National Energy Services Reunited $NESR Stock Holdings Lessened by HITE Hedge Asset Management LLC

Key Points

• HITE Hedge Asset Management cut its NESR stake by 78.4% in Q3, selling 2,324,444 shares and leaving 639,838 shares (about 0.66% of the company) valued at $6.565 million.
• Several other institutions increased positions—BNP Paribas (+183.3%), Russell Investments (+26.5%), Dimensional Fund Advisors (+33.6%) and Quantbot (+102.6%)—with hedge funds and institutional investors owning about 15.55% of the stock.
• NESR recently reported a beat (EPS $0.32 vs. $0.25) and revenue up 15.9%; the stock traded down ~6% to $19.27, has a $1.94 billion market cap, and carries a consensus analyst rating of “Moderate Buy” with an average target of $26.00.

HITE Hedge Asset Management LLC reduced its stake in shares of National Energy Services Reunited (NASDAQ:NESR - Free Report) by 78.4% in the 3rd quarter, according to the company in its most recent Form 13F filing with the SEC. The firm owned 639,838 shares of the company's stock after selling 2,324,444 shares during the quarter. HITE Hedge Asset Management LLC owned approximately 0.66% of National Energy Services Reunited worth $6,565,000 as of its most recent filing with the SEC.

A number of other institutional investors and hedge funds have also recently added to or reduced their stakes in the stock. BNP Paribas Financial Markets increased its stake in National Energy Services Reunited by 183.3% in the 3rd quarter. BNP Paribas Financial Markets now owns 49,128 shares of the company's stock valued at $504,000 after buying an additional 31,789 shares during the period. Franklin Resources Inc. purchased a new position in shares of National Energy Services Reunited during the 3rd quarter valued at $662,000. Russell Investments Group Ltd. grew its holdings in shares of National Energy Services Reunited by 26.5% during the 3rd quarter. Russell Investments Group Ltd. now owns 562,788 shares of the company's stock valued at $5,774,000 after acquiring an additional 117,903 shares in the last quarter. Dimensional Fund Advisors LP increased its stake in shares of National Energy Services Reunited by 33.6% in the third quarter. Dimensional Fund Advisors LP now owns 379,389 shares of the company's stock worth $3,894,000 after acquiring an additional 95,356 shares during the last quarter. Finally, Quantbot Technologies LP increased its stake in shares of National Energy Services Reunited by 102.6% in the third quarter. Quantbot Technologies LP now owns 66,078 shares of the company's stock worth $678,000 after acquiring an additional 33,464 shares during the last quarter. 15.55% of the stock is owned by hedge funds and other institutional investors.

National Energy Services Reunited Trading Down 6.0%

Shares of NASDAQ:NESR opened at $19.27 on Friday. The company has a current ratio of 1.04, a quick ratio of 0.92 and a debt-to-equity ratio of 0.20. The stock has a market capitalization of $1.94 billion, a PE ratio of 36.36, a P/E/G ratio of 0.56 and a beta of 0.18. National Energy Services Reunited has a 1 year low of $5.20 and a 1 year high of $26.85. The firm has a fifty day moving average price of $20.70 and a 200 day moving average price of $15.18.

National Energy Services Reunited (NASDAQ:NESR - Get Free Report) last posted its earnings results on Tuesday, February 17th. The company reported $0.32 earnings per share for the quarter, beating the consensus estimate of $0.25 by $0.07. National Energy Services Reunited had a return on equity of 8.50% and a net margin of 3.86%.The company had revenue of $398.26 million for the quarter. The business's quarterly revenue was up 15.9% compared to the same quarter last year. Analysts expect that National Energy Services Reunited will post 1.03 EPS for the current fiscal year.

Analysts Set New Price Targets

A number of analysts recently issued reports on the company. National Bank Financial set a $21.00 price objective on National Energy Services Reunited in a research report on Friday, January 9th. Piper Sandler upped their target price on National Energy Services Reunited from $15.00 to $19.00 and gave the stock an "overweight" rating in a research report on Tuesday, November 18th. Wall Street Zen downgraded National Energy Services Reunited from a "buy" rating to a "hold" rating in a research note on Sunday, December 21st. BTIG Research lifted their price target on National Energy Services Reunited from $16.00 to $28.00 and gave the company a "buy" rating in a report on Tuesday, February 17th. Finally, Barclays boosted their price target on National Energy Services Reunited to $34.00 and gave the company an "overweight" rating in a research note on Wednesday, February 18th. Seven research analysts have rated the stock with a Buy rating and two have issued a Hold rating to the company's stock. According to data from MarketBeat, the stock presently has a consensus rating of "Moderate Buy" and an average target price of $26.00.

National Energy Services Reunited 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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