quarterly earnings results on Monday, May 11th. The company reported $0.26 EPS for the quarter, topping the consensus estimate 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 quarterly revenue was up 33.5% compared to the same quarter last year. As a group, sell-side analysts predict that National Energy Services Reunited will post 1.64 earnings per share for the current fiscal year.

Analysts Set New Price Targets

A number of brokerages have recently weighed in on NESR. UBS Group raised their price objective on shares of National Energy Services Reunited from $31.00 to $32.00 and gave the company a "buy" rating in a report on Tuesday, May 12th. BTIG Research raised their price objective on shares of National Energy Services Reunited from $28.00 to $32.00 and gave the company a "buy" rating in a report on Monday, May 11th. Weiss Ratings upgraded shares of National Energy Services Reunited from a "hold (c)" rating to a "hold (c+)" rating in a report on Monday, May 11th. Piper Sandler raised their price objective on shares of 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 lowered shares of National Energy Services Reunited from a "strong-buy" rating to a "hold" rating in a report on Monday, April 13th. Seven investment analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company. According to MarketBeat, National Energy Services Reunited presently has an average rating of "Moderate Buy" and an average price target of $28.86.

National Energy Services Reunited Company 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.

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